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Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2021

September 2017 | 121 pages | ID: P99DA36B6A4EN
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SYNOPSIS

Timetric’s 'Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Russian personal accident and health insurance segment, and a comparison of the Russian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Russian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Russian personal accident and health insurance segment, including:
  • An overview of the Russian personal accident and health insurance segment
  • The Russian personal accident and health insurance segment’s growth prospects by category
  • A comprehensive overview of the Russian economy and demographics
  • A comparison of the Russian personal accident and health insurance segment with its regional counterparts
  • The various distribution channels in the Russian personal accident and health insurance segment
  • Details of the competitive landscape in the personal accident and health insurance segment in Russia
  • Details of regulatory policy applicable to the Russian insurance industry
SCOPE

This report provides a comprehensive analysis of the personal accident and health insurance segment in Russia:
  • It provides historical values for the Russian personal accident and health insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.
  • It offers a detailed analysis of the key categories in the Russian personal accident and health insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Russian personal accident and health insurance segment with its regional counterparts
  • It provides an overview of the various distribution channels for personal accident and health insurance products in Russia.
  • It profiles the top personal accident and health insurance companies in Russia, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Russian personal accident and health insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Russian personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Russian insurance industry, and their impact on companies and the industry's future.
KEY HIGHLIGHTS
  • Personal accident and health insurance is the largest segment in the Russian insurance industry, accounting for 65.8% of its gross written premium in 2016.
  • The penetration of personal accident and health segment fell from 2.2% in 2015 to 2.0% in 2016.
  • In November 2016, VTB Insurance completed the acquisition of a 100% stake in OJSC Rosno-MS, a leader in the Russian mandatory medical insurance market.
  • New regulations on solvency and financial stability came into force on July 1, 2015, and are expected to be amended over the forecast period.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross written premium and penetration
  4.2.2 Policies sold
  4.2.3 Claims

5 OUTLOOK BY CATEGORY

5.1 Personal Accident Insurance
  5.1.1 Premium
  5.1.2 Policies sold
  5.1.3 Claims
5.2 Health Insurance
  5.2.1 Premium
  5.2.2 Policies sold
  5.2.3 Claims
5.3 Travel Insurance
  5.3.1 Premium
  5.3.2 Policies sold
  5.3.3 Claims

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel
  6.1.1 Direct marketing
  6.1.2 Agencies
  6.1.3 Bancassurance
  6.1.4 Brokers
  6.1.5 E-commerce

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles
  7.1.1 Sogaz-Med Insurance Company – company overview
  7.1.2 Rosno-MS – company overview
  7.1.3 MAKC-M – company overview
  7.1.4 Rosgosstrakh-Medicine – company overview
  7.1.5 Alfa Strakhovanie-CHI – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
  8.3.1 Life insurance
  8.3.2 Property insurance
  8.3.3 Motor insurance
  8.3.4 Liability insurance
  8.3.5 Marine, aviation and transit insurance
  8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
  8.4.1 Workmen’s compensation insurance
  8.4.2 Motor third-party liability insurance
  8.4.3 Aviation liability insurance
  8.4.4 Health insurance
  8.4.5 Third-party liability insurance for hazardous activities
  8.4.6 Clinical trials liability insurance
  8.4.7 Liability for ships with respect to oil pollution
8.5 Supervision and Control
  8.5.1 International Association of Insurance Supervisors
  8.5.2 Financial Market Access Department of the Central Bank of Russia
  8.5.3 All-Russian Insurance Association
8.6 Non-Admitted Insurance Regulation
  8.6.1 Overview
  8.6.2 Intermediaries
  8.6.3 Market practices
  8.6.4 Fines and Penalties
8.7 Company Registration and Operations
  8.7.1 Type of insurance organization
  8.7.2 Establishing a local company
  8.7.3 Foreign ownership
  8.7.4 Types of license
  8.7.5 Capital requirements
  8.7.6 Solvency margins
  8.7.7 Reserve requirements
  8.7.8 Investment regulations
  8.7.9 Statutory return requirements
  8.7.10 Fee structure
8.8 Taxation
  8.8.1 Insurance premium or policy taxation
  8.8.2 Withholding taxes on premium paid overseas
  8.8.3 Corporate tax
  8.8.4 VAT
  8.8.5 Captives
8.9 Legal System
  8.9.1 Introduction
  8.9.2 Access to court
  8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Direct Marketing and E-Commerce
9.4 Insurance Brokers and Agencies
9.5 Bancassurance and Other Distribution Channels
9.6 Personal Accident Insurance
9.7 Health Insurance
9.8 Health Insurance by Product
9.9 Travel Insurance

