OREANDA-NEWS. November 22, 2011. Ingosstrakh Insurance Company acted as a strategic partner of the V annual forum for top-managers “The future of the insurance market”, which was organized by a rating agency “Expert RA”. Director of The Federal Financial Markets Service D.V. Pankin and top-managers of the leading insurance companies, journalists and experts participated in the event, which took place on November 17 at the “Radisson Royal” hotel in Moscow.

The main objective of the forum was consolidation of the insurance community for the later development, support of measures of the insurance market modernization, and also main problems of its development determination, search for solutions, exchange of opinions and formation of the unified stand of the insurance industry leaders.

The participants of the event discussed such problems and topics as a new strategy of development of insurance and the governmental policy regarding it, capitalization of the insurance industry, and security of insurance companies. An analytical basis for the discussion was provided by “Expert RA” that conducted the research which included the forecast of development of the insurance market and analysis of the main objectives that need to be fulfilled by the Russian insurers in the perspective of coming changes in the industry.

General Manager of Ingosstrakh Insurance Company Alexander Grigoryev took part in the forum. In the course of discussion he mentioned that nowadays there are two unsolved system issues in Russian insurance market and they are: the strategy of development of the market and the financial competence of the companies. “The insurance market should become more civilized”, said A. Grigoryev. “Unreliable insurers have to leave the market and control over the rest of the insurers should become stricter. This year, quite a number of insurers have already left the market — it is a consequence of 2008 year crisis, even medium companies faced the accumulated problems of liquidity”.

Mr. Grigoryev noted that existing problems with reliability of the insurers might be solved through implementation of actuarial audit and IFRS for the insurance companies. “I hope that social responsibility of the insurers will rise”, he said. “Limits should be raised, payments should be of such an amount that people might be able to cover for repairs and treatment. Russian Community of Auto Insurers should continue to carry out reforms aimed at rise at the level of reliability of its members”.

According to A. Grigoryev, obligatory insurance of Dangerous manufacturing entities must be implemented. Raise of correction indexes on Compulsory motor insurance act (OSAGO) will within the next 2–3 years facilitate the market development. But only the biggest companies will grow. In 2011, VMI will be the driving force of the market. However, inflation might be the only hindrance to development of this kind of insurance.

Also, at the forum “The future of the insurance market” the award ceremony took place. Ingosstrakh Insurance Company received awards in three nominations: for leadership in MOD insurance and aerospace risks insurance, and for the high quality of risk management.