UNITY Re: EUR 3.1 billion - premiums ceded for reinsurance from the ex Soviet countries in 2011

21 September 2012 — Oleg DORONCEANU, Olesea ADONEV
dmitrii_garmash1A weak connection to the international insurance market fluctuations, a disproportionate development of the mandatory and voluntary reinsurance and the different approaches of the local supervisors towards the reinsurance business are the main features of the reinsurance market in the former Soviet space, according to Dmitriy GARMASH, Deputy CEO, UNITY Re.

"Last year, the volume premiums ceded for reinsurance from the mentioned area totaled EUR 3.1 billion, which represents about 2% of the international non-life reinsurance market," emphasized the UNITY Re representative, the company that holds the leading position among Russian specialized reinsurers. According to him, the average growth rate in the region for non-life insurance was of about 25%, largely "due to increasing of the compulsory insurance business as well as of the property one, along the development of local economies in these countries." Another feature of these countries, mentioned by Dmitriy GARMASH, is practicing "insurance schemes", up to a share estimated between 20 and 70%.

Russia remains the "key" market in the former Soviet Union area, with premiums of approximately EUR 29.5 billion in 2011, up by 17.18% compared with 2010. The five regional leaders operating on the insurance and reinsurance markets of former Soviet Union countries are INGOSSTRAKH, SOGAZ, UNITY Re, KAPITAL Insurance and MOSCOW Re.

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