Russia

Location:
Northern Asia (the area west of the Urals is considered part of Europe), bordering the Arctic Ocean, between Europe and the North Pacific Ocean

Climate:
ranges from steppes in the south through humid continental in much of European Russia; subarctic in Siberia to tundra climate in the polar north; winters vary from cool along Black Sea coast to frigid in Siberia; summers vary from warm in the steppes to cool along Arctic coast

Natural hazards:
permafrost over much of Siberia is a major impediment to development; volcanic activity in the Kuril Islands; volcanoes and earthquakes on the Kamchatka Peninsula; spring floods and summer/autumn forest fires throughout Siberia and parts of European Russia

Currency: Ruble (RUB)
1 EUR = 68.3427 Ruble - RUB (December 31st, 2014)
1 EUR = 44.9699 Ruble - RUB (December 31st, 2013)
1 EUR = 40.2286 Ruble - RUB (December 31st, 2012)
1 EUR = 41.6714 Ruble - RUB (December 31st, 2011)
1 EUR = 40.3331 Ruble - RUB (December 31st, 2010)

Sources:
Central Bank of the Russian Federation
Federal Insurance Supervision Service
Media - Information Group "Insurance Today"

Insurance statistics

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1H2014Insurance market overview pdf
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2010Insurance market overviewpdf
2010Market portfolio and rankingsxls
2009Insurance market overviewpdf
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1H2010Russian insurance market overviewpdf
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1H2017 Market Portfolio

1H2017 Insurance Companies Rankings

Russia: Marine insurance in 2015 navigates in a challenging environment

Traditionally, the marine insurance is associated with special risks.The share of marine premiums in the global insurance market is rather low, about 3-5% (note: estimated by IUMI) or USD 29.9 billion in 2015, down by 10.5% compared to the year 2014. The shrinking of the global marine market in 2015 was much more intense than in the period 2014/2013, while GWP decreased only by 3.2%. The main cause of such tendency is due to a strong USD - a significant difference between premiums written in local currency compared to premiums converted in USD.

Ingosstrakh to pioneer Russia's online insurance market

Ingosstrakh Insurance Company, one of the largest Russian insurance companies, has reached a strategic milestone by spearheading the digital marketplace of insurance products in Russia. CEO Mikhail Volkov has announced that packaged insurance products, which so far have sold only in retail outlets, will now be available on Russia's biggest marketplace, Yandex.Market.

Insurance fraud issue will be discussed in Moscow, Russia

On November 9, 2016 at the Holiday Inn Hotel Moscow, Russia will take place the specialized conference "Barrier-2016. Combating Insurance Fraud - prophylactics, protection, investigation". The event is organized by The All-Russian Insurance Association (ARIA) and The Russian Association of Motor Insurers. XPRIMM Publications support this event as Media Partner.

RUSSIA, Fitch: Motor Liability Insurance Premium Growth to Slow

Recent premium growth in Russian compulsory motor third-party liability (MTPL) insurance was exhausted by mid-2016, Fitch Ratings says in a report published today. Meanwhile, MTPL loss trends will continue to deteriorate. Fitch believes that reserving adequacy remains a key risk for the shrinking number of underwriters in the segment as regulation remains tight for premiums and claims, and the regulator is increasingly clamping down on insurers seeking to avoid exposure to regions with the highest loss ratios.

Fresh challenges for reinsurance markets in RUSSIA

International reinsurance markets providing coverage in the Russian Federation already faced challenges brought about by the latest sanctions regime but now the creation of a national reinsurance company (NRC) in Russia promises to cut a sizeable chunk away from an already dwindling pot of business.

STATISTICS: RUSSIA, 1H2016: The market concentration trend continued in 2016. There are probably nearly 100 insurers in the red zone

The Russian insurance market increased by 14% in nominal terms and in the local currency, in the first half of 2016. "Unlike many other sectors of the financial industry, insurance is growing. We are ahead of other industries and this is a fact," said Igor YURGENS, President, All-Russian Insurance Association (ARIA) and President Russian Association of Motor Insurers (RAMI).

SBERBANK Russia supports Pokemon Go players with free accident insurance product

Since July, Pokemon Go players are finding in the Russian SBERBANK a more than friendly environment: besides benefitting from the PokeStops points which allows them catching the missing Pokemon without wandering around the city's streets, a free accident insurance policy offered by the bank may indemnify players who get hurt during their "hunting" sessions up to RUB 50,000 (USD 800.)