publication . Report . 2016

Russian Federation Financial Sector Assessment Program : Insurance Core Principles Assessment

World Bank; International Monetary Fund;
Open Access English
  • Published: 01 Jul 2016
  • Publisher: World Bank, Washington, DC
  • Country: United States
Abstract
With about RUB 988bn (USD 26bn) in gross premium written, in 2014, the Russian insurance industry ranked 27th in the world. Non-life insurance premium accounted for 89 percent of GPW while life insurance for only 11 percent. In 2015, the industry also faced with the consequences of the Western economic sanctions which effectively closed access to the high quality Western reinsurance capacity for the Russian insurers that provide coverage for 1500 large Russian companies which were put on the sanctions list. In the past, the Western reinsurers provided over 80 percent of reinsurance capacity for such risks. In the case of Russia, the main objective of insurance s...
Subjects
free text keywords: insurance, regulatory framework, market structure, supervision, ROSC, sector concentration, compliance
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