Reforming the insurance market in Russia

the long version

This book presents an in-depth historical and analytical review of the reform process in the Russian insurance sector. The report examines the state of the Russian insurance industry, analyses market dynamics and structure, and assesses the major reform initiatives that have occurred in the sector over the past years. Of crucial importance in the reform process was the revision of the organisational structure of the Russian insurance business, improvement of solvency and capitalization requirements for insurance companies, liberalization of the market, and enhancement of supervisory oversight with the establishment of the Federal Service for Insurance Supervision.   The report concludes with a series of policy recommendations for policymakers and insurance market players.  They are designed to further improve the legal and regulatory framework and to strengthen the insurance industry management structure, operational mechanisms and competitive capacity.