The Russian-Ukrainian conflict is urging insurers to assess the impact of the war on their activities in both countries.
However, studies by industry experts show that the insurance market is underdeveloped in both Russia and Ukraine.
With a population of more than 146 million inhabitants, the Russian insurance market generates a turnover of 21.3 billion USD. Ukraine, on the other hand, posts 2.17 billion USD of premiums for nearly 44 million inhabitants.
Both markets are dominated by the non-life activity which represented respectively 72% and 91.2% of the total premium income in 2020.
Insurers consider their risk exposure to be low. AXA Group, for instance, holds about 200 million EUR (222 million USD) of exposed assets in Russia. For the record, the French insurer finalised the sale of its activities in Ukraine in 2019.
SCOR, the reinsurance company, evaluates its exposure in Russia at 50 million EUR (55.5 million USD).
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