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Russia

Life Report

Product Insurance Market Reports Life Rev Russia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Russia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Russia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Russia

The Russia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Russia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Russia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Russia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Russia is available.

Axco’s report describes the regulatory framework that applies to the Russian domestic life insurance sector, including whether non-admitted insurance is permitted in Russia; as well as the legislation necessary to know regarding Russia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Russia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Russian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Russia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Russia pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Russia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Russia Life and Benefits Report Extract

Below are brief extracts of information from the Russia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Russian life insurance market was ranked 28th globally in 2020 making it the largest in the eastern European and former Soviet Union region and of comparable size to countries such as Austria and Finland. Whilst still developing, the relatively low penetration rates in both group and individual business mean that the market continues to promise huge potential growth in the coming decades ....

Pensions

The changing demographics in Russia present a pressing concern for policymakers charged with managing pensions and other benefits for the elderly. Life expectancy is slowly increasing and more people are drawing their pensions because of unemployment or eligible early retirement.

Russia has implemented reform of the pension system which embraces the classic three pillars. To supplement the universal state pension, the private pension system was introduced following enactment of Federal Law No 167-FZ On Mandatory Pension Insurance in the Russian Federation.

Healthcare

The changing demographics in Russia present a pressing concern for policy makers charged with managing pensions and health benefits for the elderly. The population is falling and the health sector is contributing to the problem: poor health indicators show that serious diseases like diphtheria, cholera and tuberculosis became more common and a culture of heavy drinking and tobacco consumption is not improving, while the ageing infrastructure of the public system appears overburdened and underfunded ....

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