Development of Russia’s life-insurance market under global economic recession

Abstract

After two decades of unsuccessful attempts to foster long-term life-insurance development in Russia since the beginning of 2010 this type of insurance has shown unprecedented growth. Several international researchers contend that Russia’s life-insurance market demonstrated the strongest growth among all developed countries over 2011-2015. Based on Russia’s and international statistics, the authors conducted an independent study, which has supported this thesis. Furthermore, the authors provide an explanation of stagnation in this type of insurance over the past few decades with an explosive growth in the current conditions of a slowing world economy and difficult economic environment in Russia.