13 Mar 2014 17:59

Foreign investors avoided Russian insurance market in 2013 - Central Bank

MOSCOW. March 13 (Interfax) - Not a single foreign investor entered the Russian insurance market in 2013, the head of the Central Bank's insurance department, Igor Zhuk, told journalists on Thursday.

"Last year we saw a reduction in the pace of development of the Russian insurance market. The market holds little appeal for foreign investors. Not a single company entered it in 2013," Zhuk said.

Moreover, a portion of existing foreign companies suspended their programs. In particular, Zurich announced that it had decided against developing the retail business in Russia.

Zhuk said he regretted that serious players on the insurance market do not see a future for themselves in Russia.