Life Insurance and Pensions in BRIC

Table of Contents

• CATALYST
• SUMMARY
• METHODOLOGY
• ANALYSIS
  • Life insurance and pensions premiums totaled USD68bn across all BRIC countries in 2005
    • China has the largest life insurance and pensions market of all BRIC countries
    • The life insurance and pensions market in Brazil has grown the fastest in the past five years
  • Regulation has significantly opened the markets for life and pensions business in BRIC
    • A modernization of the Brazilian life and pensions market has had a profound impact on the insurance sector
    • The Russian life insurance and pensions market has seen a number of reforms but is still at an early stage
    • While growth in India' s life insurance sector is starting to gain pace, the pension system is still in its infancy
    • China' s life insurance and pension market underwent a regulatory reform but is still small by global standards
  • The life insurance and pensions markets are highly concentrated in BRIC
    • A combination of strong domestic companies and foreign players has increased competitiveness in Brazil
    • Russia is very protective in terms of access to its insurance market but this might change after WTO access
    • The Indian life insurance market is still dominated by LIC but foreign competitors are gaining market share
    • China' s life insurance sector is dominated by three domestic players which control around 90% of the market
  • Conclusion
• APPENDIX
  • Definitions
    • Life Product Definitions
      • Life Assurance
      • Endowment Policy
      • Whole of Life Insurance
      • Term Assurance
    • Pension product definitions
      • Personal Pensions
      • Group personal pensions
  • Further reading
    • Life and Pensions SPP
      • Interactive Databases
      • Reports and Briefs
  • Ask the analyst
  • List of Tables
    • Table 1: Life and pensions insurance premium income in Brazil, Russia, India and China, 2001-2005, USDm
    • Table 2: Leading life insurance companies in Brazil measured by gross premiums written 2005
    • Table 3: Leading life insurance companies in Russia measured by gross premiums written 2004
    • Table 4: Leading life insurance companies in India measured by gross premiums written 2004
    • Table 5: Leading life insurance companies in China measured by gross premiums written 2004
  • List of Figures
    • Figure 1: China has by far the largest life and pensions market of all BRIC countries in terms of insurance premium income
    • Figure 2: Brazil will has seen the strongest growth in its life and pensions market in the past five years at an annual compound growth rate of 44%, followed by China (25%) and India (16%)