Russia Insurance Tenders

The Russian insurance market is vast, with a total value of $23 billion in 2022. That's expected to grow at a steady 6% clip over the next few years.
Life insurance is the bigger player, with $7.8 billion in premiums in 2022. But general insurance is catching up, with a $14.2 billion market value.

The Russian government spends a big chunk of its budget on insurance, around $1.2 billion in 2022.
This covers a wide range of needs, from protecting state property to insuring government employees.
The government is also keen on supporting the domestic insurance industry, so it often prefers to buy from Russian companies.

The top three insurance products that the Russian government buys are:
Property insurance: This covers buildings, vehicles, and other state assets.
Liability insurance: This protects the government from lawsuits if someone gets hurt or their property is damaged due to government actions.
Medical insurance: This provides medical care for government employees and their families.

The main government agency responsible for insurance procurement is the Ministry of Finance.
They work with other ministries and departments to identify insurance needs and run the bidding process.
There are also a few specialized agencies, like RosGosStrakh and VneshEconomStrakh, that handle specific types of insurance.

Sberbank Life Insurance is the current king of the hill, taking home a whopping $2.5 billion in government contracts in 2022.
Other big winners include RESO-Garantia, Ingosstrakh, and AlfaStrakhovanie.
These companies have a good mix of experience, government connections, and competitive pricing to keep them ahead of the pack.

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