The Insurance Market. Specific Character of Its Development in Russia

8/9/2019 The Insurance Market. Specific Character of Its Development in Russia

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Baltic State Technical University

International Business & Communication Institute

Master of Business Administration & Engineering (MBAE)

Project work

THE INSURANCE MARKET. SPECIFIC

CHARACTER OF ITS DEVELOPMENT IN

RUSSIA

Executed by Regina Mutovkina

Checked: Loukitchev P. M.


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Saint-Petersburg2008

CONTENTS

CONTENTS.....................................................................................................................................................................2

INTRODUCTION.............................................................................................................................................................2

THEORY.........................................................................................................................................................................4

THEBASICDEFINITIONS......................................................................................................................................................4THEKINDSOFTHEINSURANCEMARKETS.................................................................................................................................5ANECONOMICNATUREANDFUNCTIONSOFINSURANCE...............................................................................................................6

THE KINDS OF INSURANCE SERVICES ON AN EXAMPLE OF AN OPEN JOINT-STOCK COMPANY ROSNO

......................................................................................................................................................................................11

MODERN TENDENCIES ON THE INSURANCE MARKET OF RUSSIA.............................................................. ......14

CONCLUSION..............................................................................................................................................................22

LITERATURE................................................................................................................................................................24

INTRODUCTION

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THEORY

The basic definitions

The modern market economy represents a difficult organism consisting of the

huge amount of various industrial, commercial, financial and information

structures, cooperating on the system of rules and law of business, and united by

the common concept - the market.

Insurance is a system of economic relations on the protection of the property

interests of physical and corporate persons in approaching of the certain events

(insured accident) due to money resources (insurance funds) formed from the

insurance premiums paid by them by payment of the insurance compensation.

An interaction of sides interested in the signing of insurance agreements and

achievement of the productivity of insurance operations takes place on the

insurance market. The insurance market is the system of economic relations

making a field of activity of insurers and reinsures in the given country, group of

the countries and on an international scale on the rendering the appropriate

insurance services to insurants.

Insurants are the corporate persons and the capable physical persons who

have an insurance interest and started relations with the insurer by the law or on

the basis of the bilateral agreement, validated by the insurance contract.

Insurers are the corporate persons of any organization form determined by

Russian Federation, created for realization of the insurance activity (insurance

organizations and the societies of a mutual insurance) and received the state

sanction (license) to the realization of operations of insurance. A subject of a direct

activity of insurers can not be industrial, trading - intermediary and bank activity.

An economic essence of insurance consists in the formation by the insurer of

the insurance fund due to insurance fees of the insurants, intended for the insurance

payments to insurants at approaching of the insured accidents fixed in the contract.

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An economic nature and functions of insurance

Insurance is a way of compensation for the losses of physical or corporate

person, by the distribution of these losses between many persons (insurance

totality). The compensation of losses is made from means of the insurance fund

which is under the jurisdiction of the insurance organization (insurer). The

objective need for insurance is caused by the thing that losses sometimes appear

because of the destructive factors, absolutely not under control of people (natural

cataclysms), and do not attract someone's civil-law responsibility. In a similar

situation it happens that it is impossible to understand who is an initiator of

damages, so the victim should pay for it him/herself. Beforehand created insurancefund can be a source of compensation of damages. Insurance is expedient only

when the insurance events (risks) cause significant need for money. So, for

example, the physical person who has this requirement, as a rule, can not cover it

using his own means without serious limitation of his standard of life.

The insurance relations, fixed in the written contract of insurance as the civil-

law deal, are known, at least, from late Middle Ages. At that time due to the great

geographical opening the horizons of sea international trade were appreciably

enlarged. Businessmen needed big capitals to use new horizons of the opened

opportunities.

Historically appeared because of the necessity to provide compensation of

losses which are not subject to put on other persons, insurance had essential

changes during its long development and is extended now on many cases when

losses are connected to the civil-law responsibility of their initiator. In such cases

insurance serves for the victim as an additional guarantee of protection of his

property interests. Further alongside with the property insurance providing the

compensations, connected to loss or damage of material benefits, the personal

insurance, guaranteeing payments of certain sums of money because of death,

mutilation, illness, living up to the certain age of the person, appeared.

