Abstract
Russian insurance market is one of the fastest growing markets in the world.
It has been rapidly expanding over the past few years on the back of
regulatory developments, government support, economic growth and rising income
level, says our new research report, “Russian Insurance Industry
Forecast to 2012”. The Russian insurance market will continue to
maintain its growth pace in coming years.
According to our report, there will be a limited demand for insurance products
in the short term because of global economic crisis, but the market holds
strong growth potential for the medium term as real income begins to recover.
As the penetration rate of insurance is still low as compared to more
developed economies, the market represents enormous growth opportunities for
insurance players. Moreover, the financial crisis will have some positive
impact on the sector as unqualified and undercapitalized players will fail,
leaving those that remain more transparent and customer friendly.
The total amount of premiums collected grew at a CAGR of around 24.5% between
2005 and 2008. It is expected that the introduction of laws on compulsory
property insurance will boost the overall insurance market in future.
Anticipating the upward movement in future, we have done a comprehensive
analysis of the Russian insurance market. The report covers various segments
of the insurance market and gives detailed information of them, such as
life-insurance, non-life insurance, premiums collected, premiums paid,
voluntary insurance, compulsory insurance, distribution network and
reinsurance.
Our research also highlights the factors which are responsible for growth in
the Russian insurance market. It says that the rising real income of the
Russian population is the main driver behind the growth. This trend, coupled
with the government' s initiatives, is playing a critical role in promoting
reforms and competitiveness.
With immense growth potential, our research foresees enormous opportunities
for various market players like Rosgosstrakh, Ingosstrakh and Reso-Garantia.
Moreover, the overall prospects for foreign investors are good. Foreign
insurance companies have a number of advantages compared with local insurers,
including higher credibility with customers, solvency supported by larger
capital resources, and experience with best international practices.
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