Russia Insurance Report Q3 2012

Published : May 2012
No. of Pages : 81

Price:

The Russia Insurance Report considers the prospects for both life and non-life (including Compulsory Medical Expenses Insurance – CMEI) insurers in that country. At first glance, the prospects appear quite exciting. By any standard, the Russian non-life segment is both large and rapidly growing. According to the Federal Financial Markets Service (FFMS), premiums increased by well over one-fifth last year. Life premiums are surging – if from very low levels. The regulator has imposed new – and more stringent – capital requirements, which has contributed to the ongoing rationalisation of the insurance sector.
Nevertheless, it is easy to identify weaknesses in the Russian insurance sector. Thus far, much of the development of the industry has depended on the growth of compulsory lines. Financial literacy among households is low. Most fundamentally, Russian households do not have sufficient trust to engage in long-term contractual relationships with the life companies. Although foreign insurers have a significant presence (particularly in the life segment), they already account for 25% of the aggregate capital – the legal limit – within the segment. Many insurers face downwards pressure on prices and margins – whether from competitors or distributors. The move by savings bank giant Sberbank to become the leading player in bancassurance in Russia is a positive wildcard, but provides no guarantee that life insurance will move beyond an embryonic level of development within the forecast period.
The report incorporates BMI’s latest economic forecasts and projections for relevant aspects of the Russian economy, such as spending on healthcare and registrations of automobiles. Crucially, the report places the Russian insurance sector in the context of all the other national markets that are surveyed by BMI.
Over the last quarter, BMI has made the following changes: 􀂃 Recent announcements from major insurers and ratings agencies are included. 􀂃 The regulator’s statistics for 2011, which became available in Q112 have been incorporated. 􀂃 Projections take into account BMI’s latest economic projections for Russia and assessment of the developing political environment in that country.

Executive Summary . 5
Table: Total Premiums, 2009-2016 5
SWOT Analysis 7
Russia Insurance Industry SWOT .. 7
Russia Political SWOT ... 8
Russia Economic SWOT. 8
Russia Business Environment SWOT . 9
Life Sector .. 10
Central And Eastern Europe Life Sector Overview ... 10
Table: Central And Eastern Europe Life Premiums, 2009-2016 .. 10
Russia Life Sector Update . 13
Table: Russia’s Life Premiums Breakdown, H110-H111 (RUBmn) . 13
Table: Russia’s Life Premiums Growth Rates, H110-H210 . 13
Life Industry Forecast Scenario 14
Table: Total Life Premiums, 2009-2016 .. 14
Growth Drivers And Risk Management Projections ... 16
Population ... 16
Table: Insurance Key Drivers – Demographics, 2009-2016 16
Non-Life Sector .. 18
Central And Eastern Europe Non-Life Sector Overview ... 18
Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 .. 18
Russia Non-Life Sector Update . 21
Table: Non-Life Premiums Breakdown, H110-H111 (RUBmn) ... 22
Table: Major Non-Life Lines Market Share, H110-H111 22
Table: Russia – Non-Life Premiums Growth Rates, H110-H111 . 23
Non-Life Industry Forecast Scenario 24
Table: Non-Life Premiums, 2009-2016 24
Growth Drivers And Risk Management Projections . 25
Macroeconomic Outlook .. 25
Table: Russia Economic Activity, 2011-2016 ... 28
Political Stability Outlook 29
Table: Europe Security Risk Ratings 30
Healthcare ... 30
Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016 35
Insurance Risk/Reward Ratings ... 36
Table: Russia’s Insurance Risk/Reward Rating ... 36
Table: Europe Risk/Reward Ratings 37
Competitive Landscape 38
Major Players In Russia’s Insurance Sector . 39
Table: Rankings Of Life Insurers By Gross Written Premiums, H111 . 41
Table: Rankings Of Motor CASCO Insurers By Gross Written Premiums, H111 42
Table: Rankings Of Motor CMTPL Insurers By Gross Written Premiums, H111 43
Table: Rankings Of Voluntary Medical Insurers By Gross Written Premiums, H111 .. 44
Table: Rankings Of Property/Fire And All Risks Insurers By Gross Written Premiums, H111 ... 45
Table: Rankings Of CMEI Insurers By Gross Written Premiums, H111 .. 46
Company Profiles .. 47
Local Company Profiles 47
Ingosstrakh .. 47
MAKS-M .. 49
Rosgosstrakh 50
Regional Company Profiles .. 51
AEGON 51
Allianz .. 52
Aviva 54
AXA .. 56
BNP Paribas Cardif . 57
ERGO .. 58
Achmea 60
Generali ... 61
GRAWE 62
Groupama 63
HDI-Gerling/Talanx 64
ING .. 66
KBC Group .. 67
MetLife ALICO 68
Prudential Financial 70
QBE . 71
RSA .. 72
UNIQA . 73
Vienna Insurance Group .. 74
Zurich .. 76
BMI Methodology ... 77
Insurance Risk/Reward Ratings 78
Table: Insurance Business Environment Indicators And Rationale . 79
Table: Weighting Of Indicators 80Table: Total Premiums, 2009-2016. 5

Table: Central And Eastern Europe Life Premiums, 2009-2016 . 10

Table: Russia's Life Premiums Breakdown, H110-H111 (RUBmn) . 13

Table: Russia's Life Premiums Growth Rates, H110-H210 . 13

Table: Total Life Premiums, 2009-2016 . 14

Table: Insurance Key Drivers – Demographics, 2009-2016 . 16

Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 . 18

Table: Non-Life Premiums Breakdown, H110-H111 (RUBmn) . 22

Table: Major Non-Life Lines Market Share, H110-H111 . 22

Table: Russia – Non-Life Premiums Growth Rates, H110-H111 . 23

Table: Non-Life Premiums, 2009-2016 . 24

Table: Russia Economic Activity, 2011-2016 . 28

Table: Europe Security Risk Ratings . 30

Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016. 35

Table: Russia's Insurance Risk/Reward Rating . 36

Table: Europe Risk/Reward Ratings . 37

Table: Rankings Of Life Insurers By Gross Written Premiums, H111 . 41

Table: Rankings Of Motor CASCO Insurers By Gross Written Premiums, H111 . 42

Table: Rankings Of Motor CMTPL Insurers By Gross Written Premiums, H111 . 43

Table: Rankings Of Voluntary Medical Insurers By Gross Written Premiums, H111 . 44

Table: Rankings Of Property/Fire And All Risks Insurers By Gross Written Premiums, H111 . 45

Table: Rankings Of CMEI Insurers By Gross Written Premiums, H111 . 46

Table: Insurance Business Environment Indicators And Rationale . 79

Table: Weighting Of Indicators. 80

Russia Insurance Report Q3 2012

Published By: Business Monitor International

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