Russia

Axco provides details on the life insurance sector including Russian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Russia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Russia pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Russia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The Russian life insurance market was ranked 28th globally in 2020 making it the largest in the eastern European and former Soviet Union region and of comparable size to countries such as Austria and Finland. Whilst still developing, the relatively low penetration rates in both group and individual business mean that the market continues to promise huge potential growth in the coming decades ....

The changing demographics in Russia present a pressing concern for policymakers charged with managing pensions and other benefits for the elderly. Life expectancy is slowly increasing and more people are drawing their pensions because of unemployment or eligible early retirement.

Russia has implemented reform of the pension system which embraces the classic three pillars. To supplement the universal state pension, the private pension system was introduced following enactment of Federal Law No 167-FZ On Mandatory Pension Insurance in the Russian Federation.

The changing demographics in Russia present a pressing concern for policy makers charged with managing pensions and health benefits for the elderly. The population is falling and the health sector is contributing to the problem: poor health indicators show that serious diseases like diphtheria, cholera and tuberculosis became more common and a culture of heavy drinking and tobacco consumption is not improving, while the ageing infrastructure of the public system appears overburdened and underfunded ....