Address of the ARIA President to participants
of the 10th International Insurance Conference

In 2012 the current insurance market development strategy expires and the next year is expected to be marked by a new document laying the foundation for the state policy in this field for the next midterm period. Both insurers and some representatives of state authorities had a few queries while the development strategy was being developed and approved in 2008, and not all constructive proposals were taken into account at that time.

At the Congress of ARIA in February 2012, the Ministry of Finance of the Russian Federation and the Federal Financial Markets Service (FFMS) of Russia authorised the Association to prepare proposals that are to form the basis for a new insurance development strategy for the next five years. A working group in which all interested companies were involved was established to collect and summarize proposals from insurance organisations. ARIA’s recommendations will be closely based on these proposals. The 10th International Insurance Conference (the Ministry of Finance of Russia and the FFMS will both be participating in, and supporting this event) will be an important step in the process of preparing and discussing preliminary results of the work with different branches of government.

The insurance market is evolving rapidly. During the year that passed since our last meeting at the 9th International ARIA Conference, the market witnessed many important and momentous events. Russia entered WTO, new requirements regarding the size of insurer charter capital were implemented, the law on compulsory liability insurance for owners of hazardous facilities came into effect, and insurers are entering the process of switching over to financial reporting under international standards (IFRS).

The All-Russia Insurance Association, in accordance with its Presidium decision, is holding the 10th International Insurance Conference on 28 June 2012 in Moscow to discuss key proposals made by insurers in respect of the development strategy and all important changes in the market.

I kindly invite all members of the insurance market to take part, at the X International Insurance Conference, in the discussion of the proposals for task solution.

Andrey Kigim
President
All-Russian Insurance Association