Reinsurance in Russia, Key Trends and Opportunities to 2016: Regulations Requiring Higher Capital Will Increase Growth Opportunities

Date: January 11, 2012
Pages: 123
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Publisher: Timetric
Report type: Strategic Report
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Reinsurance in Russia, Key Trends and Opportunities to 2016: Regulations Requiring Higher Capital Will Increase Growth Opportunities
Synopsis

The report provides top-level market analysis, information and insights into the Russian reinsurance market, including:
  • The Russian reinsurance market’s growth prospects by reinsurance categories
  • The Russian reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
  • The competitive landscape in the Russian reinsurance market
Summary

The Russian reinsurance industry was relatively stable during the review period, despite the global economic crisis. This was due to the increasing costs of reinsurance protection and the market’s gradual consolidation over the review period, which enabled reinsurers to better manage their capital requirements and risks. The number of insurance companies registered in Russia decreased significantly from 918 in 2006 to 608 in 2010. Of these, the total number of companies accepting reinsurance decreased from 321 in 2006 to 152 in 2010. Meanwhile, the number of specialist reinsurers operating in the industry also reduced from 29 in 2007 to 23 in 2011.

Scope

This report provides a comprehensive analysis of the reinsurance market in Russia:
  • It provides historical values for Russia’s reinsurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key sub-segments in Russia’s reinsurance market, along with market forecasts until 2016
  • It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Russia and its growth prospects
  • It profiles the top reinsurance companies in Russia
Reasons To Buy
  • Make strategic business decisions using top-level historic and forecast market data related to the Russian reinsurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Russian reinsurance market
  • Assess the competitive dynamics in the reinsurance market
  • Identify the growth opportunities and market dynamics within key product categories
Key Highlights
  • The Russian reinsurance industry was relatively stable during the review period, despite the global economic crisis
  • The reinsurance market is expected to consolidate further with the introduction of new regulation on the capital requirements for reinsurance companies, which will increase from RUB120 million (US$3.96 million) to RUB480 million (US$15.84 million) in January 2012
  • Although Russian reinsurer tariffs are often lower than their major foreign competitors, the majority of Russia’s outward reinsurance business goes to foreign companies
  • In terms of international reinsurance, Russian reinsurance companies gained business from former Soviet states and countries in the Commonwealth of Independent States (CIS)
  • In 2011, the Facultative reinsurance category was the largest in terms of written premium with a total market share of 48.2% in 2011
  • Ingosstrakh is Russia’s largest reinsurance company, with a market share of 9.6% in 2010
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 RUSSIA INSURANCE INDUSTRY ATTRACTIVENESS

3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
  3.2.1 Reinsurance market size, 2007–2016
  3.2.2 Reinsurance market size by type of insurance, 2007–2016

4 KEY INDUSTRY TRENDS AND DRIVERS

4.1 Fundamental Growth Drivers
4.2 Life Insurance Market Drivers
4.3 Non-Life Insurance Market Drivers
4.4 Personal Accident and Health Insurance Market Drivers
4.5 Recent Market Developments

5 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

5.1 Overview
5.2 Leading Companies in the Russian Reinsurance Market
5.3 Ingosstrakh Insurance Company OJSC – Company Overview
  5.3.1 Ingosstrakh Insurance Company OJSC – key facts
  5.3.2 Ingosstrakh Insurance Company OJSC – main products
  5.3.3 Ingosstrakh Insurance Company OJSC – main competitors
  5.3.4 Ingosstrakh Insurance Company OJSC – key employees
5.4 SOGAZ Insurance Group – Company Overview
  5.4.1 SOGAZ Insurance Group – key facts
  5.4.2 SOGAZ Insurance Group – main products
  5.4.3 SOGAZ Insurance Group – main competitors
  5.4.4 SOGAZ Insurance Group – key employees
5.5 Unity Reinsurance Company, Ltd – Company Overview
  5.5.1 Unity Reinsurance Company, Ltd – key facts
  5.5.2 Unity Reinsurance Company, Ltd – main products
  5.5.3 Unity Reinsurance Company, Ltd – main competitors
  5.5.4 Unity Reinsurance Company, Ltd – key employees
5.6 The Moscow reinsurance company – Company Overview
  5.6.1 The Moscow reinsurance company – key facts
  5.6.2 The Moscow reinsurance company – main products
  5.6.3 The Moscow reinsurance company – main competitors
  5.6.4 The Moscow reinsurance company – key employees
5.7 Transsib Re – Company Overview
  5.7.1 Transsib Re – key facts
  5.7.2 Transsib Re – main products
  5.7.3 Transsib Re – main competitors
  5.7.4 Transsib Re – key employees

