A Developed Insurance Industry Created In Russia

A developed insurance industry was created in Russia in the past ten years, Igor Yurgens, head of the Russian Union of Insurers, said at the round table on insurance this Tuesday. In his words, a legal base of the insurance business was created in that period, while the turnover of insurance transactions grew from less than 1% of the GDP in 1991 to over 2.5% in 2000. The number of insurance companies has reached 1,000. The capitalisation of the Russian economy is valued at some 50 billion dollars, while the amount of capital accumulated by insurance companies has reached about 1 billion dollars, Mr. Yurgens said. "In other words, we are dealing with one-fiftieth part of the national economy, although we actually began from scratch," he stressed. However, "the European figure is one-tenth, and Russia should strive to attain this high goal."

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