Today: November 28, 2015, 5:45 pm

Russia health insurance market: Almost 60% of total insurance industry
Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2017 - a new market research report on 2014-04-21 18:13:04
Personal accident and health insurance was the largest segment in the Russian insurance industry in terms of gross written premium in 2012. The segment accounted for 59.6% of the total insurance industry value and increased at a CAGR of 14.4% during the review period. Mandatory health insurance products recorded consistent levels of demand, while significant growth was registered in the demand for personal accident and VMI products.

Favorable demographic factors such as changing lifestyle patterns and an increased understanding of diseases in Russia led to a rise in expenditure on personal accident and healthcare products. The Russian government has introduced regulations making life and health insurance mandatory for any patient involved in a clinical trial, to protect against any harm caused.

To protect public health, the Russian Health Ministry drew up a draft law on compulsory insurance against medical errors or malpractice. The Russian Finance Ministry has put forward a proposal to fix the minimum amount of insurance cover at RUB1 million (US$32,300) for all citizens traveling abroad. This is likely to add to the growth of travel insurance

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