KPMG presents the results of a survey of the Russian insurance market in 2013.
The size of the Russian insurance market (other than compulsory medical insurance) in 2013 will approach 930 billion RUB (30 billion USD), strengthening Russia's position in the global insurance market. The key growth driver will remain the continuing (albeit not as strong as in the previous year) growth in the lending market.
Despite this ongoing growth, profitability remains a challenge; insurers believe that the main focus will shift from achieving high premium growth figures to increasing profitability through cost optimisation and deeper risk analysis. In the present conditions, insurers cannot achieve high figures in all market segments at once and are concentrating on the areas where they have the most significant competitive advantages. The latter include focus on the client, improving business process efficiency and further cost optimisation.