NRC: new player in the Russian insurance market

There have been changes in Russian insurance regulation relating to the establishment of a state-owned reinsurance company (NRC); its goals and strategy. How do the changes influence the domestic industry and what has been the impact on outward reinsurance?.

The idea of establishing a state-owned reinsurance company in Russia goes back to the early 90's, when the domestic market was small and had no relations with international markets. NRC was established 20+ years after the first attempt. The reasons to found the company changed significantly. NRC was founded to support the domestic insurance market with a capacity for sanctioned business. In order to implement extra control over the market and to balance the portfolio of NRC 10% mandatory cession has applied from 1 January 2017, to all outward reinsurance contracts.

By the end of this lecture members would have gained an insight into:

• The newly established state-owned Russian reinsurer, its strategy and outlook
• The overall situation of the Russian insurance and reinsurance markets in connection with sanctions, financial recession, etc.

Speakers bio:
Nikolay, 44, started his career in the Russian insurance industry in 1994 specializing in corporate insurance. He has 17 years experience in Ingosstrakh and 5 years in Sogaz as the Deputy CEO. He was appointed as President - Chairman of the management board of NRC on 29 July 2016.

Chair:
Charles Catt, Chair/ CEO, Challenge Group Brokers (UK) Limited.

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