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Country Profile: Russia - Russia run down.
(From Reinsurance)
By European Union (EU) standards, the Russian (re)insurance market is still underdeveloped. Until recently, it was difficult to make even informed estimates on what the 'real' market was worth and to what extent it was actually growing. Insurers' results were shrouded in impenetrable and unreliable numbers, with endemic and deeply problematic corruption.
However, over the last two to three years, the financial authorities have introduced new legislation to boost the market, and tightened regulations on insurance practices and company reporting to make it more transparent.
The introduction of mandatory third-party motor ...
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