Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2021

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GlobalData’s 'Personal Accident and Health Insurance in Russia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Russian personal accident and health insurance segment, and a comparison of the Russian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Russian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Russia:

• It provides historical values for the Russian personal accident and health insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Russian personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Russian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Russia.

• It profiles the top personal accident and health insurance companies in Russia, and outlines the key regulations affecting them.

Key Highlights

• Personal accident and health insurance is the largest segment in the Russian insurance industry, accounting for 65.8% of its gross written premium in 2016.

• The penetration of personal accident and health segment fell from 2.2% in 2015 to 2.0% in 2016.

• In November 2016, VTB Insurance completed the acquisition of a 100% stake in OJSC Rosno-MS, a leader in the Russian mandatory medical insurance market.

• New regulations on solvency and financial stability came into force on July 1, 2015, and are expected to be amended over the forecast period.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Russian personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Russian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Russian insurance industry, and their impact on companies and the industry's future.

Sogaz-Med
Rosno-Ms
Rosgosstrakh-Medicine
Makc-M
Alfa Insurance-Chi
ERV Insurance Company

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

5 OUTLOOK BY CATEGORY

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Claims

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Claims

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies sold

5.3.3 Claims

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

6.1.1 Direct marketing

6.1.2 Agencies

6.1.3 Bancassurance

6.1.4 Brokers

6.1.5 E-commerce

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Sogaz-Med Insurance Company – company overview

7.1.2 Rosno-MS – company overview

7.1.3 MAKC-M – company overview

7.1.4 Rosgosstrakh-Medicine – company overview

7.1.5 Alfa Strakhovanie-CHI – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Workmen’s compensation insurance

8.4.2 Motor third-party liability insurance

8.4.3 Aviation liability insurance

8.4.4 Health insurance

8.4.5 Third-party liability insurance for hazardous activities

8.4.6 Clinical trials liability insurance

8.4.7 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Financial Market Access Department of the Central Bank of Russia

8.5.3 All-Russian Insurance Association

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Direct Marketing and E-Commerce

9.4 Insurance Brokers and Agencies

9.5 Bancassurance and Other Distribution Channels

9.6 Personal Accident Insurance

9.7 Health Insurance

9.8 Health Insurance by Product

9.9 Travel Insurance

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Russian Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Russian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Russian Government Credit Ratings

Table 4: Annual GDP Growth Rate – BRICS, 2012–2016

Table 5: Russian Personal Accident and Health Insurance – Gross Written Premium (RUB Billion and US$ Billion), 2012–2016

Table 6: Russian Personal Accident and Health Insurance – Penetration (%), 2012–2016

Table 7: Russian Personal Accident and Health Insurance – Gross Written Premium (RUB Billion and US$ Billion), 2016–2021

Table 8: Russian Personal Accident and Health Insurance – Penetration (%), 2016–2021

Table 9: Russian Personal Accident and Health Insurance – Premium per Capita (RUB and US$), 2012–2016

Table 10: Russian Personal Accident and Health Insurance – Premium per Capita (RUB and US$), 2016–2021

Table 11: Russian Personal Accident and Health Insurance – Number of Policies sold (Million), 2012–2016

Table 12: Russian Personal Accident and Health Insurance – Number of Policies sold (Million), 2016–2021

Table 13: Russian Personal Accident and Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016

Table 14: Russian Personal Accident and Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021

Table 15: Russian Personal Accident and Health Insurance – Direct Written Premium by Category (RUB Billion),2012–2016

Table 16: Russian Personal Accident and Health Insurance – Direct Written Premium by Category (RUB Billion), 2016–2021

Table 17: Russian Personal Accident Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2012–2016

Table 18: Russian Personal Accident Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2016–2021

Table 19: Russian Personal Accident Insurance – Number of Policies sold (Million), 2012–2016

Table 20: Russian Personal Accident Insurance – Number of Policies sold (Million), 2016–2021

Table 21: Russian Personal Accident Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016

Table 22: Russian Personal Accident Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021

Table 23: Russian Health Insurance – Direct Written Premium by Sub-Category (RUB Billion and US$ Billion), 2012–2016

Table 24: Russian Health Insurance – Direct Written Premium by Sub-Category (RUB Billion), 2016–2021

Table 25: Russian Health Insurance – Number of Policies sold by Sub-Category (Million), 2012–2016

Table 26: Russian Health Insurance – Number of Policies sold by Sub-Category (Million), 2016–2021

Table 27: Russian Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2016

Table 28: Russian Health Insurance – Paid Claims (RUB Billion and US$ Billion), 2016–2021

Table 29: Russian Travel Insurance – Direct Written Premium (RUB Billion and US$ Billion), 2012–2013

Table 30: Russian Travel Insurance – Number of Policies sold , 2012–2013

Table 31: Russian Travel Insurance – Paid Claims (RUB Billion and US$ Billion), 2012–2015

