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Russia Insurance Report Q4 2011

Description:
Business Monitor International's (BMI) Russia Insurance Report (Q4 2011) 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 one that is large in absolute terms and compared to other countries in the region. It is also growing rapidly and data published by the Federal Service for Insurance Supervision (FSIS) in August 2011 showed total premiums in H111 were about 19% higher than in H110.

Double-digit growth was achieved in most of the major lines. However, there was one important exception. New rules require that an amazingly fragmented sector will need an estimated RUR50bn in new capital prior to early 2012. Together with the strong organic growth in insurance, this has caused a frenzy of deal making, as companies have merged to gain the size that they need, or to pursue other corporate opportunities, whether perceived or actual. Unfortunately, for international insurers that are not yet established in Russia, foreigners now account for 25% of the aggregate capital of the sector and this is the maximum permitted under the present rules. The competitive landscape will look quite different in a year’s time.

The non-life segment continues to be dominated by compulsory medical expense insurance (CMEI), which accounts for almost half of all premiums. CMEI premiums in H111 were 24% higher than a year earlier, suggesting that growth has been underpinned by higher tariffs and/or improved products. By contrast, compulsory motorists third-party liability (CMTPL) insurance premiums expanded by just 3% year-on-year (y-o-y). Compared to H210, CMTPL premiums actually fell. This suggests that, as has been the case in other countries in Central and Eastern Europe, there has been intense price competition.

Voluntary medical insurance and motor CASCO grew by about 20% compared to H110. Property fire/all-risk lines have been growing at a slower, but still respectable 13%. These figures indicate that non-life penetration continues to rise steadily, which is a consistent trend that has been in place for years.

In general, Russians do not trust life insurance companies with their savings. However, the 64% y-o-y rise in premiums in the embryonic life sector in H111 suggests this is changing for some individuals. BMI doubts that life insurance will emerge as an important conduit for long-term savings during the forecast period. For some foreign groups that have the right distribution agreements and/or attractive products, there will still be opportunities in the Russian life segment.
 
Contents:
Executive Summary
Table: Total Premiums, 2008-2015
Key Insights And Key Risks
SWOT Analysis
Russia Insurance Industry SWOT
Russia Political SWOT
Russia Economic SWOT
Russia Business Environment SWOT
Life Sector
Central And Eastern Europe Life Sector Overview
Table: Central And Eastern Europe Life Premiums, 2008-2015 (US$mn)
Russia Life Sector Update
Table: Life Premiums Breakdown, H110-H111 (RUBmn)
Table: Life Premiums Growth Rates, H110-H210
Life Industry Forecast Scenario
Table: Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Population
Table: Insurance Sector Key Drivers - Demographics, 2008-2015
Non-Life Sector
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern Europe Non-Life Premiums, 2008-2015 (US$mn)
Russia Non-Life Sector Update
Table: Non-Life Premiums Breakdown, H110-H111 (RUBmn)
Table: Major Non-Life Lines Market Share, H110-H111
Table: Non-Life Premiums Growth Rates, H110-H111
Non- Life Industry Forecast Scenario
Table: Non-Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Russia Economic Activity, 2008-2015
Political Stability Outlook
Table: Europe Security Risk Ratings
Healthcare
Epidemiology
Table: Insurance Sector Key Drivers - Disability-Adjusted Life Years, 2008-2015
Motor
Table: Insurance Sector Key Drivers - Vehicle Sales, 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: Rankings Of Life Insurers By Gross Written Premiums, H111
Table: Rankings Of Motor CASCO Insurers By Gross Written Premiums, H111
Table: Rankings Of Motor CMTPL Insurers By Gross Written Premiums, H111
Table: Rankings Of Voluntary Medical Insurers By Gross Written Premiums, H111
Table: Rankings Of Property/Fire And All Risks Insurers By Gross Written Premiums, H111
Table: Rankings Of CMEI Insurers By Gross Written Premiums, H111
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 Business Environment Indicators And Rationale
Table: Weighting Of Indicators
 
Companies Mentioned
- 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
 
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