Russia's personal accident and health insurance market is expected to grow from RUB121.56bn ($17.9bn) in 2011 to RUB291.23bn (USD43bn) in 2015, at a CAGR of 19.1%, according to a new report from UK-based research firm BRICdata.

This growth will be driven by the choice offered by a wider range of insurance products, improved reach of distribution channels selling insurance products and Russia’s increasing disposable income levels, owing to the strong economic growth in the country and changing lifestyle patterns.

Also, proactive initiatives have been taken by the Russian government to widen the reach of health insurance plans, which includes an aim to bring the entire population of the country by 2020 to buy healthcare insurance products.

Exciting times lie ahead as health insurance market will witness domestic and foreign insurance players vying to attract buyers during the forecast period of 2011-2015, according to the report.

Among the other factors contributing to the growth in Russia’s personal accident and health insurance market are increasing healthcare expenditure and the government’s mandate to provide mandatory health insurance to the entire population.

The scenario of personal accident and health insurance market is highly fractured with as many as 438 players, both domestic and foreign, operating in Russia in 2010.

Improved distributional setup of major insurance companies and banks selling insurance policies in Russia will cause accident and health insurance policy volumes to swell in Russia during the forecast period.

Russian government has devised strategies to lure more investments into the country’s health insurance market segment.

The report suggests that the need of the hour is to assess the competitive trends in the Russian personal accident and health insurance industry, along with the reinsurance component of it.

It is imperative to gather precisely the data relating to the growth opportunities and industry trends prevailing within key product categories in this segment, the report adds.

The full report ‘Personal Accident and Health Insurance in Russia, Key Trends and Opportunities till 2015’ is available from BRICdata. Click here for more details.