Life Insurance in Russia, Key Trends and Opportunities to 2020

Life Insurance in Russia, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Life Insurance in Russia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Russian life insurance segment, and a comparison of the Russian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Russian economy and demographics, 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 'Life Insurance in Russia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Russian life insurance segment, including:

An overview of the Russian life insurance segment

The Russian life insurance segment's growth prospects by category

A comprehensive overview of the Russian economy and demographics

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

The various distribution channels in the Russian life insurance segment

Details of the competitive landscape in the life insurance segment in Russia

Details of regulatory policy applicable to the Russian insurance industry

Scope

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

It provides historical values for the Russian life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Russian life insurance segment, and market forecasts to 2020.

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

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

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

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

Assess the competitive dynamics in the 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

Demand for individual pension and whole life category products supported the sub-segment's growth.

Life insurers in Russia focused on enhancing the customer experience by launching various products which cater to the needs of different age groups.

Russia registered an increase in the proportion of the elderly population with respect to its total population.

The expansion of bank branch networks across the country will increase the potential customer base for bancassurance.

New regulations on the solvency and financial stability of insurance companies came into force on July 01, 2015.



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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

4.2.4 Sum assured

4.2.5 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Bancassurance

6.1.2 Agents

6.1.3 Direct marketing

6.1.4 Brokers

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Sberbank Life Insurance-company overview

7.1.2 Rosgosstrakh-Life-company overview

7.1.3 Alfa Insurance-Life-company overview

7.1.4 Renaissance Life-company overview

7.1.5 VTB Life Insurance-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Workmen's compensation insurance

8.4.2 Motor third-party liability insurance

8.4.3 Aviation liability insurance

8.4.4 Health insurance

8.4.5 Third-party liability insurance for hazardous activities

8.4.6 Clinical trials liability insurance

8.4.7 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Financial Market Access Department of the Central Bank of Russia

8.5.3 All-Russian Insurance Association

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing and E-Commerce

9.5 Insurance Brokers and Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Group Life Insurance

9.1 Group Life Insurance by Product

9.11 Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer

Figure 1: Russian Real GDP (RUB Trillion) and Annual Growth (%), 2011-2020

Figure 2: Russian Current Account Balance as a Percentage of GDP (%), 2011-2015

Figure 3: Russian Consumer Price Inflation, 2011-2020

Figure 4: RUB-US$ Exchange Rate, 2011-2020

Figure 5: Russian Unemployment Rate, 2011-2020

Figure 6: Russian Population by Age Group, 1990-2025

Figure 7: Russian Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Russian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Russian Life Insurance-Gross Written Premium (RUB Billion), 2011-2020

Figure 10: Russian Life Insurance-Penetration (%), 2011-2020

Figure 11: Russian Life Insurance-Premium per Capita (RUB), 2011-2020

Figure 12: Russian Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 13: Russian Life Insurance-Paid Claims (RUB Billion), 2011-2020

Figure 14: Russian Life Insurance-Sum Assured (RUB Trillion), 2011-2020

Figure 15: Russian Life Insurance-Total Assets (RUB Billion), 2011-2020

Figure 16: Russian Life Insurance-Direct Written Premium by Sub-Segment (RUB Billion), 2011-2020

Figure 17: Russian Life Insurance-Direct Written Premium Share by Sub-Segment, 2011-2020

Figure 18: Russian Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2011-2020

Figure 19: Russian Individual Life Insurance-Direct Written Premium by Category (RUB Billion), 2011-2020

Figure 20: Russian Individual Life Insurance-Direct Written Premium Share by Category, 2011-2020

Figure 21: Russian Individual Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 22: Russian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2020

Figure 23: Russian Individual Life Insurance-Penetration (%), 2011-2015

Figure 24: Russian Individual Life Insurance-Penetration (%), 2015-2020

Figure 25: Russian Group Life Insurance-Direct Written Premium by Category (RUB Billion), 2011-2020

Figure 26: Russian Group Life Insurance-Direct Written Premium Share by Category (RUB Billion), 2011-2020

Figure 27: Russian Group Life Insurance-Direct Written Premium Dynamics by Category (RUB Billion), 2011-2020

Figure 28: Russian Group Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2020

Figure 29: Russian Group Life Insurance-Penetration (%), 2011-2015

Figure 30: Russian Group Life Insurance-Penetration (%), 2015-2020

Figure 31: Russian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Figure 32: Russia-Insurance Supervision and Control at Various Levels

Figure 33: Russia-Insurance Regulatory Framework for Company Registration and Operation

Table 1: Russian Life Insurance-Key Facts, 2015

Table 2: Russian Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Russian Government Credit Ratings

Table 4: Russian Life Insurance-Gross Written Premium (RUB Billion and US$ Billion), 2011-2015

