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

Article Abstract:

Russia offers a huge potential for the insurance industry with its huge market size which could accomodate more suppliers than most nations in Eastern Europe. Leaders claim that the Russian insurance industry is more focused on customer needs than during the Soviet era and now have new services such as automobile road emergency and ambulance services. Current insurance policies also cover commercial risks and third-party liability. Local competition is growing with improving communication systems. However, geography remains the biggest insurance distribution problem.

Competition (Economics), Laws, regulations and rules, Cover Story, Deregulation

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Russian insurance market too attractive to ignore

Article Abstract:

The emergence of the Russian insurance market is providing opportunities for foreign involvement. Western insurers can capitalize on these opportunities by providing leadership and marketing technique for Russia's advertising, sales and customer service operations and forming joint ventures with Russian financial institutions. Consumer insurance education will be essential in developing consumer trust of private insurance companies.

International aspects

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Global outlook

Article Abstract:

Insurance products are expected to increase as the Russian economy matures. There are over 2,500 insurance companies in Russia in 1996 with 1,250 in operation since 1995 and 200 with 75% of the market share. Premium volume in 1996 is expected to reach $4 billion. Consumer education and public relations are needed by the industry to increase its success.

Management

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