As an economic category insurance represents the system of economic

relations including the totality of forms and methods of formation of trust funds of

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productivity according to the personal contribution to the manufacture and

maintenance of his own well-being.

It is known that the essence of the finance as an economic category is

connected with economic relations during creation and use of the funds of money

resources. The essence of insurance is also connected to the creation and use of

funds of money resources. If finances always need monetary relations and forming

of funds of money resources, insurance can also be natural. A mutual insurance is a

classical example of it.

Besides, insurance always needs the opportunity of happening of an

insurance case, i.e. the obligatory attribute is inherent in insurance probabilistic

character of relations. The use of means of the insurance fund is connected to the

approach and consequences of insurance cases.

There is one feature of insurance that makes it similar to credit: a recurrence

of means of the insurance fund. It is credit that provides a recurrence of the

received monetary loan. However, marking such recurrence of insurance payments

a characteristic feature of insurance, it is necessary to understand that it refers first

of all to the life insurance. The most part of payments (net - payments) comes back

at approach of an insurance accident (living of insured person up to the certain

time or in case of his death). This return of payments has a necessary character.

But in the case of property insurance, at insurance from casualties and at many

other kinds of insurance the payments of insurance compensation happens only at

approaching of an insurance accident and in the sizes defined by the appropriate

documents. At the payments of insurance compensation on property or others

kinds of risk an address of these sums is lost. An economic substance of these

payments differs from the returns of insurance payments.

The functions of insurance and its substance as an economic category are

connected. It is possible to allocate the following functions of an economic

category of insurance:

1. Forming of the specialized insurance fund of money resources.

2. Compensation of damage and personal material security of citizens.

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3. Prevention of an insurance accident and minimization of damage.

The first function is a forming of the specialized insurance fund of money

resources as payments for risks that the insurance companies take on their

responsibility. This fund can be formed both in obligatory, and in the voluntary

orders. The government, proceeding from economic and social conditions,

regulates development of insurance market in the country. This function is realized

in the system of the spare and reserve funds providing stability of insurance,

guarantee of payments and compensations. If in commercial banks an

accumulation of money of the population with the purpose, for example, of

monetary savings, has only saving beginning, insurance because of this function

has a saving-risk beginning. In the moral plan each participant of insurance

process, for example, at life insurance, is sure in getting monetary compensation at

the case of unfortunate event and at end of the validity of the contract. At the

property insurance through this function not only the problem of compensation of

costs of the suffered property is solved within the limits of the insurance sums and

the conditions in the contract, but also the conditions for material compensation of

a part or full cost of suffered property are created. Through this function the

problem of investments of temporarily free means in banks and other commercial

structures, investments of money resources in the real estate, purchases of

securities etc is solved. With the development of the market the mechanism of use

of the temporarily free means will be improved and extend in insurance. The value

of the function of insurance as forming of special insurance funds will grow.

The second function of insurance - compensation of damage and personal

material providing of citizens. Only physical and corporate people who are the

participants of forming of the insurance fund have the right on the compensation of

damage in property. The order of compensation of damage is defined by the

insurance companies, proceeding from the conditions of contracts of insurance,

and is regulate by the government (licensing of the insurance activity).

The Third function of insurance - the prevention of an insurance accident and

minimization of damage - assumes a wide complex of measures, including

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THE KINDS OF INSURANCE SERVICES ON AN EXAMPLE OF

AN OPEN JOINT-STOCK COMPANY ROSNO

OJSC Rosno was created in 1991 and is one of the largest Russian

universal insurance companies. At the order of its clients there are more than 100

insurance products. Regional network of Rosno consists of100 branches united

at the territorial features in 10 managements and 300 agencies in all subjects of the

Russian Federation. More than 15 million person and over 50 thousand enterprises

and organizations have insurance policies and contracts of this company.

Company Rosno is:

- On 4-th place in the rating of the largest insurers of property

- On 4-th place in the rating of the largest retail insurance companies

- On 3-d place in the rating of the largest companies on insurance from accidents

and illnesses

- On 4-th place in the rating of the largest insurers of people leaving abroad

- On 3-d place in the rating of the largest companies on medical insurance

- On 4-th place in the rating of the largest autoinsurers of corporate people

In 2007 Rosno received a rank Insurance company of the year in the

annual competition made by a business weekly journal "Company" on the basis of

the analysis of events on the various markets.

