Non-Life Insurance in Russia, Key Trends and Opportunities to 2021

Published: Sep, 2017 | Pages: 151 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
Timetric's 'Non-Life Insurance in Russia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Russian non-life insurance segment, and a comparison of the Russian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Russian insurance industry, 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 'Non-Life Insurance in Russia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Russian non-life insurance segment, including:

• The Russian non-life segment's detailed outlook by product category

• A comprehensive overview of the Russian economy and demographics

• A comparison of the Russian non-life insurance segment with its regional counterparts

• The various distribution channels in the Russian non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Russian insurance industry

• Details of the competitive landscape in the non-life insurance segment in Russia

• Details of regulatory policy applicable to the Russian insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Russia:

• It provides historical values for the Russian non-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 non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Russian non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Russia.

• It analyzes various natural hazards and their impact on the Russian insurance industry

• It profiles the top non-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 non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Russian non-life insurance segment.

• Assess the competitive dynamics in the non-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

• The Central Bank of Russia (CBR) approved a regulation stipulating mandatory sales of electronic motor third-party liability insurance policies, with effect from January 1, 2017.

• On February 11, 2017, the CBR enforced a new regulation for non-life insurers with respect to maintaining reserves.

• The CBR amended the maximum tariff limits for carriers' liability insurance on October 19, 2016.

• In August 2016, the Russian Association of Motor Insurers launched a single agent system for the sale of motor third-party liability insurance.

• The CBR registered the first Self-Regulation Organization (SRO) in insurance on December 6, 2016. The SRO unites the largest companies in the Russian financial market, excluding banks.

