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Insurance

Insurance is one of the key financial institutions of the market economy and an effective protection for the property interests of households, businesses and organisations against various risks.
₽894,2 billions
insurance premiums totalled by the end of II quarter 2021.

Currently, insurers offer more than 100 types of insurance, the most popular of which are compulsory motor third-party liability insurance (OSAGO), accident and health insurance, and property insurance.

The Bank of Russia regulates, controls and supervises the activity of insurance agents: insurance companies, insurance brokers and mutual insurance companies.

96.3 millions
insurance contracts were concluded by the end of II quarter 2021, 87% of which were contracted with individuals.
158  insurance companies
57  insurance brokers
15  mutual insurance companies
Operating in Russia as of 30 June, 2021

The Bank of Russia’s main objectives are to prevent and eliminate violations of insurance laws and unfair practices, protect the rights and lawful interests of insurance consumers, and promote efficient development of the business of insurance.

Insurance supervision is focused on creating a reliable insurance environment, raising the accountability of insurance companies and improving consumer confidence in insurance services. The Bank of Russia puts a key focus on enhancing the protection of the rights and lawful interests of insurance consumers, and on developing conduct supervision.

Department responsible for publication: Insurance Market Department
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Last updated on: 09/09/2021