Life Insurance in Russia, Key Trends and Opportunities to 2018

Date: 2015-09

Russia has the worldโ€™s 19th-largest insurance industry in terms of gross written premium. The life segment grew significantly following the global financial crisis of 2008โ€“2009. The primary reasons were an increase in public awareness with regards to life insurance products, increase in employment, and the governmentโ€™s implementation of several laws to develop the insurance industry. Russiaโ€™s life insurance segment is underdeveloped when compared to Brazil, Russia, India and China (the BRIC countries). In gross written premium terms, the life segment accounted for 4.1% of the total gross written premium of Russian insurance industry in 2013. The main reasons for the segmentโ€™s relatively low share are the countryโ€™s lack of tax benefits for life insurance products and its underdeveloped private pension system. Most life insurance policies sold are bought as a mandatory requirement for people taking out a bank loan.


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