Russia Insurance Q2 2020
Russia's insurance industry is already well developed in value terms with total written premiums forecast at USD27.8bn in2020. In relative terms, however, the market has not yet reached maturity. There are significant gaps in coverage, particularly in thelife insurance segment where per capita premiums in Russia's population of over 145mn are measured at less than USD60.Challenges in the market include low average income levels, a lack of accessibility and undiversified product lines. Providers will beable to address the latter two barriers through investment in distribution channels and the development of a wider range ofproducts and services but resolution of the lack of affordability is dependent upon wider economic growth.
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