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Foreign insurers strengthen competition in Russia

May 30th, 2008

Foreign companies are more actively study Russian insurance market. According to last data, from 11 new companies registered in the past to year, four companies are foreign.
Some “foreigners” in Russia create affiliated companies “from zero”, others – buy already known Russian companies with the developed agency and filial network. For example, last year two large transactions took place: German insurer Allianz has established the control above ROSNO, and group Zurich (Switzerland) has merged insurance company “Nasta”. Thus both companies – Zurich, and Allianz – work in Russia also under own brands. However, Russian insurance market has opened for the western companies already for a long time. Besides the named companies, “daughters” of many international insurance groups already work in Russia. These are such companies as AIG, ACE, AVIVA, ERGO, Fortis, ING, Czech insurance company and others. However, according to experts’ estimations, the quota, existing today in the Russian insurance market on a share of foreign capital participation (25 %) is not settled.
in Russian market Foreign insurance companies are interested, first of all, in life insurance.

Crisis has struck on insurance giant AIG

May 16th, 2008

Morris Grinberg, who has almost for 40 years supervised insurance company AIG, approves, that the company is “in crisis”, and insists on canceling of shareholders’ annual assembly.
He stated this requirement in the letter to board of AIG directors, which copy is directed to the US Commission under securities and stock exchanges. Grinberg has emphasized that he, as well as millions other investors, are concerned by deterioration of position of the great company.
Former AIG general director does not accept incessant and seeming infinite destruction of cost AIG. During last year company’s shares have fallen in price on 72,5 %.
In reply to Grinberg’s letter management of the insurance company has declared, that it does not see necessity to postpone shareholders’ assembly.
Last week AIG has declared about the largest for the history loss – $7,8 billion, which has been caused by write-offs almost $15 billion the actives, provided by credit and hypothec tools.

Insurers expect growth of interest to insurance of summer residences

May 3rd, 2008

Interest to the country real estate after insurance has greatly increased after the decision of the Constitutional Court, which allowed Russians to register on summer residences. It was declared by again pointed out by Dmitry Maslov, general director of “Rosgosstrah-Capital”.
According to Maslov, the boom of insurance of summer residences in Russia will not be, but interest to insurance of the country real estate will undoubtedly increase.
In his opinion this decision does not directly influence insurance, but Russians should not forget that they also have duties together with the legal rights. People, getting over on a constant place a residence for city, will spend heating in houses, to transport valuable there property, and, naturally, they will have reasons for insuring their country houses from fire, disasters and robberies.
Russians do actively insure their summer residences of these risks. In sphere of country real estate insurance activity of the population is much higher, than in the cities.


 

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