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Russia life insurance market: 27% CAGR growth between 2008-2012

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Life Insurance in Russia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-21 18:11:03
The Russia life insurance market expanded at a CAGR of 27.0% during the review period. Government measures to encourage investments in pensions and unit-linked saving products among the population have boosted the industry. The most notable reform was to develop a pension system to overcome the economic problems of retired citizens.

The reform proposed a voluntary privately-managed pension system, which will supplement an existing mandatory government-managed pension system, to ensure retirement income provision. Over the forecast period, long-term life products such as corporate pension plans are expected to grow significantly. Several foreign life insurers have launched pension products to capitalize on this segment.

The written premium of the life insurance segment is expected to increase at a projected CAGR of 13.7% over the forecast period. Agencies are considered as the most popular and trusted life insurance distribution channel in Russia.

The principal law governing the insurance industry is the Russian Federation Law number 4015-1, passed on November 27, 1992, regarding company establishment and operation. The life segment is highly competitive and concentrated with the top ten companies accounting for a 82.4% share in 2011.

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