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.

Share |

Related articles

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

2018-06-20

20 years of the BRCC

On Thursday, 14 June, the BRCC - British Romanian Chamber of Commerce celebrated its 20th Anniversary at the House of Lords in London, UK.

2018-06-15

ING and AXA announce digital partnership to build a global insurance platform

ING and AXA announced an exclusive, long term, multi-country bancassurance partnership to provide ING customers P&C and health and protection insurance products and related services through a central digital insurance platform, in six markets: Germany, Australia, Italy, France, Czech Republic and Austria.

2018-06-14

GDPR - A new challenge in the insurance fraud fight

Application of the General Data Protection Regulation (GDPR) may significantly impact upon insurance industry's projects which imply data sharing between members, among others for fraud fight purposes, Irish Minister for Justice Charlie Flanagan has said, reports The Irish Times.

2018-06-12

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

2018-06-12

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all