Thus, all tendencies in the insurance market of Russia are reflected at the

work of the company Rosno, therefore, looking at its insurance products, it is

possible to say, that it concerns to the whole market. Today the company Rosno

offers 9 kinds of insurance for private persons and 8 kinds for corporate clients.

For private persons

1. Autoinsurance is a full package of programs of insurance protection of the

automobile. There are programs MTPL insurance (in Russia OSAGO),

CASCO, complex insurance of the automobiles bought in the salon and/or on

credit, a technical help and evacuation of the automobile in the case of breakage,

arrival of the breakdown commissioner, insurance of passengers and driver.

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2. Insurance of property: insurance of cottages, country houses and buildings on

the personal garden-plots, apartments (constant, for the period of holiday, the

program of insurance of loss of the property rights to the apartment, and a joint

program Rosnoand the governments of Moscow).

3. Medical insurance. Of course there are programs of Necessary Medical

Insurance (NMI) and Voluntary Medical Insurance (VMI) and also policies for

future mums and family medicine - offering a family doctor.

4. Insurance in tourism. There are such directions as: insurance of the citizens

leaving abroad, and travelers on Russia and the CIS; insurance of medical and

medical-transport costs, insurance from accident; insurance of lovers of a scuba

diving and winter kinds of sports, and also an insurance of the automobile-civil

liability for leaving abroad on their own automobiles.

5. Hypothec insurance: of life and ability to work of the borrower (at the situation

as a result of which the borrower can not extinguish the received credit), insurance

of the apartment/building that is going to be bought in the case of damage or loss,

and an insurance in the case of loss of the property right to the object of the real

estate.

6. Insurance from accident: insurance of all family from illnesses and accidents,

and an insurance of the driver and passengers.

7. Life insurance - one of the most popular insurance services in the foreign

markets, but in Russia it only develops. The company offers insurance with

accumulation, for the benefit of children for forming the guaranteed savings till

majority, the graduation of university or wedding, risk-life-insurance for the

protection of family in the case of loss of husband or his disability, and also a

pension-life-insurance which guarantees payments of the lifelong pension.

8. Insurance of the responsibility to the third parties, including full insurance of the

tenant.

9. And also an insurance of animals. Voluntary insurance of animals, and

insurance of the responsibility of their owners.

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For corporate clients

Insurance of the enterprises is one of the basic directions of work of the

company Rosno. For today the company gives a wide choice of services, satisfying

practically all needs of corporate clients.

1. Insurance of employees: VMI and from accidents on manufacture.

2. Insurance of transport.

- Insurance of motor transport

- Insurance of railway vehicles

- Insurance from the civil liability of carriers

- Insurance of sea and aerospace risks

- Insurance of cargoes, goods and containers

3. Property insurance: from fire and other dangers, losses from break in

manufacture, machinery and equipment from breakages, construction risks.

4. Insurance of the responsibility:

- of the civil liability (usual enterprises and enterprises of the high danger; owner

of the property right to objects of the intellectual property)

- professional responsibility

- for the harm because of the lacks of goods

- clinical researches of medical products

- hotels

- civil liability - of risks of the financial organizations

- liabilities on the state contract

5. Insurance of the show business: property, civil liability and financial risks.

6. Reinsurance by the international companies.

Thus, on the example of Rosno it is visible, that for today in the insurance

market there is a huge amount of supplies covering all spheres of human life.

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MODERN TENDENCIES ON THE INSURANCE MARKET OF

RUSSIA

Today insurance market quickly develops so the huge amount of famous and

respected agencies and magazines are engaged in its research.

The National Agency of Financial Researches (NAFR) made several

researches of consumers of the insurance services in Russia. Now I will show

some tendencies that we can see from the researches.

The level of use of the insurance services in Russia:

In this research it was found out that in the period 2005-2007 the quantity of

Russians who use one or other services of insurance increased from 37% up to

46% - it is almost each second Russian.

From the point of view of geography of users of the insurance services,

serious changes in comparison with the two years old situation were not observed.

The greatest quantity of users of the insurance services is in the cities with apopulation more than 1 million and cities with the population from 100 up to 500

thousand people. The types of settlements in which a quantity of users is small are

the settlements of a city type (36 %) and cities with a population less than 50

thousand people (39 %). On the basis of the revealed tendencies it is possible to

make a conclusion about the perspectives of the further development of the market

of insurance services due to the potential of the Russian regions.

