Dmitriy Shaydulin, GLINSO Opportunities in the East


Russian business?


Interview:


24.10.11 MONDAY


Intelligent Insurer speaks to Dmitriy Shaydulin, head of international business at GLINSO—Insurance Brokers, about the opportunities which the Russian market offers to European reinsurers.


Q What are the main opportunities for European reinsurers looking to access A As in any other developing country, the insurance industry in Russia is demonstrating growth


and is growing alongside the economy. In accordance with our forecasts, in 2011 the Russian


insurance market will grow by approximately 20 percent, in total, comprising 25 percent for ma- rine, 15 percent for property and 20 percent for engineering insurance. That’s why our European partners should be particularly interested in participating in large-scale treaty programmes, the volume of which will undoubtedly grow by the end of this year.


Q Why are Russian insurers wishing to place their business in Europe? A Large Russian insurers believe that placement of their risk in Europe is more secure. This is


based on their view of the financial stability of key European players. Sometimes for large


projects there is also a shortage of capacity on the local market, so the possibilities of European reinsurers are utilised or the project is fully placed abroad. Also, some clients require international financial ratings, so sometimes we have no other way but to appeal to our European partners.


Dmitriy Shaydulin, head of international business at GLINSO—Insurance Brokers


Q How do you see the relationship between the Russian and European markets A In 2012, an updated insurance legislation will be enforced in


progressing? Russia, and the equity capital of most Russian insurers will be


increased. This in turn will lead to the merger of many companies and to a dramatic decrease of players (capacity) on the market. Historically, the European market has been the main capacity pro-


vider for Russian companies and most of the local companies operate on London or continental European wordings. There is a strong history behind the relationship between the Russian and European markets and it will only strengthen in the future. And brokers will continue to play their irreplaceable role in this cooperation.


Consider the alternatives M


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Phone/Fax: +371 67752717 Mob. Phone: +371 29175494 Email: j.shvetsova@greenstone-re.eu Website: www.greenstone-re.eu


any companies would benefit from considering and using alternatives to traditional insurance risk transfer. This is the message Michael


Muench, strategy consultant at Muench Consulting and Management, will be putting across at the Baden-Baden conference this year. He says that mid-sized companies in particular should consider some


of the alternative options available to them and the benefits of these solu- ions compared with traditional insurance products. “I will be offering alternatives to the usual types of insurance transfer,


which can result in liquidity savings of up to 30 percent of the total cost of risk,” he says. “This is in terms of captive and protected cell compa- nies, which in themselves are not that new, but in theGerman speaking world, are still not that common.” Muench believes these products and services represent a good option


for companies with an insurance portfolio of between €1 million to €20 million. “In addition to the above financial advantages, mid-sized com- panies could gain a much better insight into their own risk management processes, which will become more quality driven, and so improve their own rating,” he says.


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