Russian Reinsurance Market is in The “Working Expectation Mode”

In recent years, the Russian insurance market has grown steadily. Re/insurance companies characterize the evolution of the last two years as a period of “stagnation”, especially taking into account the level of inflation, as well as the micro- and macro-economic situation in the country.

Thus, according to Alexander TSEKALO, CEO, SKALA Insurance and Reinsurance Brokers, “the situation on the Russian market is not an easy one. We don’t feel much confidence in the stability of our partners. There is stagnation of the market. In my opinion, the development of the market is not influenced by the Economic sanctions. The sanctions only caused further stagnation of the insurance and reinsurance market in the Russia itself”.

Also, in July 2014 the United States, the European Union and Canada imposed sanctions against several Russian state-owned banks and the Russian energy and defense sectors and some of the Russian re/insurance companies were affected too. This happened especially for placing the property or Cargo risks belonging to companies, whose owners are already on the “black list”.

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http://www.xprimm.com/Russian-reinsurance-market-is-in-the-working-expectation-mode-articol-2,12,33-6312.htm