Ingosstrakh Took Part in International Professional Forum
OREANDA-NEWS. May 28, 2010. Representatives of Ingosstrakh OJSIC took part in ViII International Professional Forum ‘Risk Management in
This annual event is a prestigious site for interaction of processionals in the area of risk management from over twenty countries of the worlds,
Nikolai Galushin, Deputy Director of Ingosstrakh, presented a report ‘Risk Management in Conditions of the Financial Crisis: the Insurer’s Point of View’. Especially, he marked that insurance was one of the most efficient tool of risk management; however, the Russian insurance market performance in 2009 would be rather poor if considered under this angle. The market of commercial insurance in
We observe management opportunities de-scoping on the part of insurants: they save on safety and maintenance of buildings, constructions and equipment, and choose cheaper insurers, which is fraught with difficulties in regulating losses and receiving the insurance compensation. The insurance companies, in their turn, have qualitatively changed approaches to risk evaluation by toughening internal control procedures, analysis of risks and loss ratio of the portfolio, and approaching the issue of re-insurance more responsibly.
Overall, the consequences of the financial crisis for the insurance market may be divided into negative and positive ones. The first ones include, first of all, intensification of damping and weak control over the acquisition costs, return of schemes and development of pseudo-insurance – a formal approach to the law requirements regarding the insurance protection availability. Among the positive factors of the crisis impact we can name the market vacation from the insurance companies that are prospectively dangerous for the consumer, growth of conscientiousness in interaction within the insurance community, more weighed policy of the reserve allocation in the financial system, staff improvement in the insurance companies, regulation of the loss regulation procedure and increased attention of government to the insurance market regulation.
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