NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/11/15 - Matured regulatory framework, increasing personal disposable income, and growing road accidents are likely to drive the non-life insurance market in Russia during 2007-2009, as per the RNCOS report.
The leading market research company RNCOS has recently launched a comprehensive report “Booming Russian Insurance Sector (2007-2010)” on the insurance industry of Russia. According to the report, the non-life insurance market in Russia will overtake the life insurance sector in future. The Russian life insurance market is anticipated to achieve a YOY growth of 5.2%-9.1% while the non-life insurance market is predicted to grow at a CAGR of around 14% during 2007-2009.
During the past five years, the non-life insurance market in Russia has experienced rapid growth and on account of the improving climate, it is anticipated to continue this trend in future. Besides, the solid growth in this sector has also been led by the introduction of an obligatory motor law (CMTPL) during 2003.
The research says that the biggest opportunity area for the Russian insurance market in the upcoming ten years lies in insurance and mortgage, along with retail segments that will experience incredible growth. Motor insurance has a wider coverage which insures 75% of the imported cars, signifying that three among the four imported cars are already insured. The report also points towards vast growth prospects of the accidental insurance.
The study identifies the factors that are stimulating the Russian insurance industry to grow, that include the rising automobile industry, increasing personal disposable incomes, growing FDI, rising road accidents, high population growth, filliping the CMPTL and growing urbanization of the population.
Furthermore, the report also marked the challenges faced by the Russian insurance market which comprises of the insurance fraud, regulation of insurance in the country, and poverty.
“Booming Russian Insurance Sector (2007-2010)” provides a keen insight into the Russian insurance industry by evaluating the varied aspects of the industry, such as driving factors, impact of government policies, key opportunities and challenges, and future prospects, in order to provide a rational overview of the insurance industry in Russia.
The predictions made in the research study are based on the relationship between previous market growth and the base drivers, like personal disposable income, GDP growth, increasing car market and health insurance, improved regulatory framework and growth signs reflected by the accident insurance. The report also evaluates the life and non-life insurance segment in Russia, whether in public or private ownership.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.