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The use of the insurance services in different types of settlements in 2007:

41%54%

45%53% 47%

39% 36%47%

53%42%

53%42% 51%

60% 60%51%

6% 4% 3% 4% 1% 1% 3% 2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Moscowan

dSt

-P

morethan

1mln

500-1mln

100-500

thou

sand

50-100

thou

sand

lesstha

n50

thousand

asettle

mento

facitytyp

e

villag

e

I use I don't use I am not sure about the answer

A certain dynamic was observed in the structure of the kinds of insurance

used by Russians. In particular, the quantity of Russians who answered that they

used the services of insurance of the automobile from stealing and damage

(CASCO) increased almost twice for these two years - from 3.4 % up to 6 %. The

quantity of people who said that they insured their property increased from 7,8 %

in 2005 up to 9 % in 2007, and also the amount of respondents who bought paid

AMI grew from less than 11 % up to more than 18 %). 13 % of the respondents

use two kinds of services and for about 5 % use tree or more.

The use of different kinds of the insurance services in 2005 and 2007:

Kind of insurance Respondents,

2005,%

Respondents,

2007,%MTPL insurance 20,2 % 19,6 %

Insurance of property 7,8 % 9,2 %

VMI 10,9 % 18,1 %

Insurance of children 3,6 % 3,3 %

Insurance from accidents 3,2 % 2,8 %

AutoCasco 3,4 % 5,5 %Insurance in trips 2,8 % 4,4 %

Insurance of own life 1,9 % 2,2 %

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Insurance of the responsibility for causing

damage to somebody

0,3 % 0,1 %

Another 1,3 % 0,9 %

I do not use any insurance services 61,1 % 50,7 %

I an not sure about the answer 1,6 % 3,0 %

On the voluntary medical insurance we can see changes in the structure of

consumers. If in 2005 among users of VMI there were 47 % of men and 53 % of

women, in 2007 the share of men decreased to 43 %, and the share of women

increased up to 57 %. The age structure of users of VMIchanged in the side of

reduction of insurants in the age group from 35 till 59 years: in 2007 in this age

group there were 40 % of users (against approximately 50% in 2005), and the

number of young users, on the contrary, increased. It means that the youth in the

last years started to realize better the advantages from using the given kind of

insurance, and at the same time, young people have more opportunities of

purchasing the policy VMI nowadays.

The structure of the owners of the policies of VMI according to age:

16,50%

19%

22,50%

27%

15%

22%23%

21% 19%

15%

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

18-24

years

25-34

years

35-44

years

45-59

years

60 and

more

2005 2007

The portrait of the typical user of AutoCasco also changed. In 2005 the

serious part of clients of the insurance companies on AutoCascowas represented

by men in the age from 25 till 34 years (31 %). In 2007 among all respondents

bought policies AutoCasco there are 57 % of men and 43 % of women, thus

among men the big share of insurants Casco is in the age group 25-34 years (34

%), and among women - 35-34 years (29 %). As a whole, for the two years the

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audience became considerably younger: the number of users in the age from 18 till

34 years increased and the clients of AutoCascoolder than 35 years decreased.

The structure of the owners of the policies of AutoCasco according to age:

15,00%

24%

24,00%

26%

11%

16%

31%

26%

24%

3%

0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00% 35,00%

18-24 years

25-34 years

35-44 years

45-59 years

60 and more

2005 2007

In May 2007 the company Romir made the sociological research

concerning the opinion of Russians about insurance services. Its results allow

noting a number of positive tendencies in the sphere of insurance, an improvement

of the attitude of the population to the insurance and a perfection of the system of

researches of the insurance market.

The research of Romir about an insurance market was made in all

federal districts of Russia. 1584 people were interrogated in the age from 18 years

and older. During this research sociologists found out, how many Russians use

insurance services, what services are most popular among them, how they find out

about existence of the insurance companies, by what criteria choose among them,

and what influences on the decision making about using or not using of the

insurance services.

If to look at the amount of people using insurance services, opinions of two

researchers differ a little: on the data of NAFR it is 52 %, and by the results of

Romir- 61 %. Probably, it is connected with the fact that these researches were

made with a difference per half-year - in December and May 2007.

