Why the choice of insurer matters more than it seems

A policy is a promise to pay in the future. Until something happens, the difference between companies is barely noticeable: similar contracts, similar prices, polite call centres. It shows up when you make a claim — in how quickly the company accepts your documents, how clearly it explains its decision and how precisely it fulfils the contract.

Dozens of insurance companies with different specialisations operate in Russia: some are strong in motor insurance, others in life insurance, others in corporate risks. There is no universal "best" insurer — the right company is chosen for a specific need. Below is a checking procedure you can use when buying any policy.

Step 1. Make sure the company holds a valid licence

Insurance activity in Russia is licensed by the Bank of Russia (Russian Federation Law No. 4015-1 "On the Organisation of Insurance Business in the Russian Federation"). Licence details are published in the register of insurance market participants on the regulator's website. Check three things:

  • the licence is valid and has not been revoked, restricted or suspended;
  • it covers the type of insurance you need — for example, only companies with a special licence may offer life insurance;
  • the full company name and INN (taxpayer number) in the contract match the register — this protects you from look-alike websites.

For OSAGO (compulsory motor third-party liability insurance) there is an extra requirement: the company must be a member of the Russian Union of Motor Insurers (RSA). From 1 January 2027, life insurers will be part of a guarantee scheme under Law No. 477-FZ operated by the Deposit Insurance Agency (DIA, or ASV in Russian).

Step 2. Assess financial stability

Insurers must disclose their financial statements, and the Bank of Russia publishes industry statistics. An ordinary buyer does not need to study prudential ratios — a few signs are enough:

  • a credit rating from an agency included in the Bank of Russia register (ACRA, Expert RA, NCR, NRA) and how it has changed over time;
  • no news of regulatory orders, licence restrictions or a temporary administration;
  • a clear ownership structure and a long track record on the market.

Companies pass large risks on to reinsurers — this is normal practice and makes them more resilient. Learn more in the Reinsurance section.

Step 3. Read the policy rules, not just the advertising

A contract always refers to the company's own insurance rules. That is where it says what counts as an insured event and what does not. Before signing, find the following in the rules:

  • exclusions — events for which there will be no payout;
  • the deductible — the part of the loss you cover yourself;
  • notification deadlines for a claim and the list of documents;
  • the form of compensation — repair, cash or payment for the insurer's partner services;
  • how the loss is assessed — with or without depreciation, by estimate or by actual invoices.

If two companies offer the same price, the better one is the company with fewer exclusions and a simpler claims procedure.

Step 4. Check how claims are handled

Find out in advance how to file a claim: online, via a mobile app or at an office. Is there a claims office in your city, is there a 24/7 hotline, can you upload photos of the damage remotely? For KASKO (comprehensive car insurance) it matters which repair shops the company works with; for VHI (voluntary health insurance) — which clinics are in the programme; for travel insurance — which assistance company will help you abroad.

Step 5. Compare price and terms together

The cheapest policy is not always the best deal, and the most expensive one is not always the best. Compare offers with identical parameters: sum insured, deductible, list of risks and term. OSAGO rates are limited by a Bank of Russia corridor, so the difference between companies is smaller there than in voluntary insurance — KASKO, property insurance or VHI.

Rights worth remembering

  • Cooling-off period. For most voluntary contracts, an individual may cancel the policy within 14 calendar days and get the premium back, provided no insured event has occurred.
  • Financial ombudsman. Disputes with an insurer over OSAGO, and over voluntary insurance within the limit set by law, are reviewed free of charge out of court (Federal Law No. 123-FZ).
  • Complaint to the Bank of Russia. If a company breaks the rules, you can file a complaint through the regulator's online reception.

A short checklist

  1. The licence is valid and covers the type of insurance you need.
  2. The company name and INN in the contract match the register.
  3. You have read the exclusions, deductible and notification deadlines.
  4. You know how to file a claim and where it will be settled.
  5. Offers have been compared on identical parameters.

How Polis Re can help

Our insurance company directory contains profiles of Russian insurers with key information. You can compare offers from different companies in the comparison section or submit a request — Polis Re specialists will help you choose a programme for your needs, explain the terms and point out what to look for in the rules. The policy itself is issued by the insurance company you choose.