×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Foreign Capital in Insurance Companies Rises

The share of foreign capital in the total capital of insurance companies rose to 22 percent in 2010, up from 16.1 percent in 2009 and 13.5 percent in 2008, Federal Insurance Service department head Tatyana Mayorova said Wednesday.

Of the total, 11.9 percent is the outright equity stakes held by foreign companies and 10.3 percent is indirect participation by foreign capital, she said.

Shareholders from Austria accounted for 35 percent of the foreign presence. They are followed by shareholders from The Netherlands with 24 percent, Cyprus with 19 percent, and Germany, Britain, France, Belgium and Bulgaria, each with less than 10 percent.

Federal Insurance Service head Alexander Koval said Wednesday that insurance companies would need an extra 54 billion rubles ($1.8 billion) by the end of the year to meet capital requirements scheduled to take effect in 2012.

More than 70 percent of insurers, or 450 companies, do not currently meet the new capital requirements, Koval said.

Despite recovery in the business insurance segment, 2011 could be much more difficult for Russian companies than 2010, he said.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more