OREANDA-NEWS. On 20 July 2009 was announced, that in the conference hall of Holiday Inn Moscow, a round table was held on “Reinsurance market. Countering dumping – wishful thinking or reality” organized by MIG Insurance Today. Ingosstrakh IJSC was a general partner.

The plenary session that preceded the round table was attended by A.P.  Koval, Head of the Federal Insurance Surveillance Service; V.Yu. Balakireva, Deputy Head of the Financial Policy Department, Ministry of Finance of Russia; heads and representatives of insurance and reinsurance companies.

Igor Alekseev, Head of the Inwards Obligatory Reinsurance Division of Ingosstrakh IJSC, spoke at the round table. In his report about countering dumping, he said that “economically unjustified lowering of premium rates in direct reinsurance – price dumping – although somewhat tardily, has a direct impact on the reinsurance market as a whole. The result is the unbalanced reinsurance portfolio of a lower quality, higher exposure and, in the long run, financial losses. Legislative measures against lower tariffs, strict control of the insurance surveillance bodies, an institute of independent actuaries, transparent and clear conditions of tenders when not the price is the main criterion, well-balanced policy of the reinsurance market must stop those who took a slippery path of dumping”.