Igor ZHUK, Director, Insurance Market Department of the Central Bank of the Russian Federation, steps down

Igor ZHUK decided to leave the Central Bank, as RCB informed on 2nd of March, 2018. According to the Bank he is going to develop own projects. One of ZHUK's deputy directors, Alexey BARBASHOV, was nominated as Acting Director.

Resignation of the main insurance official came as a surprise for the market. Market participants believe that his resignation is linked to huge MTPL losses of ROSGOSSTRAKH and situation of the whole segment which shows a constant negative trend. Based on 2017 results MTPL GWP decreased 5,2%, and claims increased by 1,7%. 10 biggest insurers, having 78% of GWP, showed claims increase by 7,2%, and premiums decrease by 7,3%. The segment for many years has been at a critical pass, and neither tariff increase nor reforms did any positive effect.

Head of ALFASTRAKHOVANIE Vladimir SKVORTSOV and President of ARIA and RAMI Igor YURGENS believe that ZHUK's resignation is a big loss for Russian insurance market. Now it is very important that the regulating authority keeps continuity and progression in supervision and development of the insurance segment, - said Deputy Head of INGOSSTRAKH Ilya SOLOMATIN.

The Central Bank pointed out significant contribution of Igor ZHUK into the market's development. Mr. ZHUK has been working in insurance field since 1991 starting from a position of an insurance agent. In 1996 he headed SOGLASIE, in 2002-2003 he was the Chairman of presidium of the Russian Association of Motor Insurers, made the major contribution into launch of MTPL in Russia. From 2009 until August of 2011 he was the Vice President of ROSGOSSTRAKH and then continued his career at supervisory authorities - first as a Deputy Head of the Federal Service for Financial Markets and after at the Central Bank of Russia. Igor ZHUK had been the Head of the Insurance Market Department of the Central Bank for 4 years since February 2014.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

FITCH: rising claims costs are challenging UK motor insurers

UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.

2019-03-21

Book your seat at IFRS 17 Nordics Conference!

IFRS 17 Nordics, taking place on the 9th of May in Stockholm, is a unique chance to gain actionable insights that will help professionals make their IFRS 17 implementation project succeed.

2019-03-14

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

2019-03-14

AON's NVG further advances Intellectual Property Solutions

AON's New Ventures Group (NVG) will be sponsoring the firm's Intellectual Property Solutions (IPS). IPS aims to help firms identify and manage risks surrounding proprietary data. To accomplish this objective, NVG recently appointed Brian COCHRANE as Chief Commercial Officer.

2019-03-14

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

2019-03-14

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all