NRC - new player in the Russian insurance market
Lecture
Publication date:
10 January 2017
Last updated:
25 February 2025
Author(s):
Nikolay Galushin
Nikolay Galushin talks about changes in the 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.
Duration: 40 minutes
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