RUSSIA: Mandatory liability insurance for carriers will be enforced in 2013

19 September 2012 — Oleg DORONCEANU, Olesea ADONEV
"Starting 2013, liability insurance of carriers for damages caused to pasangers will be mandatory", announced Andrey YURIEV, President of the National Union of the Third Party Liability Insurers from Russia, at the Yalta International Finance Forum 2012.

According YURIEV, the total number of MTPL contracts reached 38.9 million last year. ROSGOSSTRAKH leads this market segment, with 18.2% of the total MTPL contracts, followed by SOGAZ - 14,59%, VSK - 12,9%, INGOSSTRAKH - 6,89% si ALFA Strakhovanie - 5,15%.

"Volutary motor insurance policies have still a low penetration on the Russian market, as compared to the mature markets like Germany", appreciated Andrey YURIEV, emphasizing that voluntary CASCO insurance represents only 10% of the Russian motor insurance market, while in Germany its share is of about 84%.

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