Table 5: Russian Life Insurance-Penetration (%), 2011-2015

Table 6: Russian Life Insurance-Gross Written Premium (RUB Billion and US$ Billion), 2015-2020

Table 7: Russian Life Insurance-Penetration (%), 2015-2020

Table 8: Russian Life Insurance-Premium per Capita (RUB and US$), 2011-2015

Table 9: Russian Life Insurance-Premium per Capita (RUB and US$), 2015-2020

Table 10: Russian Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 11: Russian Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 12: Russian Life Insurance-Paid Claims (RUB Billion and US$ Million), 2011-2015

Table 13: Russian Life Insurance-Paid Claims (RUB Billion and US$ Billion), 2015-2020

Table 14: Russian Life Insurance-Sum Assured (RUB Trillion and US$ Billion), 2011-2015

Table 15: Russian Life Insurance-Sum Assured (RUB Trillion and US$ Billion), 2015-2020

Table 16: Russian Life Insurance-Total Assets (RUB Billion and US$ Billion), 2011-2015

Table 17: Russian Life Insurance-Total Assets (RUB Billion and US$ Billion), 2015-2020

Table 18: Russian Life Insurance-Direct Written Premium by Sub-Segment (RUB Billion),2011-2015

Table 19: Russian Life Insurance-Direct Written Premium by Sub-Segment (RUB Billion), 2015-2020

Table 20: Russian Individual Life Insurance-Direct Written Premium by Category (RUB Billion), 2011-2015

Table 21: Russian Individual Life Insurance-Direct Written Premium by Category (RUB Billion), 2015-2020

Table 22: Russian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2015

Table 23: Russian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Table 24: Russian Group Life Insurance-Direct Written Premium by Category (RUB Billion), 2011-2015

Table 25: Russian Group Life Insurance-Direct Written Premium by Category (RUB Billion), 2015-2020

Table 26: Russian Group Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2015

Table 27: Russian Group Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Table 28: Russian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Table 29: Sberbank Life Insurance-Key Facts

Table 30: Sberbank Life Insurance-Key Financials (RUB Million), 2011-2015

Table 31: Rosgosstrakh-Life-Key Facts

Table 32: Rosgosstrakh-Life-Key Financials (RUB Million), 2011-2015

Table 33: Alfa Insurance-Life-Key Facts

Table 34: Alfa Insurance-Life-Key Financials (RUB Million), 2011-2015

Table 35: Renaissance Life-Key Facts

Table 36: Renaissance Life-Key Financials (RUB Million), 2011-2015

Table 37: VTB Life Insurance-Key Facts

Table 38: Russia-Insurance Regulatory Framework Key Features

Table 39: Russia-Life Insurance Regulatory Framework

Table 40: Russia-Property Insurance Regulatory Framework

Table 41: Russia-Motor Insurance Regulatory Framework

Table 42: Russia-Bonus-Malus System

Table 43: Russia-Liability Insurance Regulatory Framework

Table 44: Russia-Compensation Provided by the Insurer under Motor Liability Insurance

Table 45: Russia-Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage

Table 46: Russia-Corporate Tax Rates for the Financial Year 2016

Table 47: Russian Life Insurance-Policies and Premium, 2011-2015

Table 48: Russian Life Insurance-Policies and Premium, 2015-2020

Table 49: Russian Life Insurance-Claims and Expenses, 2011-2015

Table 50: Russian Life Insurance-Claims and Expenses, 2015-2020

Table 51: Russian Life Insurance-Assets, 2011-2015

Table 52: Russian Life Insurance-Assets, 2015-2020

Table 53: Russian Life Insurance-Direct Marketing, 2011-2015

Table 54: Russian Life Insurance-Direct Marketing, 2015-2020

Table 55: Russian Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 56: Russian Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 57: Russian Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 58: Russian Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 59: Russian Life Insurance-Individual Life Insurance, 2011-2015

Table 60: Russian Life Insurance-Individual Life Insurance, 2015-2020

Table 61: Russian Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 62: Russian Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 63: Russian Life Insurance-Group Life Insurance, 2011-2015

Table 64: Russian Life Insurance-Group Life Insurance, 2015-2020

Table 65: Russian Life Insurance-Group Life Insurance by Product, 2011-2015

Table 66: Russian Life Insurance-Group Life Insurance by Product, 2015-2020

Table 67: Russian Life Insurance-Non-Linked Policies, 2011-2015

Table 68: Russian Life Insurance-Non-Linked Policies, 2015-2020

Table 69: Insurance Industry Definitions

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Life insurance, Economy and Demographics, Regional comparison, Individual life insurance, Group life insurance, Distribution channels, Bancassurance, Agencies, Direct marketing, Brokers, E-commerce, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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