The Russian insurance market is dominated at the top by
one-stop insurers offering an array of personal and commercial insurance
lines. In 2014, the most recent year for which industry data is
available, the top five insurers in Russia accounted for 45.8% of total written premiums
in all market segments. This represents a one-year combined increase of
3.2% market share for Russia's biggest insurance companies. 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 2014.
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 $2.51 billion.
Sogaz Insurance Group offers more than 100 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 40% stake in Sogaz. Rossiya Bank, Volga Group and other business entities also hold substantial stakes in the group.
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. Seven shareholders control more than 96% of Ingosstrakh's shares. The shares are not publicly listed.
Reso-Garantia has more than 20,000 employees in nearly 800 sales offices across the country. It also operates in Belarus, Ukraine, Armenia and Kazakhstan. AXA Group, the French financial services giant, owns a 39.34% 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.
1. Rosgosstrakh
Rosgosstrakh (RGS) is Russia's largest insurance company. It reported nearly $3.4 billion in gross written premiums in 2014, good for a market share of over 15%. 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 $2.51 billion.
2. Sogaz Insurance Group
Sogaz Insurance Group was established in 1993, quickly growing into the second-largest insurance company in Russia. In 2014, the 11 affiliated companies in the group reported combined gross written premiums of more than $2.7 billion for a market share of about 11%.Sogaz Insurance Group offers more than 100 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 40% stake in Sogaz. Rossiya Bank, Volga Group and other business entities also hold substantial 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 7% of the Russian insurance market in 2014, reporting gross written premiums of more than $1.7 billion. Nearly half of the company's premiums arose from its property insurance business. Personal injury insurance accounted for another 22% of premiums, while auto insurance made up 15% of 2014 premiums.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. Seven shareholders control more than 96% of Ingosstrakh's shares. The shares are not publicly listed.
4. Reso-Garantia
Reso-Garantia comes in just behind Ingosstrakh, with nearly $1.7 billion in gross written premiums. 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 nearly 800 sales offices across the country. It also operates in Belarus, Ukraine, Armenia and Kazakhstan. AXA Group, the French financial services giant, owns a 39.34% 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.
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