Total underwritten premiums across all categories including mandatory health insurance in 2013 increased by 20.5% y/y to RUB 800b (USD 25.95bn), Finmarket reports citing deputy head of Federal Financial Markets Service (FSFR) Igor Zhuk. Share of insurance premiums last year was 1.3% of GDP, which remains relatively low, Zhuk commented. Zhuk noted that previously FSFR raised the issue of supporting the insurance sector by including reinsurance on state level, by establishing a reinsurance company partially controlled by the state which already exists in other BRIC countries. However, currently the issue is not on official agenda, mostly due to concerns over capital outflow through reinsurance channels. |
As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more
Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more
Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more