Table 32: Russian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (RUB Billion), 2012–2016

Table 33: Russian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (RUB Billion), 2016–2021

Table 34: Russian Personal Accident and Health Insurance – Percentage of Direct Written Premium by Channel, 2012–2021

Table 35: Russian Personal Accident and Health Insurance – Segment Shares of the Leading Insurers (%), 2016

Table 36: Sogaz-Med Insurance Company – Key Facts

Table 37: Sogaz-Med Insurance Company Ltd – Key Financials (RUB Million), 2012–2016

Table 38: Rosno-MS – Key Facts

Table 39: Rosno-MS – Key Financials (RUB Million), 2012–2016

Table 40: MAKC-M – Key Facts

Table 41: MAKC-M – Key Financials (RUB Million), 2012–2016

Table 42: Rosgosstrakh-Medicine – Key Facts

Table 43: Rosgosstrakh-Medicine – Key Financials (RUB Million), 2012–2016

Table 44: Alfa Strakhovanie-CHI – Key Facts

Table 45: Alfa Strakhovanie-CHI – Key Financials (RUB Million), 2012–2016

Table 46: Russia – Insurance Regulatory Framework Key Features

Table 47: Russia– Life Insurance Regulatory Framework

Table 48: Russia – Property Insurance Regulatory Framework

Table 49: Russia – Motor Insurance Regulatory Framework

Table 50: Russia – Bonus-Malus System

Table 51: Russia – Liability Insurance Regulatory Framework

Table 52: Russia – Compensation Provided by the Insurer under Motor Liability Insurance

Table 53: Russia – Compensation Provided by the Insurer in the Event of Accident by Domestic Air Carriage

Table 54: Russia – Corporate Tax Rates for the Financial Year 2016

Table 55: Russian Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016

Table 56: Russian Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021

Table 57: Russian Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 58: Russian Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 59: Russian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2012–2016

Table 60: Russian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2016–2021

Table 61: Russian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2012–2016

Table 62: Russian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2016–2021

Table 63: Russian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2012–2016

Table 64: Russian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2016–2021

Table 65: Russian Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016

Table 66: Russian Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021

Table 67: Russian Personal Accident and Health Insurance – Health Insurance, 2012–2016

Table 68: Russian Personal Accident and Health Insurance – Health Insurance, 2016–2021

Table 69: Russian Personal Accident and Health Insurance – Health Insurance by Product, 2012–2016

Table 70: Russian Personal Accident and Health Insurance – Health Insurance by Product, 2016–2021

Table 71: Russian Personal Accident and Health Insurance – Travel Insurance, 2012–2016

Table 72: Insurance Industry Definitions

Figures

Figure 1: Russian GDP Composition, 2016

Figure 2: Russian GDP (US$ Billion), 2012−2021

Figure 3: Russian Current Account Balance as a percentage of GDP (%), 2012–2016

Figure 4: Russian Consumer Price Inflation (%), 2012–2021

Figure 5: RUB-US$ Exchange Rate, 2012–2021

Figure 6: Russian Unemployment Rate, 2012–2021

Figure 7: Russian Population by Age Group, 1991–2025

Figure 8: Russian Insurance Segments by Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Russian Personal Accident and Health Insurance – Gross Written Premium (RUB Billion), 2012–2021

Figure 10: Russian Personal Accident and Health Insurance – Penetration (%), 2012–2021

Figure 11: Russian Personal Accident and Health Insurance – Premium per Capita (RUB), 2012–2021

Figure 12: Russian Personal Accident and Health Insurance – Number of Active Policies (Million), 2012–2021

Figure 13: Russian Personal Accident and Health Insurance – Paid Claims (RUB Billion), 2012–2021

Figure 14: Russian Personal Accident and Health Insurance – Direct Written Premium by Category (RUB Billion), 2012–2021

Figure 15: Russian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 16: Russian Personal Accident Insurance – Direct Written Premium (RUB Billion), 2012–2021

Figure 17: Russian Personal Accident Insurance – Number of Policies sold (Million), 2012–2021

Figure 18: Russian Personal Accident Insurance – Paid Claims (RUB Billion), 2012–2021

Figure 19: Russian Health Insurance – Direct Written Premium by Sub-Category (RUB Trillion), 2012–2021

Figure 20: Russian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2012–2021

Figure 21: Russian Health Insurance – Number of Active Policies by Sub-Category (Million), 2012–2021

Figure 22: Russian Health Insurance – Paid Claims (RUB Billion), 2012–2021

Figure 23: Russian Personal Accident and Health Insurance – Direct Written Premium by Channel (%), 2012, 2016 and 2021

Figure 24: Russian Personal Accident and Health Insurance – Segment Shares of the Leading Insurers (%), 2016

Figure 25: Russia – Insurance Supervision and Control at Various Levels

Figure 26: Russia – Insurance Regulatory Framework for Company Registration and Operation

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