The Russian insurance market is dominated at the top by one-stop insurers offering an array of personal and commercial insurance lines. In 2017, the most recent year for which industry data is available, the top five insurers in Russia accounted for 51.6% of total written premiums in all market segments. While the market remains competitive, industry analysts and Russian insurance professionals expect these market share trends to continue at the top.
This list introduces the biggest companies in the market, as ranked by gross written premiums in 2016.
Rosgosstrakh (RGS) is Russia's largest insurance company with a market share of gross written premiums of over 15% in 2016. RGS traces its history back more than 90 years to Gosstrakh, the Soviet insurance monopoly. Today, RGS offers a wide variety of insurance products, including personal and business property insurance, business liability insurance, medical insurance and life insurance.
RGS and its subsidiaries serve more than 25 million consumers and 250,000 businesses across Russia. The company counts more than 100,000 employees, including about 35,000 staff and 65,000 agents. RGS is publicly traded on the Moscow Exchange. It has a market capitalization of nearly $2.44 billion.
2. Sogaz Insurance Group
Sogaz Insurance Group was established in 1993, quickly growing into the second-largest insurance company in Russia. In 2016, the affiliated companies in the group reported combined gross written premiums leading to a market share of 12.5%.
Sogaz Insurance Group offers hundreds of types of insurance to individuals and business customers. Life insurance, auto insurance, voluntary health insurance, and personal and business property insurance are among the group's largest business segments. The company employs nearly 12,000 people. Gazprom, the Russian energy conglomerate, holds a sizable stake in Sogaz. Rossiya Bank, Volga Group and other business entities also hold stakes in the group.
3. Ingosstrakh Insurance Company
Ingosstrakh Insurance Company is another full-service insurer with diverse offerings for individuals and business customers. It captured 8.2% of the Russian insurance market in 2016. Nearly half of the company's premiums arose from its property insurance business. Personal injury insurance and auto insurance also make up a large portion of the business.
Ingosstrakh has approximately 5,500 employees working in eight regional offices and 83 branch locations across Russia. The company also operates offices in China, India, Ukraine, Kazakhstan and Azerbaijan. The shares are not publicly listed.
4. AlfaStrakhovanie Group
AlfaStrakhovanie Group brought in about 7.9% of the Russian market. The company offers more than 100 types of insurance for consumers and businesses, including property, health, life and liability insurance products. It also offers tailored insurance products for corporate customers with complex insurance needs.
AlfaStrakhovanie Group is a wholly owned subsidiary of Solarview Company.
Reso-Garantia comes in with 7.5% of of gross written premiums in 2016. Founded in 1991, Reso has steadily gained market share over the years to solidify its position among the top tier of Russian insurers. The company offers more than 100 kinds of individual and business insurance. Its primary products include property insurance, auto insurance, travel insurance and mortgage insurance.
Reso-Garantia has more than 20,000 employees in hundreds of sales offices across the country. It also operates in Belarus, Ukraine, Armenia and Kazakhstan. AXA Group, the French financial services giant, owns a significant stake in Reso-Garantia, the bulk of which it acquired in 2007. The remainder of the company is held by company founders and the European Bank for Reconstruction and Development. The shares are not publicly listed.