UNIQA takes off in Russia, as announced in 2008. Raiffeisen Life Insurance, a subsidiary of UNIQA Group Austria, developed special life insurance services for the Russian market in cooperation with ZAO Raiffeisenbank, which will be offered to clients in around 200 Raiffeisen bank branches in Russia.
UNIQA Group has further extended its strategic target area by entering the Russian market according to plan - despite the financial crisis. According to schedule the new company was registered in January 2009, obtained the license in July and is now operating from Moscow employing 31 staff.
"Given the dislocations of the financial markets, we are expecting a significant increase in demand for life insurance products in Russia in the future. Therefore, we want to benefit from the potential this market offers along with our partner Raiffeisen. Naming the new company "Raiffeisen Life" suggested itself, as we only provide life insurances in Russia, which are offered primarily via Raiffeisenbank. The fact that UNIQA Group's life premium volume is, at 2.5 bn Euros, five times higher than that of the entire Russian life insurance market at 500 mn Euros shows that we are prepared for a big market such as the Russian one. This illustrates the enormous potential the Russian market still has.", Konstantin Klien, CEO UNIQA Group Austria, said.
Raiffeisen Life is fully integrated into UNIQA Group and benefits of the company's experience in products and sales in Austria and its Central and East European subsidiaries in 19 countries. Highest product and service standards have top priority in Russia in the same way as they have in all countries UNIQA Group is active in.
UNIQA subsidiary Raiffeisen Life Insurance Company focuses on Bancassurance (sale of insurance products over the bank counter). Therefore, the new insurance services are made to suit the individual wishes and risks of bank clients and the requirements and possibilities of the bank.
"Interest in innovative and high quality life insurance products is high in Russia, despite the regression following the financial crisis. Now that people have attained certain living standards, they start to think about financial security. To do this, they are looking for solid offers that will allow them to fulfill their long-term financial plans. In many cases, people want to ensure quality education for their children, for example. This is why products from the life segment are very well received by our clients, Maxim Chumachenko, CEO Raiffeisen Life Insurance Company, said.
UNIQA and Raiffeisen are operating very successfully as preferred partners in developing, offering, selling and servicing insurance products via banks in Austria and - including Russia -14 East and Southeast European countries. Raiffeisen is a well-established brand in Russia and highly associated with trustfulness. New bank and insurance clients in Russia will benefit from the experience stemming from this collaboration.
The 717 companies operating on the Russian insurance market have generated a gross premium of 25.98 bln euros. Only 49% percent come from optional insurances, while compulsory health and MTPL insurance make up the rest. There are 89 companies active in the life segment, which generated a total premium of 510 mln euros last year. Insurance density (EUR per capita) in Russia is 183 euros. In Austria the insurance density is 1.942 euros.