Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Russia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Russia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
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Russia is the largest country in the world, spanning two continents and eleven time zones. Since 2014, premium growth has been challenging. In 2017 the total non-life gross premium income of RUB 984.97bn (including inwards reinsurance, PA and healthcare) contracted slightly by 1.58% compared to prior year.
The total non-life market (including inwards reinsurance, PA and healthcare) in 2017 was RUB 984.97b; of this, PA and healthcare amounted to RUB 262.59bn. In 2017 Russia's non-life market ranked 16th in the world, making it the largest in Eastern Europe.
The total number of companies has continued to decline, from 918 active insurers in 2006 to 226 at 1 January 2018. Of these 226, 31 wrote life business in 2017 and 195 were non-life companies. There has been significant market consolidation in the period 2014 to 2018.