Damage of regional insurers in terms of obligatory car insurance comes to 61.8% in nine months of 2006

The damage sustained by Severnaya Kazna Insurance Company in terms of obligatory car insurance came to 81.49% in 2006, which exceeds the figures for 2005 by .9%. The total damage of the company amounted to 70.93% against 67.55% a year earlier; the damage sustained in terms of voluntary insurance came to 64.18% (compared to 58.55% in 2005).

According to the data provided by the insurance inspectorate in Ural Federal District, the insurers of Tyumen Region dealing in obligatory car insurance collected a total of 929,499 RUR throughout January to June 2006, of which 193,645 RUR came from the subsidiaries and 735,854 RUR came from the companies proper. They also paid the drivers 587,698 RUR altogether (following the insured accident), of which 478,377 RUR had to be paid by the regional insurers and 109,321 RUR had to be paid by the subsidiaries.

‘Our regional insurers tend to merge and consolidate lately, partly because of increased and stricter demands imposed on an insurance company’s authorized capital. It is expected that about 20% of insurers based in Ural Federal District will disappear after a series of mergers. The greatest number of mergers will probably be recorded with medical insurers,’ head of Federal Insurance Authority in Ural Federal District Vladimir Ostrovskiy says. ‘A merger makes it possible for an insurance company to meet the requirements in terms of capital quality. Four companies have already left Sverdlovsk

‘The All-Russian Union of Insurers is going to take part in the meeting of the Federal Insurance Surveillance Agency’s committee regarding the dispute between the insurer and the bank. We have already received the report on the independent examination of damage done to UralTransBank prepared by FBK Company Ltd. and the official response of UralTransBank,’ Pavel Bichiakishvili, the Legal Issues Director of the All-Russian Union of Insurers said to UrBC representative. The second meeting of the committee has been scheduled for January 18, 2007. It is expected to be attended by the

The Russian Motor Insurers Union took four companies that dealt in the obligatory third party car insurance policies off their list of motor transport insurers. These companies are: Ural AIL, Perm; Vest-Akras, Ryazan; Natsionalnoye Kachestvo, Moscow; Skif-Tver, Tver. The decision to this extent was made by the Union’s Board. Now the companies who no longer hold a membership in the Union have no right to issue any obligatory third party car insurance policies.