Russia slowing nation’s life insurance

hello everyone welcome to my channel don't forget to like comment and subscribe sanctions of Russia's lovingness chance life insurance industry growth global data a new report from global data states that the Fallout from Russia's infection of Ukraine in February will cause a slowing in the growth of the country's life insurance industry offered a new offered the next few years the data and analystic firm says it in its Russia life insurance catering on opportunities to 2026 the crosswriting premiums or gwp Indonesia are expected to this Climb by 7.3 in 2022 compared to the 21 crores achieved in 2021 the report also says that life insurance WPS are forecasted to record a low compound annual growth rate or Cher of 3.1 over 2021 until 26 compared to the 11.5 cigs in during the period 2017 until 21. Insurance analytic at global data said Russia is one of the few countries where the life insurance segment 

recovered quickly from the impact of their covid-19 pandemic however as a result of countries invasion of Ukraine and the consequent impossible imposition of happy sanctions Russia's economy and its insurance industry has been significantly impacted with high inflation and worsening trade and economic conditions global data estimated Russian GTP will contract by 12.3 percent and inflation will remain above 15 in 2022. the nation has been hit with creeping sanctions since it attempted to illuminate Ukraine earlier this year moves again the state include the UK government decision to implement for the restrictions on the ability of Russian business to access insurance from deloitts and London Market so a letter of Russians companies in the aviation and Space Industries will be prevented from assessing UK Insurance sector in a move that letters say will suffer less limit Russia's access to the global insurance and reinsurance Market other sanctions have seen Russian Bank several from the Global Payments messaging system Swift while the London Stock Exchange has also suspended trading for many Russians firms The Fallout from the sanction was immediate at the beginning of the year in March the insurance news wrote about how in incus strike the fourth largest General insurer in Russia was facing significant financial challenges following Russia's invasion of Ukraine in 2020 in Surah are 36.3 percent of its rup 106.5 PM or 910.1 million dollar premium income in the Marion 

Aviation entrance seat or mat Insurance Market which has been safer rarely affected by the ongoing conflict the curb of the country's High inflation the Central Bank of Russia or CPR first increased its Benchmark interest rate to 20 in February and and then reduced it to eight percent in July as inflation is due to a strong Ruble higher than expected interest rates have made bank deposit more attractive compared to investment linked life insurance or Ile ili products one of the major drivers of life's Insurance growth in the country furthermore restriction on investing in foreign points due to sanction has led to a decline in demand for ili projects which is expected to continue in 2023 many foreign insiders have announced button to exit the Russian Market altogether Romanian amongst them is generally will closed its representative office in Moscow with withdrew from local struck where it owned 30 38.5 of the shares and closed its recent division of Europe assistance Alliance Group has also announced plans to sell its recent operations data insurance thanks for watching see you for the next Article bye