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The sociologists asked the respondents the following question: What

prevents you to use the services of the insurance companies more actively? The

answers were in such a way:

18

35

5

8

30

9

4

3

2

1

42

21

21

15

10

4

3

2

1

0 5 10 15 20 25 30 35 40 45

I don't believe in insurance

Insurance services are too expensive

In the near future I will not need it

I don't understand how the system of

insurance works

Nothing prevents, we use it

Lack of information about supplies

Unsatisfactory level of service

I am not satisfied in the set of services

Uncomfortable disposition of the offices of

insurance companies

Uncomfortable business hours of theinsurance companies

I use I don't use

As we can see from the given diagram, a per cent of those who does not

believe in insurance is much higher among people who do not use these services

(42 %). 35 % of people who use insurance services and 21 % among those who

does not use complain on the expensive services of the insurance companies. For21 % of non-users one of the main reasons of absence of interest to services of

the insurance companies is that they think in the nearest future they will not need

it. 15% of users badly understand how the system of insurance works and 8 % of

citizens do not use insurance services exactly because of it. Almost equal quantity

of users and non-users (9 % and 10 %) speak about a lack of the information about

services and supplies. Nevertheless, almost third (30 %) interrogated users do not

complain on anything and actively use the services of insurance companies.

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As a whole the results of this research showed an injustice of opinion of some

experts about a scornful or really negative attitude of Russians to insurance, it is

also not necessary to speak about a zero insurance culture or a financial

illiteracy. It is just because Russians dont have enough experience of working

with the insurance companies and using of insurance products. Before western

people started to use insurance actively it was need to pass corresponding laws and

achieve a high level of incomes of citizens. Five years ago an average salary in our

country was less than 100 dollars, and 80 % of the population had incomes less

than 4000 rubles per one month on each member of family, so they were really

poor. Today average wages in the country are about 500 dollars. And about 50% of

Russians have incomes more than 8000 rubles per month on the person (300

dollars) and they are not considered poor any more. And only at that time people

can start thinking insurance when they have enough money for it.

The key factor for people to look at insurance is a level of their income, as, in

general, at many other products too. Even if in the most general case to break

consumers in 2 groups, for example, with the income on 1 person in family of 300-

500 dollars, and with the income 600-1000 and to look how the level of insurance

activity will differ on the different directions we will see amazing results. When a

person comes from one group to another we can see a serious change in his interest

to insurance: if he becomes richer he will use insurance services but if he becomes

poorer he stop using. The task of the insurer is to understand for what group its

product is accessible, then to reveal, what needs it has, and then to operate looking

at the scheme of classical marketing.

Of course a lot of things will depend on the insurance companies, how they

work for increasing of understanding and clearness of the market, for attraction and

training of the consumers. They should explain the their group of consumers what

an insurance product is, that the benefit of it is not only instant, but even does not

concern to the products with average time horizon. For understanding of the

advantages of an insurance product many years should pass - sometimes 10-15

years and more. People will understand all benefits of insurance only when a lot of

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them will try it. Their friend will like it and tell about it to them. Then these people

will tell another people about advantages and so on. It is not necessary to try the

service yourself - it just several big groups of people should try and after that all

the other people will do the same. Insurance is not a simple product, not an object

of an impulsive purchase; the consumer should become competent and understand

what conditions he buys. All this things mean the serious requirements of quality

of work of insurers on the promotion of the services. Today we can say that only

autoinsurance is a really successful sphere, and for example, on the insurance of

the real estate there are no such efforts for promotion so the results are not

satisfactory: only 1% of the real estate is insured. Insurers will be able to raise an

amount of insured things only when they will be fair with consumers and will

understand them and to offer them really those insurance products in which they

require and with the fair price.

Nowadays we cam see an arrival of the foreign insurance companies in Russia

and they have several advantages. They exist tens or sometimes hundreds years,

their reserves are really huge, reliable and dont depend on the fluctuations of a

political climate in Russia. These are factors on which people pay a lot of attention

and the Russian companies because of an absence of some of these factors are not

so popular and people dont trust them so strongly.

On the 15 of February 2008 there was the VIII-th congress of the Russian

Union of Insurers. The results of work were discussed and an analysis of the

development of the insurance market of Russia was made.

