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32 country profile
Age Structure in Russia GDP, comparison by sector
05%
14.66% 17.21%
14.51% 9.41%
32%
62%
44.21%
0-‐14 years 15-‐24 years 25-‐34 years
55-‐64 years 65 years and over Agriculture Industry Services
Cooperation with Turkey in exports According to All-Russian Union of Insurers (BCC), there are cur-
rently 191 insurance companies operating in Russia. The Union’s
Russia has an overall exports potential of 353 billion USD; and 2017 Russian Market Research reveals that despite the unfavorable
its major export partners include China, the Netherlands, Germa- economic circumstances in the country, Russian insurance market
ny, Belarus and Turkey. With an imports potential of 238 million continues to grow. The market shrank slightly compared to 2016
USD, Russia’s major partners in imports are China, Germany, USA, results, but managed to grow by 8.3 percent at the end of 2017.
Belarus, Italy and France. Russia is also known to hold a gold and Volume of total premiums reached 1.279 trillion rubles at the end
exchange reserve of 539.6 billion USD. of 2017. As of April 2018, premium production was calculated at
19.7 billion USD. Proportion of insurance premiums to Russian
Russian insurance market continues to GDP is 1.39 percent, which was 1.37 in 2016 and 1.23 in 2015,
1.25 in 2014 and 1.24 in 2013. This indicates that the insurance
grow market grows faster than the Russian economy. During 2017, share
of compulsory insurance products in overall premium production
dropped down to 19.3 percent, while share of voluntary insurance
increased up to 80.7 percent.
Distribu2on of premium produc2on
by sales channels (2017) Premium production grows in voluntary
lines
The report of BCC states that the growth of voluntary insurance
products despite the economic challenges is a positive impact of in-
23.02% creased financial literacy. The report also indicates that public has
an increased trust in the insurance companies; while life insurance
2.51%
still acts as the driving force of Russian insurance market. Share of
74.47% life insurance in overall insurance premium volume increased from
18.3 percent in 2016 to 26 percent in 2017. Excluding these pre-
miums, Russian insurance market is seen to have shrunken by 1.8
percent in 2017.
Share of online sales went up to 2.5 percent, while premiums writ-
Sales without intermediaries Online sales ten without the contribution of intermediaries declined to 23 per-
Sales by intermediaries* cent. Premiums written by intermediaries such as brokers, credit
institutions, vehicle sellers, tour operators, health institutions, le-
