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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Russian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Russia's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Russia non-life (P&C) market as well as trends by line of business. Axco analysts also report on Russia's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Russia's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Russia, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Russia, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Russia with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Russian non-life insurance market in 2020 proved to be quite resilient to the impact of the COVID-19 pandemic. In 2020 total non-life gross premium income was RUB 1.17trn (USD 16.23bn) (including inwards reinsurance, PA and healthcare) an increase of 4.4% compared with 2019 although in USD terms the market contracted by 6.45%. During the pandemic insurers, banks, brokers and agents widely adopted remote working and there has been an upsurge in the level of insurance transacted online as well as increased interest from market participants in further developing their online presence. There has been no significant claims impact with the risks arising from the pandemic generally ....
This is a brief extract of information; more updated information may be available in the latest published report.
