Today has started in Moscow the 1st National Reinsurers Summit “National Reinsurers: Focus on global cooperation”. Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.
“In a rapidly changing world a traditional market as reinsurance shows trends to change and shift in the centers of influence. Many countries all over the world create national reinsurance companies with the participation of state capital in order to support their domestic insurance markets. Today a growing role of national reinsurers is one of the visible industry trends. It’s time to join efforts, set up a potential and new opportunities for growth,” Nikolai GALUSHIN, CEO of RNRC stated in his opening speech, emphasizing that this was the main reason for RNRC to organize the first ever professional summit of the national reinsurance companies.
Follow us to see the main statements during the Moscow summit:
Sergei SHVETSOV, First Deputy Chairman, Central Bank of the Russian Federation
The Central Bank of Russia intends to reduce its participation and shares in the insurance companies and also in the banks, in the medium term, but for the moment the situation will not change because of the international sanctions hindering the participation of foreign investors in this market
In 2014 because of the sanctions we decided to build our own capacity – that’s how RNRC was created – we have invested 20 million dollars and offered additional capital to support it.
The reinsurance portfolio of RNRC is composed of two lines: the mandatory one (it should accept sanctioned risks) and the voluntary one (all the players in the direct insurance market must offer 10% share from each reinsurance risk to RNRC).
For the future we are ready to organize an IPO at RNRC and to share the participation in equity with other market participants; we’ll keep a stake, but are ready to reduce our participation
Igor YURGHENS, President, All-Russian Insurance Association.
Despite the economic situation the Russian insurance market saw a positive trend in the first semester of this year, with premiums increasing up to 731 billion roubles, and we estimate an increase of 13-14% till the end of this year Life insurance is the market driver in Russia, in 2017 it increased by 53%, due to investment component of the life insurance policies; …