The Russian insurance market has changed considerably in recent years: the number of companies has shrunk, some insurers have lost their licences or left the market through mergers, and the regulator's requirements have changed. Choosing an insurer on policy price alone is risky. Below are simple tools that give you an objective picture and help you assess a specific insurer.

1. Check the licence

Only organisations licensed by the Bank of Russia may carry on insurance business in Russia. Information on active insurers, their licences and lines of insurance is available in the directory of financial market participants on the Bank of Russia website. Pay attention to the following:

  • the licence must be valid — not revoked or suspended;
  • the licence must cover the line you need: for example, OSAGO (compulsory motor third-party liability insurance) and other compulsory lines require a separate licence;
  • the full name, INN (taxpayer number) and OGRN (state registration number) in the contract must match the directory.

2. Check membership in professional associations

For a number of lines, membership in an association is mandatory and gives the client an additional safeguard:

  • OSAGO — member of the Russian Union of Motor Insurers (RSA);
  • OSOPO and OSGOP (compulsory liability insurance of hazardous facility owners and of passenger carriers) — member of the National Union of Liability Insurers (NSSO);
  • state-supported agricultural insurance — member of the National Union of Agricultural Insurers (JSC NAAI);
  • life insurance — participation in the insurance payout guarantee system run by the Deposit Insurance Agency (DIA); the system starts operating on 1 January 2027.

3. Assess financial indicators

The Bank of Russia publishes statistics for each insurer. Polis Re specialists recommend looking not at individual figures but at their dynamics over several years:

  • insurance premiums — the scale and stability of the business; sharp jumps should have an explanation;
  • claims paid and their ratio to premiums — a very low payout level may indicate tough claims handling, a very high one may indicate financial strain;
  • own funds (capital) and assets — the safety margin in case of large losses;
  • financial result — profit or loss and, above all, the reasons for losses if they recur;
  • compliance with the financial stability requirements set by the Bank of Russia.

4. Check the credit rating

A rating is an independent assessment of a company's ability to meet its obligations. In Russia, national-scale credit ratings are assigned by agencies accredited by the Bank of Russia: ACRA, Expert RA, NCR and NRA. Look not only at the rating level but also at the outlook (stable, positive, negative) and the date of the last review. A withdrawn rating, or a large company with no rating for a long time, is a reason to ask questions.

5. Study claims practice

An insurer's reliability shows when it pays. It is useful to look at decisions of the financial ombudsman and court practice in disputes with the company, and to find out about claims settlement times, networks of partner repair shops or clinics, 24/7 support and online claim filing.

6. Read the insurance rules

The insurance rules are an integral part of the contract. They describe insured events, exclusions, deductibles, notification deadlines and the list of documents needed for a payout. Two programmes with similar prices may differ greatly in content. The glossary of insurance terms will help with unfamiliar terms.

Warning signs

  • a policy price well below the market without a clear reason — dumping often leads to problems with payouts;
  • Bank of Russia announcements restricting or suspending the insurer's operations;
  • capital falling for several reporting periods in a row and recurring losses;
  • a growing number of disputes with clients and delays in claims settlement;
  • an abrupt change of owners or mass departure of key specialists.

A short checklist

  1. The licence is valid and covers the line you need.
  2. The company belongs to the associations mandatory for this line.
  3. Premiums, claims and capital have been stable or growing for several years.
  4. There is a current rating from an accredited agency.
  5. The insurance rules are clear and suit your needs.

Profiles of Russian insurers are in the insurance company catalogue; offers can be compared in the Compare section or with our calculators. If the risk is complex, Polis Re specialists will help analyse the market and place it with suitable insurers.