OREANDA-NEWS. On July 20, 2009 The round table conference ‘Price dumping in insurance and anti-dumping measures’ was held in President-Hotel in Moscow. Participants of the conference including Andrey Kigim, President of the Russian National Insurers Union, Vladimir Novikov, Chairman of the Management Board of the Guild of Actuaries as well as senior executives of the leading Russian insurance companies discussed the issues relating to price dumping on the insurance market, its consequences and methods of fighting it, reported the press-centre of SOGAZ.

Expressing the general feeling of the participants that under the conditions of global recession price dumping may be harmful to the entire insurance market, Vadim Yanov, Chairman of the Management Board of SOGAZ Insurance Group, placed the responsibility for the current state of affairs on the insurers: ‘Previously, we saw average insurance rates on the market go down by 15% to 18% each year, now they are dropping many times, ten times faster’.

The problem of dumping comes from the insurance companies themselves – they disregard the basic economic rules and follow the principle ‘after us the deluge’, all for the sake of the interests of their clients and insurance business in general. As a possible way out of the situation, Vadim Yanov suggested that Russian Insurance Supervision Service should publish the basic (economically reasonable) rates for insurance products in open sources.

This measure will enable the insurers to compare the published figures with the rates offered to them by the insurance companies. Besides, according to his opinion, Federal Antimonopoly Service should be paying more attention to price dumping. The round table ‘Price dumping in insurance and anti-dumping measures’ was organized by Russian National Insurers Union with the assistance of Business-Service Group. The event partners were SOGAZ Insurance Group and OJSIC Ingosstrakh.