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The Property Insurance market in Russia has been experiencing significant growth and development in recent years. Customer preferences in the Russian property insurance market are shifting towards comprehensive coverage options that not only protect against traditional risks like fire and theft, but also offer additional benefits such as coverage for natural disasters and liability protection. Trends in the market indicate a growing demand for online insurance services, with more customers opting to purchase property insurance policies through digital channels. This shift towards online platforms is driving innovation in the market, with insurance companies investing in technology to improve customer experience and streamline policy management processes. Local special circumstances in Russia, such as the country's vast geographical expanse and varying climate conditions, contribute to the increasing importance of property insurance. Harsh winters and frequent natural disasters make property insurance a necessity for homeowners and businesses alike, driving market growth. Underlying macroeconomic factors, including a stabilizing economy and increasing disposable income levels, are also fueling the growth of the property insurance market in Russia. As individuals and businesses become more financially secure, they are more willing to invest in insurance products to protect their assets against unforeseen events.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)