A meeting with representatives of the All-Russian Insurance Association at FAS Russia

On 22nd January 2013, Deputy Head of the Federal Antimonopoly Service (FAS Russia) Andrey Kashevarov had a meeting with representatives of the All-Russian Insurance Association to discuss the Strategy for Developing the Insurance Market for the Period up to 2020. Officers of the FAS Department for Control over Financial Market took part in the meeting.

The Strategy was presented to the participants. It was, devised by representatives of the All-Russian Insurance Association with support of Oliver Wyman consultancy and Expert RA rating agency. The main principle underlying the Strategy is the need to gain social-and-economic benefits from implementing the Strategy in order to support further reforms of the insurance market.

The Strategy outlined the major problems hampering development of the insurance market and the ways to resolve them.

Discussing the strategy, participants paid special attention to increasing protection of rights and interests of consumers of insurance services. “Development of the market of insurance services must be oriented towards providing insurance payments, otherwise it undermines consumer trust to insurance companies”, pointed out Deputy Head of FAS, Andrey Kashevarov.

A solution in this field can be, in particular, introducing the institute of the insurance ombudsman, developing the standard insurance rules and devising the algorithms of actions for obtaining insurance compensation.

As a result of the discussion, representatives of the All-Russian Insurance Association decided to devise the “Road Map Developing the Insurance Market for the Period up to 2020”. Proposals put forward at the meeting will be reflected and elaborated in the document.