As we reported earlier, after the outbreak of the war in Ukraine Russia and Belarus have been cut off from the Western international insurance markets by regulations put into force by both the European Union and the Russian Federation.
GrECo and MAI decided to leave Russia, but since it is very important for us to support our clients and those of our business partners worldwide, we opted for continuity and sold our companies to the local management headed by Andrey Panov, who will run the company on the local market as Russian company Nobilis Brokers. In this update of our report, we want to give broad information on news from the market in Russia, as there have been many changes during 2022 and many developments may still come.
Status of insurance in Russia
The Russian insurance market consists of 222 market players (146 Insurers, 58 licensed insurance brokers and 19 other insurance related companies – based on official report, provided by the Central Bank dd. 01/04/22), but their number is decreasing (e.g. minus 7 within one year).
After the restrictive measures taken by the state in connection with Covid-19 in 2020/2021, the insurance industry was recovering, but the outbreak of hostilities in Ukraine had huge consequences on the local market during last year..
The situation with Western insurers that have been working in Russia is as follows:
Risks located in Russia not any longer covered by International Programs
Coverage in a global insurance program with local fronting policies is now unavailable for risks located in Russia due to the territorial exclusion clauses of Western insurers and the impossibility to integrate Russian policies for lack of international reinsurance. Thus the only option is local stand-alone insurance with purely Russian Insurers.
Market tendencies
The following tendencies can be observed on the market:
Local support provided by Nobilis Brokers
Telephone and internet communication with Russia is working despite the current political situation. For more detailed information on insurance in Russia and for support for insuring or placing risks Nobilis Brokers can be contacted directly by e-mail: A.Panov@nobilisbrokers.ru .
(Details of this report have been provided by Andrey Panov and Anna Dyachenko, Nobilis Brokers).
The article is written by Andreas Krebs.

Paul Spittau
Head of Group Carrier Relations & Insurance Mediation
T +43 664 537 17 42
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