Russia Insurance Report Q3 2011
Business Monitor International, June 2011, Pages: 79
Business Monitor International's Russia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Russia's insurance industry.
- Russia’s insurance sector is underdeveloped but growing. It is highly fragmented, with a continually decreasing number of insurance companies and increasing competition.
- Expansion of the insurance market, particularly the non-life sector, is driven especially by Russia’s surging population growth, with its attendant growing demand for compulsory insurance products – compulsory health insurance (CMEI) and compulsory third-party motor liability insurance (CTPML) insurance.
- The 10 leading insurance companies control about 45% of the insurance market and are highly diversified in all market segments.
- Motor, property and voluntary health insurance are expected to continue to be major segments in the insurance market. Life insurance represents a very small sector of the total Russian insurance market. It has been diminishing in recent years as a proportion of total insurance. Being at such a low level, it has significant growth potential.
Issues To Watch
- The market penetration of insurance, especially life insurance, is low. A major reason is the reluctance to make long-term savings and investment decisions, especially when there is a volatile political situation and an uncertain economy. Another major reason is that Russian bank deposits are more protected than insurance, as bank deposits are covered by the government’s deposit insurance scheme.
- The factors that would improve market penetration (aside from improvements to the drawbacks mentioned above) include tax deductions on premiums and an ‘improvement in the general culture of insurance’, according to a KPMG survey in 2010.
- The insurance segments that are required to enhance economic growth remain underdeveloped compared to major eurozone countries, for example. These include: loans insurance, transport insurance and erection all risks/construction all risks (EAR/CAR) insurance.
Executive Summary
- Table: Total Premiums, 2008-2015
- Key Insights And Key Risks
- Issues To Watch
- Table: Principal Insurance Lines – Gross Written Premiums, 2009-2010 (RUBmn)
SWOT Analysis
- Russia Insurance Industry SWOT
- Russia Political SWOT
- Russia Economic SWOT
- Russia Business Environment SWOT
Life
- Central And Eastern Europe Life Sector Overview
- Table: Central And Eastern Europe’s Life Premiums, 2008-2015 (US$mn)
- Russia Life Sector Update
- Life Industry Forecast Scenario
- Table: Life Premiums, 2008-2015
- Population
- Table: Insurance Sector Key Drivers – Demographics, 2008-2015
Non-Life
- Central And Eastern Europe Non-Life Sector Overview
- Table: Central And Eastern Europe’s Non-Life Premiums, 2008-2015 (US$mn)
- Russia Non-Life Sector Update
- Non- Life Industry Forecast Scenario
- Table: Non-Life Premiums, 2008-2015
Macroeconomic Outlook
- Table: Russia Economic Activity, 2008-2015
Political Stability Outlook
- Table: Europe Security Risk Ratings
Epidemiology
- Table: Insurance Sector Key Drivers – Disability-Adjusted Life Years, 2008-2015
Motor
- Table: Insurance Sector Key Drivers – Autos, 2008-2015
Tourism
- Table: Insurance Sector Key Drivers – Tourism, 2008-2015
Insurance Risk/Reward Ratings
- Table: Russia’s Insurance Risk/Reward Ratings
- Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
- Competitive Landscape Analysis
- Major Players In Russia’s Insurance Sector
- Table: 20 Largest Non-Life Companies (Including CMEI), 2009
- Table: 20 Largest Non-Life Companies (Excluding CMEI), 2009
- Table: 20 Largest Life Companies, 2009
- Table: 20 Largest CMEI Companies, 2009
- Table: Largest CTPML Companies, 2009
Company Profiles
- Local Company Profiles
- Ingosstrakh
- MAKS-M
- Rosgosstrakh
- Regional Company Profiles
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
BMI Methodology
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Indicators And Rationale
- Table: Weighting Of Indicators
- Ingosstrakh
- MAKS-M
- Rosgosstrakh
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
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