Russia Insurance Report Q3 2015

Date: May 13, 2015
Pages: 65
US$ 1,295.00
Report type: Strategic Report
Delivery: Download
ID: R6014747A1CEN

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Includes 3 FREE quarterly updates

BMI View: Russia boasts the largest insurance market in Central and Eastern Europe (CEE), both in terms of penetration as well as overall size; however, the sector is heavily lop-sided towards the non-life segment which is underpinned by the expansion of the compulsory medical expenses insurance (CMEI) market. That said, the life segment, driven by the expansion of home ownership by way of mandatory life policies for mortgagers, has been the clear outperformer in terms of premiums growth in recent years, a trend which we expect to continue.

Among the BRICS, Russia has the lowest insurance penetration of 2.6% of GDP. In comparison, South Africa is the most penetrated insurance market among the BRICS, at 14.6%. While this highlights the massive growth potential of the Russian market, the country's low penetration ratio is also symptomatic of the inherent challenges within the industry such as the numerous regulatory changes which have created uncertainty and slowed market expansion over the years. At 95% of the total insurance market, the non-life sector remains the overwhelming dominant segment. Its market share is boosted by the inclusion of compulsory medical expenses insurance (CMEI). Given that CMEI makes up about half of the non-life market, the non-life segment and also the overall insurance market will be significantly smaller without it.

However, we believe that with the Bank of Russia now replacing the Federal Commission of Securities Market (FCSM) as the industry's regulator, there will be more stability for the industry. Furthermore, we expect Russia's insurance penetration to remain stable at between 2.6% and 2.7% over the 2015-2019 period as its insurance industry grows in line with its economy.
BMI Industry View
Operational Risk
Industry Forecast
Life Premiums Forecast
Life Premiums
  Table: Gross Life Premiums Written (Russia 2012-2019)
Life Claims
  Table: Life Insurance Claims (Russia 2007-2014)
Life Drivers
  Table: Life Expectancy by Gender (Russia 2012-2019)
  Table: Demographic Breakdown (Russia 2012-2019)
Non-Life Premiums Forecast
Non-Life Premiums
  Table: Gross Non-Life Premiums Written (Russia 2012-2019)
Non-Life Claims
  Table: Non-Life Insurance Claims (Russia 2007-2014)
  Table: Non-Life Insurance Claims by Line (Russia 2007-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life % Breakdown (Russia 2012-2019)
Health And Personal Accident Insurance
  Table: Health Insurance (Russia 2012-2019)
  Table: Insurance Key Drivers, Private Health Expenditure (Russia 2012-2019)
  Table: Personal Accident Insurance (Russia 2012-2019)
Motor Vehicle And Transport Insurance
  Table: Motor Vehicle Insurance (Russia 2012-2019)
  Table: Insurance Key Drivers, Autos (Russia 2012-2019)
  Table: Transport Insurance (Russia 2012-2019)
  Table: Insurance Key Drivers, Freight Tonnage (Russia 2012-2019)
Property Insurance
  Table: Property Insurance (Russia 2012-2019)
General Liability and Credit Insurance
  Table: General Liability Insurance (Russia 2012-2019)
  Table: Credit/Financial Guarantee Insurance (Russia 2012-2019)
Industry Risk Reward Ratings
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index
Market Overview
Life Market Overview
  Table: Life Insurance Market Shares (USDmn), 2008-2013
  Table: Life Insurance Market Shares (%), 2008-2013
Non-Life Market Overview
  Table: Non-Life Insurance Market Shares (USDmn), 2011-2013
  Table: Non-Life Insurance Market Shares (%), 2011-2013
Company Profile
Rosgosstrakh (RGS)
Demographic Forecast
  Table: Population Headline Indicators (Russia 1990-2025)
  Table: Key Population Ratios (Russia 1990-2025)
  Table: Urban/Rural Population & Life Expectancy (Russia 1990-2025)
  Table: Population By Age Group (Russia 1990-2025)
  Table: Population By Age Group % (Russia 1990-2025)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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