The 2nd National Reinsurers Summit organized by the Russian National Reinsurance Company (RNRC) with the support from the Bank of Russia has opened in St. Petersburg to gather senior executives of national reinsurance companies from Belarus, Romania, Uzbekistan, Namibia, Syria, China, Singapore and India in order to discuss new challenges in the global reinsurance market.
The summit was opened by Vladimir Chistyukhin, Deputy Chairman of the Management Board, Bank of Russia. "The Bank of Russia and the insurance community are working to attract international insurers to the Russian insurance market. We believe that the current reinsurance capacity in the Russian market could contribute to a better redistribution of major risks through cessation, inter alia, to Russian reinsurers. Importantly, RNRC is developing a risk competency center and a risk office to improve the risk assessment processes for the whole market," he said.
"Every tenth ruble in RNRC’s portfolio comes from international markets. The key challenges the company meets in international markets are protection of Russian businesses abroad, expansion of our relationships with colleagues, best practice sharing, and a higher level of in-house expertise," said Natalia Karpova, President and Chairman of the RNRC Board.
The first day agenda covers a plenary session, including talks on the global reinsurance market and regional challenges, with a panel discussion to dwell upon the evolution of national reinsurance companies. The second day will focus on bilateral meetings.
The First National Reinsurers Summit took place in Moscow in September 2018.
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. Fitch rating: BBB (Stable outlook). In 2017, RNRC posted RUR 7.6 billion in premiums.