The Russian insurance market is rapidly developing with an annual growth of around 20% and undergoing a number of significant transformations. Together with Ukraine and Kazakhstan it contributes towards 98% of premium income among other CIS insurance markets. There are opportunities for first mover advantages in other CIS states.
The public is becoming increasingly aware of the availability of insurance products and in general disposable incomes have risen - with a subsequent increasing demand of protcting assets and wealth. The pool of uninsured assets and persons, however, is huge, thus making Russian & CIS markets very lucrative for investors both international and domestic.
There has been noticeable improvement in the transparency of the sector due to crucial changes in the regulation, today we have capitalisation requirements, reserving practices, asset investment schemes and licensing arrangements.
FISECO Ltd is capable of providing insight to market development and product design in Russia and the CIS. We have bi- and trilingual consultants leading a pool of business partners and opinion leaders - ready to serve you.