Rating agencies are aiding the anti-corruption process in Russia by providing ratings to companies that have worked to meet their high standards, according to Stefan Holzberger, managing director, analytics at AM Best.
He believes that, while there are still some companies masquerading as insurers in Russia, largely for tax reasons, rating agencies are helping the industry to take steps in the right direction.
“One of the reasons that these organisations wish to have a rating is to differentiate themselves from an organisation that is not a true insurance or reinsurance organisation. We look very carefully at the business lines they write and at how the organisation is capitalised,” says Holzberger.
Stefan Holzberger, AM Best, Russia