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Follow on Google News | Russia Insurance Report Q3 2010: New research report available at Fast Market ResearchFast Market Research recommends "Russia Insurance Report Q3 2010" from Business Monitor International, now available
We have generally been able to use data published in 2009 to adjust our estimates for the year as a whole. We estimate total premiums in 2009 of RUB985,665mn. This comprises non-life premiums of RUB970,345mn and life premiums of RUB15,320mn. In 2014 the corresponding figures are forecast to be RUB1,854,103mn, RUB1,833,241mn and RUB20,862mn. In terms of the key drivers that underpin our forecasts, we forecast that non-life penetration will rise from 2.34% in 2009 to 2.55% in 2014, and life density will rise from US$3 to US$6. BMI's proprietary Insurance Business Environment Rating for Russia is 56.2 out of 100. As BMI has explained in its reports over recent quarters, the various countries of Central and Eastern Europe entered the global financial crisis in late 2008 from a position of weakness. In most cases policymakers had to deal with some or all of: substantial and growing current account deficits; substantial budget deficits; external debt; and the constraints imposed by maintaining exchange rates at particular levels relative to the euro. We include a discussion of developments in regional markets on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. Russia's Insurance Sector In Q210 In late November 2009 the FSIS reported that total premiums for the first nine months of 2009 wereo RUB722.4bn, up 1.5% year-on-year (y-o-y), although premiums in the underdeveloped life segment slumped by 26.7% to RUB10.5bn. The overall expansion was driven by growth in the major compulsory lines. Compulsory medical expenses insurance (CMEI) premiums, for instance, were up 18.9%, at RUB331.0bn. Compulsory motor third party liability (CMTPL) premiums rose 5.4% to RUB62.8bn. The only voluntary line for which premiums rose was liability insurance, up 12.5% to RUB19.6bn. There appears to be no common view among the various key players on medium-term prospects for the market. ING Life announced in September 2009 that it would discontinue its operations in Russia, and sold its portfolio of clients to Allianz ROSNO. Shortly afterwards, Fortis announced that it would close its Russian business, which did not appear likely to reach the required scale and profitability level within Fortis' timescale. Although Russia's miniscule life sector has tended to be dominated by foreign companies, the foreign majors, or at least some of them, appear to have taken the view that Russia is not a market in which they need to have a presence. CiV Life, part of the German Talanx Group, wrote gross premiums of RUB700mn in the first nine months of 2008, and publicly reiterated in late December 2009 that it is committed to developing its business in Russia. In contrast, some of the Russian insurers are expanding, if only into particular niches. Ingosstrakh announced in mid-November 2009 that it is launching a credit insurance business, which will be structured as a joint venture (JV) with the Belgian public export credit agency ONDD. In mid-2009 SOGAZ confirmed that it had finalised the acquisition of Sheksna Group, whose gross premiums amounted to just less than RUB6bn in 2008. At the end of 2009 Soglassye announced that its sole shareholder, entrepreneur Mikhail Prokhorov, had decided to increase the company's authorised capital by RUB500mn to RUB2.8bn. For more information or to purchase this report, go to: - http://www.fastmr.com/ Partial Table of Contents: CONTENTS - Table: Overview Of Russia's Insurance Sector - Key Insights On Russia's Insurance Sector - Issues To Watch SWOT Analysis - Russia Insurance Industry SWOT - Russia Political SWOT - Russia Economic SWOT - Russia Business Environment SWOT MetLife's Acquisition Of ALICO - Table: ALICO At A Glance - Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) - Table: ALICO - A Market Leader In Japan - Table: MetLife's Acquisition Of ALICO - Table: MetLife And ALICO Combined Central And Eastern Europe Overview - Table: Gross Premiums Written In Selected Central And Eastern European Countries, 2008-2009 Projections And Forecasts - Table: Insurance Premiums And Annual Percentage Change, 2007-2014 - Projections And Drivers Of Growth - Table: Growth Drivers, 2007-2014 Country Update - Macroeconomic Outlook - Table: Russia - Economic Activity , 2007-2014 - Political Outlook - Long-Term Political Outlook - North Caucasus Outlook - Table: The North Caucasus - Profile Of The Republics - Foreign Policy Insurance Business Environment Rating - Table: Russia - Insurance Business Environment Indicators - Table: Central And Eastern Europe Insurance Business Environment Ratings Regional Context - Table: Non-Life Premiums In A Regional Context, 2008 - Table: Life Premiums In A Regional Context, 2008 - Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006 Major Players In Russia's Insurance Sector - Table: Principal Insurance Lines - Gross Written Premiums, H109 (RUBmn) - Table: Insurance Companies By Gross Written Premiums - Voluntary Health Insurance, H109 (RUBmn) - Table: Insurance Companies By Gross Written Premiums - CMPTL, H109 (RUBmn) - Table: Insurance Companies By Gross Written Premiums - Motor CASCO, H109 (RUBmn) - Table: Insurance Companies By Gross Written Premiums - Life, H109 (RUBmn) - Table: Insurance Companies By Gross Written Premiums - All Lines Other Than CMEI, H109 (RUBmn) Analysis Of Regional Competitive Conditions Local Company Profiles - Ingosstrakh - MAKS-M - Rosgosstrakh Regional Company Profiles - AEGON - ALICO - Full Table of Contents is available at: -- http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. End
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