Navi Mumbai, Maharashtra India (PressExposure) June 20, 2011 -- Russian insurance industry has emerged as one of the fastest growing insurance industries across the world. The industry has witnessed tremendous growth on the back of compulsory insurance policies (primarily, compulsory motor TPL insurance and compulsory medical insurance) and sustainable progressive advancement of classic voluntary insurance.
As per our new research report "Russian Insurance Industry Forecast to 2014", the Russian insurance market will continue to maintain its growth pace in coming years with an impressive CAGR of around 12.3% during 2011-2014. The availability of wide product range, various government initiatives, and increasing market concentration will contribute to the growth of the industry.
Besides, the introduction of laws on compulsory property insurance and liability insurance policy will fuel growth in the country's insurance market. It is expected that, with the enactment of insurance for hazardous production sites, the liability insurance segment will grow at a CAGR of around 33% during 2011-2014.
As per our study, the penetration rate of insurance is still low compared to developing economies, such as India and China. The level of life insurance penetration in the country stood at 0.01% in 2010 as against 0.05% in 2008. With such a low penetration rate, the market represents enormous growth opportunities for insurance players.
Besides, our report covers various segments of non-life insurance market namely personal, property, liability, CMTPL, and compulsory health insurance. Additionally, the report identifies key players in the country's insurance market and provides their detail business description. Most importantly, the report discusses emerging industry trends, such as bancassurance, reinsurance, pension fund, and so on, which will decide the future of the insurance sector in the country.
Our report "Russian Insurance Industry Forecast to 2014", is an outcome of comprehensive research and rational analysis of the Russian insurance market. It identifies the rising importance of the Russian insurance industry potentials and its future outlook. The study assesses the present status of Russian insurance industry and identifies opportunities existing in the market. The report thoroughly investigates the current market trends, evolving markets, and growth prospects of the industry.
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