STATISTICS: Russia FY2016: Strong growth in GWP supported by traditional lines of business
The Russian insurance market grew by 15.3% in GWP terms, in 2016, supported by traditional lines of business development. Life insurance and bancassurance distribution, as well as liability insurance for damage to third parties, property insurance, personal insurance and insurance of financial risks recorded the best resuls. At the same time a significant drop was seen in insurance of hazardous production objects due to decrease of tariffs.
According to some insurers the market growth was more quantitative one, as quality remained somehow less satisfactory. GWP for corporate segment increased due to some important contracts or rate fluctuations of currency exchange.
The insurance market followed the tendency of the Russian national economy, challenged by the tight monetary policy, intricate international situations, lowering of corporate and private consumption, as well as a stagnant volume of investments in the economy.
On the other hand, experts are expecting positive effects from the improved level of inflation (15.6% in 2015 and 5.4% in 2016) and the Russian currency strengthening in the current year, which will more or less positivelly impact on insurance results and the financial situation of the population and economy as whole.
A comprehensive analysis on the Russian insurance market's performance in 2016 will be available in the forthcoming issue of the XPRIMM Insurance Profile Russia 2016, to be officially launched in April, on the occasion of the XXIst edition of the Russian Reinsurance Conference.
Click here to pre-order your copy of the report at a 15% discounted price.
Access www.xprimm.com and download the FY2016 Russian insurance market statistics.