State-Controlled RNRC Says It Now Covers Nearly All Russian Reinsurance

July 1, 2022

State-controlled Russian National Reinsurance Co. (RNRC) is covering nearly all reinsurance of domestic business, its president said on Friday, as foreign insurance firms withdrew their coverage following Western sanctions.

“I can say that of today, nearly all Russian insurance market is reinsured at RNRC,” Natalia Karpova told a meeting held by the Russian Union of Industrialists and Entrepreneurs. (Reuters issued a statement with this article: “This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.”)

Sources told Reuters last month that RNRC, controlled by the central bank, is now the main reinsurer of Russian ships, including Sovcomflot’s fleet, after Western insurance firms withdrew cover for Russian shipowners.

Igor Yurgens, head of the All-Russia Union of Insurers, told the same meeting on Friday that insurance companies from India and China are also staying away from Russia amid fears they will fall under secondary sanctions.

(Reporting by Reuters; editing by Jonathan Oatis)

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Topics Russia Reinsurance

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