Strong growth is predicted in the Russian insurance sector, according to a Fitch report.
The ratings agency has indicated retail development, regional diversification and newly compulsory lines will combine to drive growth in Russian insurance.
Disregarding tax avoidance schemes, Russian insurance grew by an underlying 27%, with corporate property, corporate accident and health, and retail motor insurance showing particularly strong growth.
Fitch's Anastasia Voronkova said: "Consolidation among large players and local market knowledge are likely to support the medium-term domination of domestic companies in non-life business. However, we expect more foreign entrants to become influential, both by establishing start-ups and by buying shares in existing companies — thus providing additional capital for the market."
Russia's entry into the World Trade Organisation has made the country more attractive for overseas investors.