6 BUSINESS ENVIRONMENT AND COUNTRY RISK

6.1 Business Confidence
  6.1.1 Business confidence indicator
  6.1.2 FDI inflows by sector
  6.1.3 Deployment of credit
6.2 Economic Performance
  6.2.1 GDP at constant prices (US dollars)
  6.2.2 GDP per capita at constant prices (US dollars)
  6.2.3 GDP at current prices (US dollars)
  6.2.4 GDP per capita at current prices (US dollars)
  6.2.5 GDP by key sectors
  6.2.6 Agricultural net output at current prices (Russian ruble)
  6.2.7 Agriculture net output at current prices (US dollars)
  6.2.8 Agriculture net output at current prices as a percentage of GDP
  6.2.9 Manufacturing net output at current prices (Russian ruble)
  6.2.10 Manufacturing net output at current prices (US dollars)
  6.2.11 Manufacturing net output at current prices as a percentage of GDP
  6.2.12 Mining, manufacturing and utilities net output at current prices (Russian ruble)
  6.2.13 Mining, manufacturing and utilities at current prices (US dollars)
  6.2.14 Mining, manufacturing and utilities at current prices as a percentage of GDP
  6.2.15 Construction net output at current prices (Russian ruble)
  6.2.16 Construction net output at current prices (US dollars)
  6.2.17 Construction net output at current prices as a percentage of GDP
  6.2.18 Crude steel production
  6.2.19 Crude oil consumption
  6.2.20 Inflation rate
  6.2.21 Fiscal balance as a percentage of GDP
  6.2.22 Current account balance as a percentage of GDP
  6.2.23 Exports as a percentage of GDP
  6.2.24 Imports as a percentage of GDP
  6.2.25 Exports growth
  6.2.26 Imports growth
  6.2.27 External debt as a percentage of GDP
  6.2.28 Annual average exchange rate US$–KRW
  6.2.29 End-of-period exchange rate US$–KRW
  6.2.30 Debt service ratio
6.3 Infrastructure Quality and Availability
  6.3.1 Total airports and sea ports
  6.3.2 Railways and highways
  6.3.3 Passenger vehicle production volume
  6.3.4 Commercial vehicle production trend
  6.3.5 Automotive components exports trend
  6.3.6 Automotive components imports trend
  6.3.7 Passenger vehicle export trend
  6.3.8 Passenger car penetration
  6.3.9 Total installed capacity for electricity generation
  6.3.10 Installed capacity for the generation of conventional thermal electricity
  6.3.11 Electricity production
  6.3.12 Installed capacity for the generation of hydroelectricity
  6.3.13 Installed capacity for renewable electricity generation
  6.3.14 Electricity exports
  6.3.15 Electricity imports
  6.3.16 Healthcare expenditure
  6.3.17 Healthcare expenditure as a percentage of GDP
  6.3.18 Healthcare expenditure per capita
  6.3.19 Broadband internet subscribers
  6.3.20 Personal computer penetration
  6.3.21 Mobile phone penetration rate
  6.3.22 R&D Expenditure as a percentage of GDP
6.4 Labor Force
  6.4.1 Labor force
  6.4.2 Unemployment rate
6.5 Demographics
  6.5.1 Annual disposable income
  6.5.2 Annual per capita disposable income
  6.5.3 Annual consumer expenditure on food
  6.5.4 Annual per capita consumer expenditure on food
  6.5.5 Total population
  6.5.6 Urban and rural population
  6.5.7 Female percentage of population
  6.5.8 Male percentage of population
  6.5.9 Mean age of population
  6.5.10 Median age of population
  6.5.11 Population density
  6.5.12 Age distribution of the total population
  6.5.13 Age distribution of the male population
  6.5.14 Age distribution of the female population
  6.5.15 Number of households
6.6 Political and Social Risk
  6.6.1 Political stability
  6.6.2 Terrorism Index
  6.6.3 Transparency index

