Compulsory Health Insurance to Dominate the Russian Insurance Market

According to our latest report “Russian Insurance Industry Forecast to 2014”, Russian insurance industry has emerged as one of the fastest growing insurance industries across the world. The industry has witnessed tremendous growth on the back of compulsory insurance policies (primarily, compulsory motor TPL insurance, and compulsory medical insurance) and sustainable progressive advancement of classic voluntary insurance. The compulsory health insurance industry in the country is expected to grow at a CAGR of around 11% during 2011-2014.

 

As per our research, continuously growing population and the government initiatives, like the signing of a new law aimed at strengthening the guarantees of the rights of the insured to free medical care are the main factors that will drive compulsory health insurance segment in the country.

 

Besides compulsory health insurance, various other segments are showing promising future. Segments, such as accident insurance, voluntary health insurance, motor insurance, life insurance, property insurance, CMTPL, and liability insurance have shown an impressive growth in the past and are expected to grow further on the back of the promotional strategies deployed by the government.

 

Further, we have also found out that the penetration rate of insurance in the country is still very low compared to the developing economies, such as India and China. Life insurance penetration in the country stood at almost nil level in 2010. With such a low penetration rate, the market represents enormous growth opportunities for insurance players.

 

Our report “Russian Insurance Industry Forecast to 2014”, is an outcome of comprehensive research and rational analysis of the Russian insurance market. It identifies the rising importance of the Russian insurance industry potentials along with its future outlook. The report assesses the present status of Russian insurance industry and identifies opportunities existing in the market. Besides, the report thoroughly investigates the current market trends, evolving markets, and growth prospects of the industry. Further, the report identifies the key industry players, their respective market share, and business strategies, which can prove beneficial for new entrants. Additionally, the report talks about the regulatory environment and recent regulatory developments in the insurance market.

For more information visit: http://www.rncos.com/Report/IM304.htm