NewswireToday - /newswire/ -
London, United Kingdom, 2008/09/16 - Report Buyer, the online destination for business intelligence for major industry sectors, has now added a report offering an in-depth forecast of the Russian insurance industry.
The report “Russian Insurance Industry Forecast to 2010” expects the value of the previously falling non-life insurance market in Russia to grow at an impressive compound annual growth rate (CAGR) of 16% during 2008-2011, on the back of rising income level and increasing demand for motor insurance in the country.
The report finds that improving living standards in the country has pushed up the growth in the Russian insurance market, which is mainly driven by the non-life sector, especially the motor insurance market. Cars are mainly afforded by people with high disposable income and an above average living standard. As the disposable income per head in Russia surged at a CAGR of nearly 29.5% during 2002-2007, it is translating into high growth for the motor insurance market.
Furthermore, out of the motor insurance, motor hull insurance will become the most popular in coming years as new credit opportunities have expanded the market significantly. It is now mandatory to take a motor hull insurance when buying a car on credit. Despite these measures, the non-life insurance sector is underdeveloped, with only 10% of cars covered under hull insurance. However, motor hull insurance will grow at a rapid pace in the country as the sales of passenger cars are estimated to surge at a CAGR of more than 18% during 2008-2010.
The report provides a detailed look into the re-emerging Russian insurance industry and analyses its growth in coming years. It also includes thorough study of various insurance products like property, aviation, motor hull and construction risk insurance to understand the future prospects of the overall industry. The research highlights the industry dynamics to analyse the opportunities, challenges and key growth factors.
The report further provides forecast on per head disposable income, number of insurance companies, GDP per head, and life and non-life insurance premium, helping the reader to work out a business strategy for the Russian insurance market.
“Russian Insurance Industry Forecast to 2010” is available from Report Buyer. For more information, see website.
Report Buyer product ID: RCS00422
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