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

LIST OF TABLES

Table 1: Russian Personal Accident and Health Insurance – Key Facts, 2016
Table 2: Russian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2016
Table 3: Russian Government Credit Ratings
Table 4: Annual GDP Growth Rate – BRICS, 2012–2016
Table 5: Russian Personal Accident and Health Insurance – Gross Written Premium (RUB Billion and US$ Billion), 2012–2016
Table 6: Russian Personal Accident and Health Insurance – Penetration (%), 2012–2016
Table 7: Russian Personal Accident and Health Insurance – Gross Written Premium (RUB Billion and US$ Billion), 2016–2021
Table 8: Russian Personal Accident and Health Insurance – Penetration (%), 2016–2021
Table 9: Russian Personal Accident and Health Insurance – Premium per Capita (RUB and US$), 2012–2016
Table 10: Russian Personal Accident and Health Insurance – Premium per Capita (RUB and US$), 2016–2021
Table 11: Russian Personal Accident and Health Insurance – Number of Policies sold (Million), 2012–2016
Table 12: Russian Personal Accident and Health Insurance – Number of Policies sold (Million), 2016–2021
Table 13: Russian Personal Accident and Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016
Table 14: Russian Personal Accident and Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021
Table 15: Russian Personal Accident and Health Insurance – Direct Written Premium by Category (RUB Billion),2012–2016
Table 16: Russian Personal Accident and Health Insurance – Direct Written Premium by Category (RUB Billion), 2016–2021
Table 17: Russian Personal Accident Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2012–2016
Table 18: Russian Personal Accident Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2016–2021
Table 19: Russian Personal Accident Insurance – Number of Policies sold (Million), 2012–2016
Table 20: Russian Personal Accident Insurance – Number of Policies sold (Million), 2016–2021
Table 21: Russian Personal Accident Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016
Table 22: Russian Personal Accident Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021
Table 23: Russian Health Insurance – Direct Written Premium by Sub-Category (RUB Billion and US$ Billion), 2012–2016
Table 24: Russian Health Insurance – Direct Written Premium by Sub-Category (RUB Billion), 2016–2021
Table 25: Russian Health Insurance – Number of Policies sold by Sub-Category (Million), 2012–2016
Table 26: Russian Health Insurance – Number of Policies sold by Sub-Category (Million), 2016–2021
Table 27: Russian Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016
Table 28: Russian Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021
Table 29: Russian Travel Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2012–2013
Table 30: Russian Travel Insurance – Number of Policies sold, 2012–2013
Table 31: Russian Travel Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2015
Table 32: Russian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (RUB Billion), 2012–2016
Table 33: Russian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (RUB Billion), 2016–2021
Table 34: Russian Personal Accident and Health Insurance – Percentage of Direct Written Premium by Channel, 2012–2021
Table 35: Russian Personal Accident and Health Insurance – Segment Shares of the Leading Insurers (%), 2016
Table 36: Sogaz-Med Insurance Company – Key Facts
Table 37: Sogaz-Med Insurance Company Ltd – Key Financials (RUB Million), 2012–2016
Table 38: Rosno-MS – Key Facts
Table 39: Rosno-MS – Key Financials (RUB Million), 2012–2016
Table 40: MAKC-M – Key Facts
Table 41: MAKC-M – Key Financials (RUB Million), 2012–2016
Table 42: Rosgosstrakh-Medicine – Key Facts
Table 43: Rosgosstrakh-Medicine – Key Financials (RUB Million), 2012–2016
Table 44: Alfa Strakhovanie-CHI – Key Facts
Table 45: Alfa Strakhovanie-CHI – Key Financials (RUB Million), 2012–2016
Table 46: Russia – Insurance Regulatory Framework Key Features
Table 47: Russia– Life Insurance Regulatory Framework
Table 48: Russia – Property Insurance Regulatory Framework
Table 49: Russia – Motor Insurance Regulatory Framework
Table 50: Russia – Bonus-Malus System
Table 51: Russia – Liability Insurance Regulatory Framework
Table 52: Russia – Compensation Provided by the Insurer under Motor Liability Insurance
Table 53: Russia – Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 54: Russia – Corporate Tax Rates for the Financial Year 2016
Table 55: Russian Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016
Table 56: Russian Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021
Table 57: Russian Personal Accident and Health Insurance – Claims and Expenses, 2012–2016
Table 58: Russian Personal Accident and Health Insurance – Claims and Expenses, 2016–2021
Table 59: Russian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2012–2016
Table 60: Russian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2016–2021
Table 61: Russian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2012–2016
Table 62: Russian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2016–2021
Table 63: Russian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2012–2016
Table 64: Russian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2016–2021
Table 65: Russian Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016
Table 66: Russian Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021
Table 67: Russian Personal Accident and Health Insurance – Health Insurance, 2012–2016
Table 68: Russian Personal Accident and Health Insurance – Health Insurance, 2016–2021
Table 69: Russian Personal Accident and Health Insurance – Health Insurance by Product, 2012–2016
Table 70: Russian Personal Accident and Health Insurance – Health Insurance by Product, 2016–2021
Table 71: Russian Personal Accident and Health Insurance – Travel Insurance, 2012–2016
Table 72: Insurance Industry Definitions

