250 insurers may leave Russian insurance market in the next 2 years
Approximately 250 insurance companies may leave local insurance market in the next 2 years, according to Lyudmila SENYKINA, Vice-president of the Federal Supervisory Commission.
Among the reasons of this reduction the SENKINA named tightening regulatory requirements, increased measurers considering the volume of the share capital and adoption of the bankruptcy law. On the other hand, it is possible that companies will decide to leave market, bz refusing the license", commented SENKINA.
In the beginning of the 2010, there were 702 insurance companies on the market and 144 brokers. Last year 101 licenses have been revoked, including 17 - for the specialized MTPL companies.
Last week, the Russian Federation Council approved the law on the peculiarities of bankruptcy, and measures to prevent the financial institutions bankruptcy, as well as the minimum amount of capital insurers, which increased 4 times. In this regard, analysts predict that only 45-50% of the companies will remain on the market.