The main parameters of the insurance market of Russia in billions rub:

Parameters 2007 2006 2005

Insurance earnings 763,6 610 491Rate of growth, % 25,1% 25.8% 4%

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Insurance payments 473,8 353 274

Rate of growth, % 34.2% 28.9% 27.9%

The amount of the insurance

companies in the state register

857

(on 1.01.2008)918 1075

Insurance earnings increased for 2 years on 270 billion rubles, and insurance

payments on 200 billion rubles. It speaks about the increased trust of the

consumers because they can see that the companies redeem their obligations on

payments. A reduction of number of the insurance companies is caused by several

factors: for 2 years there were several big fusions in the market, both among the

small companies, and among large ones (for example, Rosnoand Medexpress); the

unreliable companies in connection with the competition had to leave from the

insurance market. Thus, the basic parameters show the positive tendencies.

Magazine Expert also made its own researches. In one of its articles there

was a comparison of the Russian and British insurance markets. The conclusions

made by magazine, show, how our insurance behinds from European, even

including all positive tendencies. It was said that in Russia it is possible to insure

for and from everything: on the case of time disability, hospitalization, operation,

full disability, death, and also on the case of the diagnosis of critical disease. But if

to look at this question with all validity it is necessary to notice that, for example,

on the case of disability in Russia there are no programs similar to British. If to

reject state obligatory social and medical insurance, giving minimal

compensation payments in the case of disability, there will be rather limited

choice of voluntary variants: in most cases medical insurance will refund expenses

on medical treatment and recovery of the lost health; insurance from accidents and

illnesses that usually provides single payment on the fact of disability (depending

on the degree of the received traumas) or the diagnosis of critical disease (that is

determined in the contract of insurance). In the minimal variant Russian insurers

protection using long-term life insurance assumes liberation from the further

payments in the case of an establishment to the insurant of non-working group of

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physical inability. Rather seldom there are programs that allow providing

payments as the rent on the case of constant invalidity. However, it is possible to

hope, that we will soon become nearer to Europe. Insurance company Standard-

reserve confirmed, that it develops offers for the long-term insurance of the work

capacity, and another organization Rosno prepares to offer its clients the

program of insurance of work capacity with the long term fixed payments (till the

day of stopping the physical inability diagnosis).

CONCLUSION

On the market of insurance services of Russia we can see the positive

tendencies for many parameters.

In the period of 2005-2007 the amount of users of insurance services

increased on 10% and started to make 46.3%. If to look on the geographical

division it is possible to notice that at present most of all people who have

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insurance policies live in cities with 1 million citizensand also from 100 up to 500

thousand citizens. In villages there are on 6 % more insured people than in

Moscow and Saint-Petersburg and it speaks about the distribution of trust and

popularity of insurance out of big cities.

The amount of users of VMI grew for 2 years on 10%, and a reduction of

clients in the age of 45-59 years was accompanied by increasing of young buyers

of insurance services (18-24 years). It means that young people began to think

more seriously about insurance.

One of the most popular kinds of insurance for today is a various insurance of

automobiles. Among buyers of CASCO the share of young people (18-34 years)

considerably increased. First of all it speaks about the growth of well-being of

citizens.

Looking at those who are not clients of the insurance companies the biggest

part consists of people who do not trust in insurance or consider that in the near

future it will not be required to them. It means that any essential negative moments

of insurance in the eyes of consumers do not exist.

The Data of the Russian Union of Insurers also show that the amount

of insurance payments grew on 270 billion rubles that speaks about an increasing

of trust to the insurance companies from the population though it is impossible to

forget that some kinds of insurance are simply made obligatory for all nowadays.

Thus, on the Russian market the growth of trust of the population, increasing

of insurance payments and the shift aside younger clients is observed.

But at the same time, the analysis of magazine Expert shows that the

Russian companies are still far from the western competitors looking at the quality

though in this area some improvement is observed.

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LITERATURE

1. .. : . , 2007

2. .. . , 2007.

3. www.insur-info.ru

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http://www.insur-info.ru/http://www.insur-info.ru/


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4. www.rosno.ru

5. www.insurance.ru

6. www.expert.ru
http://www.rosno.ru/http://www.insurance.ru/http://www.expert.ru/http://www.rosno.ru/http://www.insurance.ru/http://www.expert.ru/

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The Insurance Market. Specific Character of Its Development in Russia