The BRICS region comprises five nations: Brazil, Russia, India, China and South Africa. The economies of all  the  countries  are  comparable,  and  the  combined  strength  of  the  BRICS  economies  has  made  a significant mark on the global economy. While many mature countries are struggling with budget deficits and rising  unemployment, the BRICS countries  were  able  maintain steady  economic growth  during the  review period,  driving  the  overall  global  economy.  The  region  remains  optimistic  about  economic  growth  and expects to record similar growth over the forecast period.  

The  cumulative  GDP  at  constant  prices  in  the  BRICS  region  reached  US$6.3  trillion  in  2011.  China contributed around 56.2% to the region’s total GDP, followed by India, Brazil, Russia and South Africa with contributions of 17.5%, 11.6%, 9.9% and 4.7%, respectively. The GDP growth rate of the BRICS region over the forecast period is expected to remain positive, encouraging insurance companies to conduct business in these countries.

In  terms  of   employment,  the   prospects  in  the  BRICS  economies   as  a   whole  remain  robust.  The unemployment  rate  was  lowest  in  China  with  4.1%  in  2011,  followed  by  Russia,  Brazil,  India  and  South Africa with 6.8%, 8.2%, 9.8% and 24.4% respectively. Although unemployment has been on the low side in the region, a shortage of skilled workers has become a constraint on insurers’ expansion plans.   

The increasing urbanization in the BRICS region provides opportunities for insurance companies. The urban population  as  a  percentage  of  the  overall  population  in  China  increased  from  45.2%  in  2007  to  50.5%  in 2011.  Similarly,  the  Indian  urban  population  increased  from  29.9%  in  2007  to  31.3%  in  2011.  The  urban populations in Brazil, Russia and China accounted for 84.6%, 73.8% and 62.0% of the overall populations of the respective countries. The awareness of insurance  products generally remains higher among the urban population. 

BRICS Region – A Snapshot of the Economies and Populations, 2011
BRICS Region – A Snapshot of the Economies and Populations, 2011



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