A research consulting firm's report on the rapid development of the Russian insurance market finds that its future growth will depend on various factors such as new regulatory reforms.
New York-based Celent, a member of the Oliver Wyman Group, said other elements that impact the Russian marketplace include the population's mistrust and unawareness of insurance, the propensity of the market to further consolidate, and the level of foreign investments.
Russian insurers will have to implement initiatives in order to gain competitive advantage in this changing environment, Celent advised.
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