Life insures in Russia collect around 20 bln rubles in 2010
MOSCOW. Jan 31 (Interfax) - Life insurers in Russia collected around 20 billion rubles in premiums in 2010, the recently formed Association of Life Insurers said in its statistics.
According to the association, the rate of growth for collections in the pre-crisis period came to 40%-50% a year. The organization has hopes that this rate will recover in the post-crisis period. The share of life insurers in total insurance collections in Russia comes to 3% while the per capita insurance contribution in Russia comes to $5, which is less than 0.1% of pre capital GDP.
Life insurers are looking at three scenarios for the market's development over the next 10 years. The industry's conservative forecast foresees 20% growth if the government does not undertake any stimulus measures for getting the population to acquire life insurance policies.
The realistic scenario expects the market to expand by 30% if at least a portion of stimulus measures is implemented.
The optimistic forecast foresees 50% growth in the life insurance market in Russia over the coming years. This scenario foresees the government providing significant stimuli's and support for insurers. The forecast also is feasible if macroeconomic stability and economic growth is maintained over the next decade.