Life Insurance in Russia, Key Trends and Opportunities to 2018, New Report Launched

Russia has the world’s 19th-largest insurance industry in terms of gross written premium. The life segment grew significantly following the global financial crisis of 2008–2009. The primary reasons were an increase in public awareness with regards to life insurance products, increase in employment, and the government’s implementation of several laws to develop the insurance industry. Russia’s life insurance segment is underdeveloped when compared to Brazil, Russia, India and China (the BRIC countries). In gross written premium terms, the life segment accounted for 4.1% of the total gross written premium of Russian insurance industry in 2013. The main reasons for the segment’s relatively low share are the country’s lack of tax benefits for life insurance products and its underdeveloped private pension system. Most life insurance policies sold are bought as a mandatory requirement for people taking out a bank loan.

The report provides in-depth market analysis, information and insights into the Russian life insurance segment, including:

• The Russian life insurance segment’s growth prospects by life insurance categories
• Key trends and drivers for the life insurance segment
• The various distribution channels in the Russian life insurance segment
• The detailed competitive landscape in the life insurance segment in Russia
• Detailed regulatory policies of the Russian insurance industry
• A description of the life reinsurance segment in Russia
• Porter's Five Forces analysis of the life insurance segment
• A benchmarking section on the Russian life insurance segment in comparison with other countries in the BRICS region

Scope

This report provides a comprehensive analysis of the life insurance segment in Russia:

• It provides historical values for the Russian life insurance segment for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key categories in the Russian life insurance segment, along with market forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
• It analyses the various distribution channels for life insurance products in Russia.
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Russia for the life insurance business.
• It provides a detailed analysis of the reinsurance segment in Russia and its growth prospects.
• It profiles the top life 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 life insurance segment and each category within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Russian life insurance segment
• Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Russian insurance industry and its impact on companies and the market's future

Key Highlights

• The life segment accounted for 4.1% of the industry’s gross written premium in 2013.
• Russia has one of the most underdeveloped life segments among the BRICS countries.
• Russia’s life segment overcame the adverse impact of the global financial crisis of 2008–2009 due to an increase in the awareness of life insurance savings products and an increase in employment.
• As a result of increase in paid-up capital in 2012, the life segment has gone through a period of consolidation as the total number of life insurance companies decreased from 604 in 2012 to 422 in 2013.
• The Russian life insurance segment is highly concentrated, with 10 leading insurers accounting for an 86.9% share of the segment’s total gross written premiums in 2013.

Spanning over 294 pages, 183 Tables and 207 Figures “Life Insurance in Russia, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Regional Market Dynamics, Life Insurance – Regional Benchmarking, Russian Insurance Industry Attractiveness, Life Insurance Outlook, Analysis by Distribution Channel, Porter’s Five Forces Analysis – Russian Life Insurance, Reinsurance Growth Dynamics and Challenges, Governance, Risk and Compliance, Competitive Landscape and Strategic Insights, Business Environment and Country Risk, Appendix. This report Covered 10 Companies - Renaissance Life Insurance, AlfaStrakhovanie Life Insurance Co, Sberbank insurance, Rosgosstrakh Life, Metlife Alico, Russian Standard Insurance, Allianz Life Insurance, Societe Generale Life Insurance, CiV Life, Raiffeisen Life Insurance Company.

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