7 APPENDIX

7.1 Methodology
7.2 Contact us
7.3 About Timetric
7.4 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Russia Insurance Overall Written Premium by Segment (RUB Billion), 2007–2011
Table 3: Russia Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Russia Insurance Overall Written Premium by Segment (RUB Billion), 2011–2016
Table 5: Russia Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Russia Insurance Segmentation (%), 2007–2016
Table 7: Reinsurance Market in Russia by Category (RUB Billion), 2007–2011
Table 8: Reinsurance Market in Russia by Category (US$ Billion), 2007–2011
Table 9: Reinsurance Market in Russia by Category (RUB Billion), 2011–2016
Table 10: Reinsurance Market in Russia by Category (US$ Billion), 2011–2016
Table 11: Reinsurance Ceded by Type of Insurance (RUB Billion), 2007–2011
Table 12: Reinsurance Ceded by Type of Insurance (US$ Billion), 2007–2011
Table 13: Reinsurance Ceded by Type of Insurance (RUB Billion), 2011–2016
Table 14: Reinsurance Ceded by Type of Insurance (US$ Billion), 2011–2016
Table 15: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Life Insurance – Percentage of Reinsurance Ceded (%),2011–2016
Table 17: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 18: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 19: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Reinsurance Market Share (%), 2010
Table 22: Ingosstrakh Insurance Company OJSC, Key Facts
Table 23: Ingosstrakh Insurance Company OJSC, Main Products
Table 24: Ingosstrakh Insurance Company OJSC, Key Employees
Table 25: SOGAZ Insurance Group, Key Facts
Table 26: SOGAZ Insurance Group, Main Products
Table 27: SOGAZ Insurance Group, Key Employees
Table 28: Unity Reinsurance Company, Ltd, Key Facts
Table 29: Unity Reinsurance Company, Ltd, Main Products
Table 30: Unity Reinsurance Company, Ltd, Key Employees
Table 31: The Moscow reinsurance company, Key Facts
Table 32: The Moscow reinsurance company, Main Products
Table 33: The Moscow reinsurance company, Key Employees
Table 34: Transsib Re, Key Facts
Table 35: Transsib Re, Main Products
Table 36: Transsib Re, Key Employees

