The 1st Summit of National Reinsurers was held on September 20-21, 2018 in Moscow. The organizer of the Summit is the Russian National Reinsurance Company (RNRC) with the support of Central Bank of the Russian Federation and All-Russian Insurance Association.
The idea of holding a meeting of top managers of national reinsurers was born during the implementation of the RNRC strategy of entrance to the international market and the active work for establishing of relations with foreign partners during 2017-2018.
"In the rapidly changing political situation, the world economy and the global reinsurance market, the pooling of efforts and cooperation between national reinsurers is one of the key conditions for supporting local insurance markets in emerging economies, " -says Nikolay Galushin, president of RNRC. "That is why we considered it possible and interesting to bring together all interested national reinsurance companies with purpose to discuss possible ways of cooperation."
By invitation of the RNRC the top managers of such companies as GIC (India), China Re (China), VINARE (Vietnam), Dunav Re (Serbia), Triglav Re (Slovenia), Europa Re (Switzerland), Bimeh Markazi (Iran), NITF (Sri Lanka), BNPO (Belarus) arrived in Moscow.
The first day of the Summit was held in the format of a plenary session with presentations of participants on the concepts and specifics of local markets and regulation of national reinsurance companies. The second day was devoted to bilateral meetings and panel discussions concerning possible formats and forms of cooperation.
The result of the Summit was the decision of the participants to join forces in the frame of the National Reinsurers Network, a professional community which acts with the following purposes:
formation of a permanent instrument for the exchange of information, excluding the exchange of information under reinsurance contracts, between companies that are members of the NRN;
development of direct business relations between national reinsurance companies;
enlarging the geographic scope and opportunities for reinsurance placements;
obtaining information on key changes in the national markets of NRN members countries (changing of insurance legislation, changing of regulation, imposing restrictions on the activities of foreign reinsurers, tightening foreign exchange regulation and monitoring international transfers and settlements, imposing sanctions or other procedures restricting market participants' opportunities, new companies, etc.);
information exchange on new products sold in the markets, having a national scale (for example, agricultural insurance, new types of compulsory insurance, etc.);
establishment of B2B contacts to expand opportunities for reinsurance business exchange;
information exchange between NRN members on national insurance and reinsurance markets which should promote the development of integration links between NRN participants aimed to access to alternative reinsurance markets, information exchange that can promote the development of national insurance markets, information exchange to promote the development of national insurance markets, increase opportunities for geographical diversification of outward and inward reinsurance portfolios.
Russian National Reinsurance Company Joint-Stock Company was established pursuant to Federal Law No. 363-FZ dated July 3, 2016 “On Amending the Law of the Russian Federation ‘On Organization of Insurance Business in the Russian Federation’" by decision of the Board of Directors of its sole founding member, the Central Bank of Russia, who owns 100 percent of the company stock. The Company’s paid-up authorized capital is RUR 21.3 billion. Reinsurance License PS No. 4351 dated October 12, 2016. ACRA rating: ААА (RU), Stable outlook. In 2017, RNRC posted RUR 7.6 billion in premiums.