Insurance Market Review. Part 1.

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Despite the fact that the Russian insurance market, according to experts, lags significantly behind the Western market (for example, in the USA the number of offered insurance products is 3000, and in Russia less than 100, the number of people employed in the insurance business in the USA is 2.1 million people, and in Russia about 104 thousand), at present the insurance market is considered one of the most promising. In 1999, the volume of premiums received by insurance companies, according to various estimates, ranged from 90.8 billion rubles to 95.6 billion rubles, and in 2000 the growth continued. Already poland whatsapp data on the results of the first half of the year, it became clear that the growth rate of the insurance market continues to increase. In the period from January to June 2000, insurers collected 74.5 billion rubles in premiums, which is 82% of the total volume of insurance collections for the entire previous year.
In 2000, trends favorable to business development were established:
The financial results of Russian enterprises improved;
Real incomes of the population began to slowly recover;
The rise in prices and the decline in the ruble exchange rate were moderate.
Thus, insurance entered the group of leading areas of the economy and was able to successfully compete with other financial institutions for clients.
The following areas have received active development based on the results published by the union of insurers: life insurance, personal insurance, liability insurance, and property insurance.
According to experts, the market has recovered from the 1998 crisis, and now we can see a trend towards development. This is evidenced by the large payments made by Russian companies last year (data is provided below). Despite the large number of players, the bulk of the market belongs to large players - the market share of the largest 50 companies approaches 60% of the total premium.
Despite the fact that at the beginning of 2000 the Insurance Supervision Department revoked the licenses of 42 companies, and by the end of March the licenses had been revoked from 249 companies, this did not have a strong impact on the market.
Experts explain this by the fact that it was not the large players who left the market, who did not have a large number of clients.