Market Research Logo

Life Insurance in Russia, Key Trends and Opportunities to 2021

Life Insurance in Russia, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Life Insurance in Russia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Russian life 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, 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 'Life Insurance in Russia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Russian life insurance segment, including:

  • An overview of the Russian life insurance segment
  • The Russian life insurance segment’s growth prospects by category
  • A comprehensive overview of the Russian economy and demographics
  • A comparison of the Russian life insurance segment with its regional counterparts
  • The various distribution channels in the Russian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Russia
  • Details of regulatory policy applicable to the Russian insurance industry
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 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 life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Russian life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Russia.
  • 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 in the Russian life insurance segment.
  • Assess the competitive dynamics in the life 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
  • In February 2017, the Bank of Russia (BoR) enforced a new regulation on the formation of insurance reserves for life insurance companies. If the Bank of Russia finds it necessary to amend the methods used to calculate insurance reserves, life insurers must make and implement the required changes even if the method differs from the regulation.
  • In September 2016, the Public Chamber of Russia proposed a compulsory life cover for firemen. The proposed compensation limit for a policy is RUB5.0 million (US$82,051.1).
  • Sogaz Insurance Group acquired a 100% stake in JSC Zhaso by acquiring a 75.0% stake in United Credit Systems February 2016, in addition to its 25% stake held in December 2015.
  • In 2016, the CBR revoked the licenses of several insurance companies due to non-compliance with financial stability requirements. Dostoinstvo Life Insurance Company, Regard Insurance LLC, Apogei Med Limited Liability Insurance Company, Priority Insurance Company, Asko Skel Plus LLC and Rodina Insurance LLC all lost their licenses.


  • Key Facts and Highlights
    • Table Russian Life Insurance - Key Facts, 2016
    • Table Russian Life Insurance - Segment Shares of the Top Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Russian Government Credit Ratings
    • Table Annual GDP Growth Rate - BRICS, 2012-2016
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Russian Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2012- 2016
        • Table Russian Life Insurance - Penetration (%), 2012-2016
        • Table Russian Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2016- 2021
        • Table Russian Life Insurance - Penetration (%), 2016-2021
        • Table Russian Life Insurance - Premium per Capita (RUB and US$), 2012-2016
        • Table Russian Life Insurance - Premium per Capita (RUB and US$), 2016-2021
      • Policies sold
        • Table Russian Life Insurance - Number of Active Policies (Million), 2012-2016
        • Table Russian Life Insurance - Number of Active Policies (Million), 2016-2021
      • Claims
        • Table Russian Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
        • Table Russian Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
      • Sum assured
        • Table Russian Life Insurance - Sum Assured (RUB Billion and US$ Billion), 2012-2016
        • Table Russian Life Insurance - Sum Assured (RUB Billion and US$ Billion), 2016-2021
  • Outlook by Sub-Segment
    • Table Russian Life Insurance - Direct Written Premium by Sub-Segment (RUB Billion), 2012-2016
    • Table Russian Life Insurance - Direct Written Premium by Sub-Segment (RUB Billion), 2016-2021
    • Individual Life Insurance
      • Premium
        • Table Russian Individual Life Insurance - Direct Written Premium by Category (RUB Billion), 2012-2016
        • Table Russian Individual Life Insurance - Direct Written Premium by Category (RUB Billion), 2016-2021
      • Policies sold
        • Table Russian Individual Life Insurance - Number of Policies sold by Category (Thousand), 2012-2016
        • Table Russian Individual Life Insurance - Number of Policies Sold by (Thousand), 2016- 2021
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Russian Group Life Insurance - Direct Written Premium by Category (RUB Billion), 2012-2016
        • Table Russian Group Life Insurance - Direct Written Premium by Category (RUB Billion), 2016-2021
      • Policies sold
        • Table Russian Group Life Insurance - Number of Policies sold by Category (Thousand), 2012-2016
        • Table Russian Group Life Insurance - Number of Policies sold by Category (Thousand), 2016-2021
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Direct marketing
      • Brokers
      • Agents
      • Bancassurance
  • Competitive Landscape
    • Table Russian Life Insurance - Segment Shares of the Leading Insurers (%), 2016
    • Company Profiles
      • Renaissance Life - company overview
        • Table Renaissance Life - Key Facts
        • Table Renaissance Life - Key Financials (RUB Million), 2012-2016
      • Rosgosstrakh-Life - company overview
        • Table Rosgosstrakh-Life - Key Facts
        • Table Rosgosstrakh-Life - Key Financials (RUB Million), 2012-2016
      • Ingosstrakh Insurance Company - company overview
        • Table Ingosstrakh Insurance Company - Key Facts
        • Table Ingosstrakh Insurance Company - Key Financials (RUB Million), 2012-2016
      • Sogaz Insurance Company - company overview
        • Table Sogaz Insurance Company - Key Facts
        • Table Sogaz Insurance Company Ltd - Key Financials (RUB Million), 2012-2016
      • Alfa Insurance Life - company overview
        • Table Alfa Insurance-Life - Key Facts
        • Table Alfa Insurance-Life - Key Financials (RUB Million), 2012-2016
  • Governance, Risk and Compliance
    • Table Russia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Russia- Life Insurance Regulatory Framework
      • Property insurance
        • Table Russia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Russia - Motor Insurance Regulatory Framework
        • Table Russia - Bonus-Malus System
      • Liability insurance
        • Table Russia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Workmen's compensation insurance
      • Motor third-party liability insurance
        • Table Russia - Compensation Provided by the Insurer under Motor Liability Insurance
      • Aviation liability insurance
        • Table Russia - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
      • Health insurance
      • Third-party liability insurance for hazardous activities
      • Clinical trials liability insurance
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Financial Market Access Department of the Central Bank of Russia
      • All-Russian Insurance Association
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Russia - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Russian Life Insurance - Policies and Premium, 2012-2016
      • Table Russian Life Insurance - Policies and Premium, 2016-2021
    • Claims and Expenses
      • Table Russian Life Insurance - Claims and Expenses, 2012-2016
      • Table Russian Life Insurance - Claims and Expenses, 2016-2021
    • Individual Life Insurance
      • Table Russian Life Insurance - Individual Life Insurance, 2012-2016
      • Table Russian Life Insurance - Individual Life Insurance, 2016-2021
    • Individual Life Insurance by Category
      • Table Russian Life Insurance - Individual Life Insurance by Product, 2012-2016
      • Table Russian Life Insurance - Individual Life Insurance by Product, 2016-2021
    • Group Life Insurance
      • Table Russian Life Insurance - Group Life Insurance, 2012-2016
      • Table Russian Life Insurance - Group Life Insurance, 2016-2021
    • Group Life Insurance by Category
      • Table Russian Life Insurance - Group Life Insurance by Product, 2012-2016
      • Table Russian Life Insurance - Group Life Insurance by Product, 2016-2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report