Russian Finance Ministry expects progress in creating reinsurance capacity for BRICS countries within next 1-2 years - deputy minister
MOSCOW. Sept 10 (Interfax) - The Finance Ministry expects to achieve significant progress in creating reinsurance capacity by the BRICS countries within the next one to two years, according to a forecast made by Deputy Finance Minister Ivan Chebeskov while speaking at the Future of the Insurance Market conference on Wednesday.
Consultations on forming a separate international reinsurance capacity on their own have shown good results and revealed significant interest from partner countries, he said.
"It seems very positive to me that this initiative has found a response from a large number of our international partners, because they also know how to count their money. They know how much they pay to insure cargo from BRICS countries, for which they have to pay a London company to issue a reinsurance certificate for some reason. Everyone is counting money - this is a lot of money and expenses for all countries of the global South. Therefore, the initiative to form an international reinsurance capacity has received a fairly good response," Chebeskov said during his speech.
"It's clear that it is quite difficult to immediately find the right solutions and adopt them, but I hope that in the next one to two years we will achieve significant progress in this direction," he said.
International reinsurance has also become "a very relevant topic for Russia over the past few years. The international reinsurance market is about $500 billion, and it is mainly controlled by Western companies. We used this market before, paid a lot of premiums there for the use of reinsurance capacity, now we use our own reinsurance capacity, but we are very interested in combining our reinsurance capacity with our partners." Chebeskov said.
According to data provided by the Central Bank of Russia in the Review of Key Indicators of Insurers' Activity for Q2 2025, the already significant role of the Russian National Reinsurance Company (RNRC, a subsidiary of the Central Bank) in the reinsurance segment strengthened in H1 2025. This is explained by "an increase in the amount of large risks transferred for reinsurance, which can be reinsured under current conditions only with the RNRC," the Central Bank said.
According to the CBR, total premiums ceded to reinsurance, excluding compulsory vehicle insurance (OSAGO), increased to 82.9 billion rubles in H1. More than half of the increase came from corporate property insurance, and almost another third from comprehensive auto insurance. The shares of these types of insurance in the total premiums ceded to reinsurance, excluding OSAGO, in the reporting period were 50% and 8%, respectively.
