NBMR, Moscow: Regulatory changes have challenged the Russian insurance market in 2017

21 November 2017 — Oleg DORONCEANU
"The Russian insurance market is ending a difficult year," Igor ALEKSEEV, Chairman of the Steering Committee of November Business Meetings of Reinsurers, Deputy Head of the Reinsurance Department, INGOSSTRAKH said today in Moscow.

In his opening remarks at the 2017 edition of the November Business Meetings of Reinsurers, ALEKSEEV mentioned among the difficulties "several regulatory changes, as well as the introduction of the online sales for the MTPL policies." Also, he underlined that "the Russian insurance markets becomes more and more concentrated, the general expectation being that the weak companies will most probably soon abandon the insurance business."

In the global context he spoke about the large impact of the numerous nat cat events that have affected the U.S.A, Mexico as well as the European continent. "The renewal will be more challenging, most probably less soft than in the past recent years," he estimated.

The current edition of the November Business Meetings of Reinsurers has gathered over 200 participants, representing 86 companies from 17 countries. The event organized by the Delovoy Format Group is supported by a team of relevant partners including companies as Ingosstrakh, Selecta, RNRC, Scor and Skala.

XPRIMM Publications are Media Partners of the event and have presented in Moscow the most recent issue of the Russian XPRIMM Insurance Profile, containing statistical data and analysis materials with regard to the first half of 2017.

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