Life Insurance in Russia, Key Trends and Opportunities to 2021

Published: Sep, 2017 | Pages: 121 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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.

 Table of Contents

1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Direct marketing
6.1.2 Brokers
6.1.3 Agents
6.1.4 Bancassurance
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Renaissance Life - company overview
7.1.2 Rosgosstrakh-Life - company overview
7.1.3 Ingosstrakh Insurance Company - company overview
7.1.4 Sogaz Insurance Company - company overview
7.1.5 Alfa Insurance Life - company overview
8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Workmen's compensation insurance
8.4.2 Motor third-party liability insurance
8.4.3 Aviation liability insurance
8.4.4 Health insurance
8.4.5 Third-party liability insurance for hazardous activities
8.4.6 Clinical trials liability insurance
8.4.7 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Financial Market Access Department of the Central Bank of Russia
8.5.3 All-Russian Insurance Association
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Individual Life Insurance
9.4 Individual Life Insurance by Category
9.5 Group Life Insurance
9.6 Group Life Insurance by Category
10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology
11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Russian Life Insurance - Key Facts, 2016
Table 2: Russian Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Russian Government Credit Ratings
Table 4: Annual GDP Growth Rate - BRICS, 2012-2016
Table 5: Russian Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2012-2016
Table 6: Russian Life Insurance - Penetration (%), 2012-2016
Table 7: Russian Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2016-2021
Table 8: Russian Life Insurance - Penetration (%), 2016-2021
Table 9: Russian Life Insurance - Premium per Capita (RUB and US$), 2012-2016
Table 10: Russian Life Insurance - Premium per Capita (RUB and US$), 2016-2021
Table 11: Russian Life Insurance - Number of Active Policies (Million), 2012-2016
Table 12: Russian Life Insurance - Number of Active Policies (Million), 2016-2021
Table 13: Russian Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 14: Russian Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 15: Russian Life Insurance - Sum Assured (RUB Billion and US$ Billion), 2012-2016
Table 16: Russian Life Insurance - Sum Assured (RUB Billion and US$ Billion), 2016-2021
Table 17: Russian Life Insurance - Direct Written Premium by Sub-Segment (RUB Billion), 2012-2016
Table 18: Russian Life Insurance - Direct Written Premium by Sub-Segment (RUB Billion), 2016-2021
Table 19: Russian Individual Life Insurance - Direct Written Premium by Category (RUB Billion), 2012-2016
Table 20: Russian Individual Life Insurance - Direct Written Premium by Category (RUB Billion), 2016-2021
Table 21: Russian Individual Life Insurance - Number of Policies sold by Category (Thousand), 2012-2016
Table 22: Russian Individual Life Insurance - Number of Policies Sold by (Thousand), 2016-2021
Table 23: Russian Group Life Insurance - Direct Written Premium by Category (RUB Billion), 2012-2016
Table 24: Russian Group Life Insurance - Direct Written Premium by Category (RUB Billion), 2016-2021
Table 25: Russian Group Life Insurance - Number of Policies sold by Category (Thousand), 2012-2016
Table 26: Russian Group Life Insurance - Number of Policies sold by Category (Thousand), 2016-2021
Table 27: Russian Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Table 28: Renaissance Life - Key Facts
Table 29: Renaissance Life - Key Financials (RUB Million), 2012-2016
Table 30: Rosgosstrakh-Life - Key Facts
Table 31: Rosgosstrakh-Life - Key Financials (RUB Million), 2012-2016
Table 32: Ingosstrakh Insurance Company - Key Facts
Table 33: Ingosstrakh Insurance Company - Key Financials (RUB Million), 2012-2016
Table 34: Sogaz Insurance Company - Key Facts
Table 35: Sogaz Insurance Company Ltd - Key Financials (RUB Million), 2012-2016
Table 36: Alfa Insurance-Life - Key Facts
Table 37: Alfa Insurance-Life - Key Financials (RUB Million), 2012-2016
Table 38: Russia - Insurance Regulatory Framework Key Features
Table 39: Russia- Life Insurance Regulatory Framework
Table 40: Russia - Property Insurance Regulatory Framework
Table 41: Russia - Motor Insurance Regulatory Framework
Table 42: Russia - Bonus-Malus System
Table 43: Russia - Liability Insurance Regulatory Framework
Table 44: Russia - Compensation Provided by the Insurer under Motor Liability Insurance
Table 45: Russia - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 46: Russia - Corporate Tax Rates for the Financial Year 2016
Table 47: Russian Life Insurance - Policies and Premium, 2012-2016
Table 48: Russian Life Insurance - Policies and Premium, 2016-2021
Table 49: Russian Life Insurance - Claims and Expenses, 2012-2016
Table 50: Russian Life Insurance - Claims and Expenses, 2016-2021
Table 51: Russian Life Insurance - Individual Life Insurance, 2012-2016
Table 52: Russian Life Insurance - Individual Life Insurance, 2016-2021
Table 53: Russian Life Insurance - Individual Life Insurance by Product, 2012-2016
Table 54: Russian Life Insurance - Individual Life Insurance by Product, 2016-2021
Table 55: Russian Life Insurance - Group Life Insurance, 2012-2016
Table 56: Russian Life Insurance - Group Life Insurance, 2016-2021
Table 57: Russian Life Insurance - Group Life Insurance by Product, 2012-2016
Table 58: Russian Life Insurance - Group Life Insurance by Product, 2016-2021
Table 59: Insurance Industry Definitions