Insurers Making Progress In Russia

Russias economic and entrepreneurial activity is both real and robust as well as encouraging. It is also an underestimated insurance market. Most macroeconomic indicators have improved over the past three years and the insurance business is becoming a central mechanism in a Russian economy that is making progress.

Generating an estimated $7 billion in premium in 2001, the insurance market is increasing at a rate of about 20 percent annually and should grow four times faster than the Russian gross domestic product in 2001.

Only 10 years ago insurance activity in Russia followed behind economic development, while now it is leading the economy. There should be continuing premium growth during the 2001-2005 time frame and total 2005 collected premium should reach $20 billion.

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