 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
5 OUTLOOK BY CATEGORY
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Direct marketing
6.1.2 Agencies
6.1.3 Brokers
6.1.4 Bancassurance
6.1.5 E-commerce
7 NATURAL AND MAN-MADE HAZARDS
7.1 Flooding
7.2 Wildfires
7.3 Extreme Temperature
7.4 Earthquakes
7.5 Storm
7.6 Exposure
7.7 Man-Made Disasters
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Sogaz Insurance Company - company overview
8.1.2 Rosgosstrakh Company Ltd - company overview
8.1.3 Ingosstrakh Insurance Company - company overview
8.1.4 Reso-Garantia - company overview
8.1.5 AlfaStrakhovanie - company overview
9 GOVERNANCE, RISK AND COMPLIANCE
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Workmen's compensation insurance
9.4.2 Motor third-party liability insurance
9.4.3 Aviation liability insurance
9.4.4 Health insurance
9.4.5 Third-party liability insurance for hazardous activities
9.4.6 Clinical trials liability insurance
9.4.7 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Financial Market Access Department of the Central Bank of Russia
9.5.3 All-Russian Insurance Association
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 DATABOOK
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Direct Marketing and E-Commerce
10.4 Insurance Brokers and Agencies
10.5 Bancassurance and Other Distribution Channels
10.6 Property Insurance
10.7 Property Insurance by Product
10.8 Motor Insurance
10.9 Motor Insurance by Product
10.1 Liability Insurance
10.11 Marine, Aviation and Transit Insurance
11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology
12 ABOUT TIMETRIC
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Russian Non-Life Insurance - Key Facts, 2016
Table 2: Russian Non-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 Non-Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2012-2016
Table 6: Russian Non-Life Insurance - Penetration (%), 2012-2016
Table 7: Russian Non-Life Insurance - Gross Written Premium (RUB Billion and US$ Billion), 2016-2021
Table 8: Russian Non-Life Insurance - Penetration (%), 2016-2021
Table 9: Russian Non-Life Insurance - Premium per Capita (RUB and US$), 2012-2016
Table 10: Russian Non-Life Insurance - Premium per Capita (RUB and US$), 2016-2021
Table 11: Russian Non-Life Insurance - Number of Policies sold (Million), 2012-2016
Table 12: Russian Non-Life Insurance - Number of Policies sold (Million), 2016-2021
Table 13: Russian Non-Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 14: Russian Non-Life Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 15: Russian Non-Life Insurance - Direct Written Premium by Category (RUB Billion), 2012-2016
Table 16: Russian Non-Life Insurance - Direct Written Premium by Category (RUB Billion), 2016-2021
Table 17: Russian Property Insurance - Number of Recorded Crimes, 2011-2015
Table 18: Russian Property Insurance - Direct Written Premium by Sub-Category (RUB Billion), 2012-2016
Table 19: Russian Property Insurance - Direct Written Premium by Sub-Category (RUB Billion), 2016-2021
Table 20: Russian Property Insurance - Number of Policies sold by Sub-Category (Million), 2012-2016
Table 21: Russian Property Insurance - Number of Policies sold by Sub-Category (Million), 2016-2021
Table 22: Russian Property Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 23: Russian Property Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 24: Russian Motor Insurance - New Vehicle Sales in Russia, 2013-2016
Table 25: Russian Motor Insurance - Road Accident Numbers, 2011-2015
Table 26: Russian Motor Insurance - Direct Written Premium by Sub-Category (RUB Billion), 2012-2016
Table 27: Russian Motor Insurance - Direct Written Premium by Sub-Category (RUB Billion), 2016-2021
Table 28: Russian Motor Insurance - Number of Policies sold by Sub-Category (Million), 2012-2016
Table 29: Russian Motor Insurance - Number of Policies sold by Sub-Category (Million), 2016-2021
Table 30: Russian Motor Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 31: Russian Motor Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 32: Russian Liability Insurance - Direct Written Premium (RUB Billion and US$ Billion), 2012-2016
Table 33: Russian Liability Insurance - Direct Written Premium (RUB Billion and US$ Billion), 2016-2021
Table 34: Russian Liability Insurance - Number of Active Policies (Thousand), 2012-2016
Table 35: Russian Liability Insurance - Number of Active Policies (Thousand), 2016-2021
Table 36: Russian Liability Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 37: Russian Liability Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 38: Russian Transport Network - Global Rankings
Table 39: Russian Marine, Aviation and Transit Insurance - Freight Carried (Million Ton), 2011-2015
Table 40: Russian Marine, Aviation and Transit Insurance - Direct Written Premium (RUB Billion and US$ Billion), 2012-2016
Table 41: Russian Marine, Aviation and Transit Insurance - Direct Written Premium (RUB Billion and US$ Billion), 2016-2021
Table 42: Russian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-2016
Table 43: Russian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2016-2021
Table 44: Russian Marine, Aviation and Transit Insurance - Paid Claims (RUB Billion and US$ Billion), 2012-2016
Table 45: Russian Marine, Aviation and Transit Insurance - Paid Claims (RUB Billion and US$ Billion), 2016-2021
Table 46: Russian Non-Life Insurance - Direct Written Premium by Distribution Channel (RUB Billion), 2012-2016
Table 47: Russian Non-Life Insurance - Direct Written Premium by Distribution Channel (RUB Billion), 2016-2021
Table 48: Russian Non-Life Insurance - Percentage of Direct Written Premium by Channel, 2012-2021
Table 49: Russian Non-Life Insurance - Segment Shares of the Leading Insurers (%), 2016
Table 50: Sogaz Insurance Company - Key Facts
Table 51: Sogaz Insurance Company Ltd - Key Financials (RUB Million), 2012-2016
Table 52: Rosgosstrakh Company Ltd - Key Facts
Table 53: Rosgosstrakh Company Ltd - Key Financials (RUB Million), 2012-2016
Table 54: Ingosstrakh Insurance Company - Key Facts
Table 55: Rosgosstrakh Company Ltd - Key Financials (RUB Million), 2012-2016
Table 56: Reso-Garantia - Key Facts
Table 57: Rosgosstrakh Company Ltd - Key Financials (RUB Million), 2012-2016
Table 58: AlfaStrakhovanie - Key Facts
Table 59: AlfaStrakhovanie Company Ltd - Key Financials (RUB Million), 2012-2016
Table 60: Russia - Insurance Regulatory Framework Key Features
Table 61: Russia- Life Insurance Regulatory Framework
Table 62: Russia - Property Insurance Regulatory Framework
Table 63: Russia - Motor Insurance Regulatory Framework
Table 64: Russia - Bonus-Malus System
Table 65: Russia - Liability Insurance Regulatory Framework
Table 66: Russia - Compensation Provided by the Insurer under Motor Liability Insurance
Table 67: Russia - Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage
Table 68: Russia - Corporate Tax Rates for the Financial Year 2016
Table 69: Russian Insurance Industry - Policies and Premium, 2012-2016
Table 70: Russian Insurance Industry - Policies and Premium, 2016-2021
Table 71: Russian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 72: Russian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 73: Russian Non-Life Insurance - Direct Marketing and E-Commerce, 2012-2016
Table 74: Russian Non-Life Insurance - Direct Marketing and E-Commerce, 2016-2021
Table 75: Russian Non-Life Insurance - Insurance Brokers and Agencies, 2012-2016
Table 76: Russian Non-Life Insurance - Insurance Brokers and Agencies, 2016-2021
Table 77: Russian Non-Life Insurance - Bancassurance and Other Distribution Channels, 2012-2016
Table 78: Russian Non-Life Insurance - Bancassurance and Other Distribution Channels, 2016-2021
Table 79: Russian Non-Life Insurance - Property Insurance, 2012-2016
Table 80: Russian Non-Life Insurance - Property Insurance, 2016-2021
Table 81: Russian Non-Life Insurance - Property Insurance by Product, 2012-2016
Table 82: Russian Non-Life Insurance - Property Insurance by Product, 2016-2021
Table 83: Russian Non-Life Insurance - Motor Insurance, 2012-2016
Table 84: Russian Non-Life Insurance - Motor Insurance, 2016-2021
Table 85: Russian Non-Life Insurance - Motor Insurance by Product, 2012-2016
Table 86: Russian Non-Life Insurance - Motor Insurance by Product, 2016-2021
Table 87: Russian Non-Life Insurance - Liability Insurance, 2012-2016
Table 88: Russian Non-Life Insurance - Liability Insurance, 2016-2021
Table 89: Russian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 90: Russian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 91: Insurance Industry Definitions