High Country Risk Hampers Development Of Russia's Insurance Sector, Says S&P Report Jan 12

  • ID: 2045491
  • January 2012
  • Region: Russia
  • Standard & Poors
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MOSCOW (Standard & Poor's) Jan. 25, 2012--Demand for insurance has been gradually increasing among Russia's historically underinsured population. However, a rising interest in insurance does not signify improving fortunes for domestic insurers, according to a report just released by Standard & Poor's Ratings Services. The report, titled "Russian Insurers Face High Country Risk Under A Frail Market Framework", says elevated country risk represents the biggest hindrance to the development of Russia's insurance market. The economy's dependence on oil revenues and the state's tight control of the economy do not promote a truly competitive marketplace, it says. It notes, however, that the regulator is working with market participants to foster development of the industry and adds that Russian insurers enjoy fairly...

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