The Central Bank of Russia published its 2024 insurance market results, reporting a sharp expansion in premium volumes and higher profitability across the sector. Total insurance premiums rose 62.8% to RUB 3.7 trillion, with life insurance identified as the main driver and reaching historic highs. Other segments showing strong growth included voluntary medical insurance, motor insurance, and corporate insurance. As of end-2024, insurers’ net profit increased by almost 1.5 times to RUB 462.8 billion, with further market detail provided in the Review of Key Indicators of Insurers.
Central Bank of Russia 2025-03-14
Central Bank of Russia reports 62.8% rise in 2024 insurance premiums to RUB 3.7 trillion driven by record life insurance
The Central Bank of Russia reported a 62.8% increase in total insurance premiums to RUB 3.7 trillion for 2024, driven primarily by life insurance. Other segments such as voluntary medical, motor, and corporate insurance also showed strong growth. Insurers' net profit rose nearly 1.5 times to RUB 462.8 billion.