LIST OF FIGURES

Figure 1: Russia Insurance Overall Written Premium by Segment (RUB Billion), 2007–2016
Figure 2: Russia Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Premium Ceded to Reinsurance by Category (RUB Billion), 2007–2016
Figure 4: Reinsurance Premium Share by Category (%), 2011 and 2016
Figure 5: Reinsurance Market Dynamics by Category, 2007–2016
Figure 6: Reinsurance Ceded by Type of Insurance (RUB Billion), 2007–2016
Figure 7: Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 8: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 11: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 12: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Reinsurance Market Share (%), 2010
Figure 15: Russian Trading System – Market Capitalization (US$ Billion), 2003–2009
Figure 16: Russian FDI Inflows by Sector (US$ Billion), 2003–2009
Figure 17: Russian Deployment of Credit by (US$ billion), 2003–2009
Figure 18: Russian GDP at Constant Prices (US$ Billion), 2007–2016
Figure 19: Russian GDP Per Capita at Constant Prices (US$), 2007–2016
Figure 20: Russian GDP at Current Prices (US$ Trillion), 2007–2016
Figure 21: Russian GDP Per Capita at Current Prices (US$), 2007–2016
Figure 22: Russian GDP Split by Key Segments (%), 2003 and 2009
Figure 23: Russian Agriculture Net Output at Current Prices (RUB Trillion), 2007–2016
Figure 24: Russian Agriculture Net Output at Current Prices (US$ Billion), 2007–2016
Figure 25: Russian Agriculture Net Output at Current Prices as Percentage of GDP (%), 2007–2016
Figure 26: Russian Manufacturing Net Output at Current Prices (RUB Trillion), 2007–2016
Figure 27: Russian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2016
Figure 28: Russian Manufacturing Net Output at Current Prices as a percentage of GDP (%), 2007–2016
Figure 29: Russian Mining, Manufacturing and Utilities Net Output at Current Prices (RUB Trillion), 2007–2016
Figure 30: Russian Mining, Manufacturing and Utilities Output at Current Prices (US$ Billion), 2007–2016
Figure 31: Russian Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2016
Figure 32: Russian Construction Net Output at Current Prices (RUB Trillion), 2007–2016
Figure 33: Russian Construction Net Output at Current Prices (US$ Billion), 2007–2016
Figure 34: Russian Construction Output at Current Prices as Percentage of GDP (%), 2007–2016
Figure 35: Russian Crude Steel Production (Million Metric Tons), 2007–2016
Figure 36: Russian Crude Oil Consumption (Million Tons), 2007–2016
Figure 37: Russian Inflation Rate (%), 2007–2016
Figure 38: Russian Fiscal Balance as a Percentage of GDP (%), 2007–2011
Figure 39: Russian Current Account Balance as Percentage of GDP (%), 2007–2011
Figure 40: Russian Exports as a Percentage of GDP (%), 2007–2016
Figure 41: Russian Imports as a Percentage of GDP (%), 2007–2016
Figure 42: Russian Exports Growth (%), 2007–2016
Figure 43: Russian Imports Growth (%), 2007–2016
Figure 44: Russian External Debt as a Percentage of GDP (%), 2007–2011
Figure 45: Russian Annual Average Exchange Rate US$–RUB, 2007–2010
Figure 46: Russian End of the Period Exchange Rate US$–RUB, 2007–2010
Figure 47: Russian Debt Service Ratio (%), 2007–2010
Figure 48: Russian Airports and Sea Ports (Number of), 2009
Figure 49: Russian Railways and Highways (Kilometers), 2010
Figure 50: Russian Passenger Vehicle Production (Million), 2007–2016
Figure 51: Russian Commercial Vehicle Production (Units), 2007–2016
Figure 52: Russian Automotive Components Exports (US$ Billion), 2007–2016
Figure 53: Russian Automotive Components Imports (US$ Billion), 2007–2016
Figure 54: Russian Passenger Vehicle Exports Volume (Units), 2007–2016
Figure 55: Russian Passenger Car Penetration (per thousand people), 2007–2016
Figure 56: Russian Total Installed Capacity for Electricity Generation (Million Kilowatts), 2007–2016
Figure 57: Russian Installed Capacity for the generation of Conventional Thermal Electricity (Million Kilowatts), 2007–2016
Figure 58: Russian Electricity Production (Billion Kilowatt Hours), 2007–2016
Figure 59: Russian Installed Capacity for the Generation of Hydro–Electricity (Million Kilowatts), 2007–2016
Figure 60: Russian Installed Capacity for the Generation of Renewable Electricity (Million Kilowatts), 2007–2016
Figure 61: Russian Electricity Exports (Million Kilowatt Hours), 2007–2016
Figure 62: Russian Electricity Imports (Million Kilowatt Hours), 2007–2016
Figure 63: Russian Healthcare Expenditure (US$ Billion), 2007–2016
Figure 64: Russian Healthcare Expenditure as a Percentage of GDP (%), 2007–2016
Figure 65: Russian Per Capita Healthcare Expenditure (US$), 2007–2016
Figure 66: Russian Broadband Internet Subscriptions (Million), 2007–2016
Figure 67: Russian Personal Computer Penetration Rate (per hundred people), 2007–2016
Figure 68: Russian Mobile Phone Penetration (%), 2007–2016
Figure 69: Russian R&D Expenditure as a Percentage of GDP (%), 2007–2016
Figure 70: Russian Size of Labor Force in 15–59 age group (Million), 2007–2016
Figure 71: Russian Unemployment Rate (%), 2007–2016
Figure 72: Russian Annual Disposable Income (US$ trillion), 2007–2016
Figure 73: Russian Annual Per Capita Disposable Income (US$), 2007–2016
Figure 74: Russian Consumer Expenditure on Food (US$ Billion), 2007–2016
Figure 75: Russian Annual Per Capita Consumer Expenditure on Food (US$), 2007–2016
Figure 76: Russian Total Population (Million), 2007–2016
Figure 77: Russian Urban and Rural Population (%), 2007–2016
Figure 78: Russian Females as a Percentage of the Russian Population (%), 2007–2016
Figure 79: Russian Males as a Percentage of the Russian Population (%), 2007–2016
Figure 80: Russian Mean Age of Population (Years), 2007–2016
Figure 81: Russian Median Age of Population (Years), 2007–2016
Figure 82: Russian Population Density (per Square Kilometer), 2007–2016
Figure 83: Russian Population Distribution by Age(%), 2007–2016
Figure 84: Russian Male Population Distribution by Age (%), 2007–2016
Figure 85: Russian Female Population Distribution by Age (%), 2007–2016
Figure 86: Russian Households Number of (Million), 2007–2016
Figure 87: Global Terrorism Heat Map, 2009
Figure 88: Russian Transparency Index, 2007–2010

COMPANIES MENTIONED

Ingosstrakh Insurance Company OJSC
SOGAZ Insurance Group
Unity Reinsurance Company, Ltd
The Moscow reinsurance company
Transsib Re
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