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Russia Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 24
With the disintegration of the Soviet Union, the Russian insurance market witnessed several changes and a gradual development of market-oriented policies was recorded. The Russian insurance industry can be classified into life and non-life business, with the latter dominating the market on account of the compulsory medical and motor third-party liability insurance. Moreover, the voluntary property insurance has also added to the growth of the non-life sector in the country. The life insurance segment, on the contrary, has seen a significant fall since 2004. Growth in the overall insurance industry mainly came from the expanding economy, improving living standards, investment in non-life products, due to increasing investment in real estate and ownership of automobiles.
With the economic liberalization, the Russian insurance industry has witnessed an increase in private players, in both life and non-life segment. However, government policies, like the recent capital requirement policies for both life and non-life business units, have caused a fall in the total number of insurance players in the Russian market. Overall, at the end of 2008, there were only 200 actively operating insurers out of nearly 800 registered insurance companies in Russia. The share of insurance industry as a proportion of GDP is comparatively low and subject to major fluctuations in the Russian economy. The life business has a negligible share in the domestic insurance industry, as the Russian mainly invest in non-life products.
The present report gives an overview of the Russian insurance market along with the analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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