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Russia reinsurance market: Decline of -6% CAGR registered between 2008-2012

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PR-Inside.com: 2014-04-21 18:14:01
The Russian reinsurance segment registered decline at CAGR of -6.0% during the review period (2008−2012). This was mainly due to the low operating efficiency of reinsurers, a lack of understanding among Russian insurance firms as to the benefits of reinsurance, and an increase in the reinsurance ceded to foreign reinsurers.

Foreign companies dominate the reinsurance segment. Although the tariffs of Russian reinsurers are often lower than those of their foreign competitors, the majority of Russia´s outward reinsurance business goes to foreign firms. Consequently, the segment is projected to grow at a CAGR of 7.4% over the forecast period.

New regulations led to an increase in the capital requirements of reinsurers, from RUB120 million (US$3.96 million) to RUB480 million (US$15.84 million) in January 2012

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