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Car Insurance in Russia in Comparison with EU - Research Proposal Example

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The paper will investigate the field of automotive insurance in Russia as compared against the EU. In terms of understanding, the automotive field in the country has just 124 motor vehicles per 1,000 residents to in excess of 600 per 1,000 in the EU…
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Download file to see previous pages The approach to the review of materials will be in keeping with the development of the objectives as the means to achieve the aim. The following represent initial sources thus far developed that will be added to as the literature search expands. The literature segment will be arranged to investigate the objectives to enhance the organization. This aspect of the research is a highly important foundational underpinning as prior to Russia’s accession to the World Trade Organisation in 2012 (WTO, 2012) its insurance sector was controlled by the state (Deloitte, 2009). Two state insurance agencies represented Ingosstrakh (International State Insurance), and Rosgosstrakh (the Russian State Insurance) (Karimov, 2002). The latter has since changed as a result of WTO membership requirements. The above plus other sources will be reviewed to provide insights concerning Russian automotive insurance coverage and related facets compared against the European Union. Foundations for insurance rates - This represents research that entails uncovering the basis for automotive insurance rates. The rapid growth of what is termed as BRIC (Brazil, Russia, India, and China) countries (Pineiro-Chousa et al, 2008) has seen a dramatic increase in automotive ownership (EconomyWatch, 2010b). This means automotive insurance in Russia is a new sector. As rates are set based on calculations taking into account driver age, sex, accident rate, accident and theft rates for a region or city, etc., the issue is compounded in Russia where statistical data is developing and changing rapidly. The newness of the expanding automotive ownership has seen the Russian Ministry of Transport take dramatic steps to increase road safety through courses in driving, upgraded road signs and infrastructure (Cutner, 2011). As a means to understand the state of the automotive insurance sector, one needs to be aware that mandatory vehicle insurance has only been in effect since March of 2009 (RiaNovost, 2009). Under the new regulations, formalized procedures were put into place regarding forms and information taken at accident sites, illegally leaving an accident scene, etc. (RiaNovost, 2009). In an article by Adelaja (2010) it was pointed out that the automotive insurance sector in Russia is in a high growth phase. The Comprehensive Car Insurance Policy or KASKO represent the bulk of the policy portfolios of the major insurers in the country (Stemple, 2009). This comprehensive policy coverage is approximately 96 percent of the portfolio at Rosno, 84 percent at Ingosstrakh and 75 percent at Guta-Strakhovaniye (Adelaja, 2010). Automotive coverage comparisons - As mentioned, the automotive insurance sector in most of the European Union is highly developed. The newer additions to the EU are the eight Central and Eastern European countries plus Malta and Cyprus (Bartolini, 2005). This significance is important as these countries are still in their emerging stage and automotive ownership (with the exception of Malta and Cyprus) is lower than the 600 vehicles per 1,000 resident average for the EU taken as a whole (Moldova, 2012). The reform implemented in Russia in 2003 made it mandatory for liability insurance (Bulava, 2008). In Russia, automotive insurers did not actually want this type of policy because it is not profitable (Bulava, 2008). As shall be brought out in the dissertation, the policy coverage is small thus most drivers opt to purchase additional or alternative insurance for needed coverage (Bulava, 2008). As can be seen, by the following Chart, Russian drivers purchase voluntary liability insurance in a similar trending line as the mandatory type. This reveals the attractiveness of the voluntary liability market as Russian drivers will pay more for the additional coverage. ...Download file to see next pagesRead More
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