27 August 2014 News

Russia exploring formation of state-owned reinsurer

The Russian government is exploring the idea of forming a state-owned reinsurer, Russian media have reported.

The idea was reportedly discussed at a meeting between Russian ministers and the Ministry of Finance earlier this year. The idea is partly a response to a recent increase of sanctions on Russia creating uncertainties around the relationships between western reinsurers and Russian-based insurers.

A number of bodies including the Ministry of Finance and the Central Bank have been tasked with examining the way such state-backed reinsurers operate in other countries.

The size of the Russian insurance market (other than compulsory medical insurance) in 2013 will approach Rb930 billion ($30 billion), according to KPMG.

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