Abstracts » Insurance

The waking bear: the revolution in Russian insurance is just beginning

Article Abstract:

The Russian insurance industry is emerging as a major force. The market has 2,589 companies licensed to operate in the country, 77 of which are foreign. Some 339 companies account for 32% for the total premium in 1996, while 767 companies hold 36% of the premium. The three leading private insurers, namely, Rosno, Energogarant and MAKS, boast of a combined 8.2% market share as of 1995. The giant Rosgosstrakh is a key player in the local market, with its 80,000-strong workforce, 80 subsidiaries, 2,500 affiliate offices and a branch in Chechnya. The Russian State Insurance Inspectorate oversees the industry, led by its newly installed chief Valeriy A. Sukhov.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Industry Overview

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Opportunity for foreigners outweighs risk in Russian market

Article Abstract:

Foreign insurance companies may be able to have an impact in Russia, as expanding consumer need for insurance and an improved economy spur the potential for expansion. Russia's largest private insurance company, ASKO, expects to train as many as 1,000 new agents by the end of 1996. A dominant trend in Russia is banks buying insurance companies, creating subsidiaries that in turn fuel market growth. Faster liberalization of the insurance market may encourage more foreign insurance companies to enter the Russian market.

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Opportunity for foreigners outweighs risk in Russian market

Article Abstract:

The Russian insurance market could grow at an increased rate, but most foreign insurance firms have shown uncertainty about entering it. The Russian parliament's Insurance Committee is considering revisions that would promote foreign insurers' participation in the country's market. American International Group and Zurich Insurance Group are among the foreign firms doing business in Russia.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Insurance Regulation, Life insurance industry, Insurance law

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