STATISTICS: CIS, FY 2018: up by 2.4%, following the Russia, the regional trendsetter

In the Commonwealth of the Independent States - CIS, the Russian insurance market has an absolute dominating position, accounting for almost 83% of the regional GWP. Ukraine ranks second in GWP terms, at a huge distance to Russia, with an almost 7% share of the GWP, followed by Kazakhstan, with 3.9%.

Overall, the CIS region provided GWP worth EUR 22.45 billion, 2.4% up y-o-y.

Besides geography and the CIS membership, the markets in the region have not very many common features. In portfolio terms, Russia, Azerbaijan and Kazakhstan have probably the most balanced portfolios, with a more substantial presence of the life insurance segment and a less overwhelming domination of the MTPL insurance class. Its dominant position of the Russian market goes even beyond figures, as Russian insurers are holding strong positions also in the other CIS markets and also reinsurers based in Russia are getting a large share of the premiums ceded by the local insurers.

Except for Russia, which is obviously a more developed market also in regulatory and market practice terms, all the other markets are striving to align their business environment to the European standards and develop or strengthen some market segments that are absent - as the MTPL insurance line in Georgia -, or less developed or in need of reform. It is also worth mentioning that, although in most the CIS markets the introduction of new compulsory classes of insurance is seen as a mean of diversification and market growth, the voluntary insurance segment provided for the best results and also holds the largest share in the market GWP.

Regional CIS statistics

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