Noida, India (PressExposure) August 16, 2009 -- The Russian insurance market is expanding rapidly on the back of rising real income of the population. Non-life insurance sector dominates the Russian insurance market as the growth rate of this sector has been very high over the past five years. The market growth has far exceeded that of comparable CEE non-life insurance markets. Moreover, Russia accounts for more than 5% of the total European non-life insurance market.
Boom in compulsory insurance (primarily compulsory motor TPL insurance and compulsory medical insurance) is the main driving force of the non-life insurance sector, says our new report âRussian Insurance Industry Forecast to 2012â. Non-life insurance is forecasted to grow at a CAGR of around 8% during 2010-2012. Of the total market, motor, property and medical insurances will account for the majority share during the forecast period.
We have found that the motor insurance is rapidly growing with rising sales of cars. CMTPL cover was made compulsory five years ago and since then penetration has reached around 85% to 90%. The premiums collected in this class grew at a CAGR of around 14% during the period 2005-08.
We have also found that liability insurance sector is steadily growing in Russia, with premiums grew at a CAGR of around 12% from 2005 to 2008. The growth in this sector is characterized by strong economic growth of Russia. In 2009, however, the premiums collected are estimated to decline by about 10% from 2008 in the backdrop of economic meltdown that has hit the Russian economic growth, leading to higher level of unemployment and downfall in industrial output.
To better gauge future success of the Russian non-life insurance market, âRussian Insurance Industry Forecast to 2012â provides results and analysis of various non-life insurance products like motor insurance, medical insurance, property insurance, aviation & space insurance, CAR & EAR insurance, cargo insurance, energy insurance and liability insurance. The report also gives information about forces fueling growth in the non-life insurance sector.
For FREE SAMPLE of this report visit: [http://www.rncos.com/Report/IM204.htm]
Check DISCOUNTED REPORTS on: http://www.rncos.com