OREANDA-NEWS. February 09, 2010. Research into Russian reinsurance market named “Hidden development” was published in Expert Ra January’s bulletin. The results can also be found on corporate site of the rating agency. Transsiberian Reinsurance Corporation, OJSC took part in this research and provided all the necessary information.

Among the most important conclusions of Expert RA analysts is the statement that the actual reinsurance premium written increases year in year out. Even based on the results of 3 quarters of stressful 2009 the share of actual market increased to 61.2% which is 4.8% higher than the results of nine months of 2008. Though, the agency underlines that the latest decrease of total reinsurance premiums written is not only tied to market release from schemes, but also is explained by reduction of costs for reinsurance business and increase of retention levels by Russian insurers within anti-crisis measures.

Transsiberian Re takes the lead among top inward reinsurers. Based on the results of 9 months of 2009, our company is on the 2 place among specialized reinsurers and behind only four largest insurance groups among all companies, including direct insurers.

We can’t but agree with Expert RA’s opinion that Russian reinsurance market became more attractive to foreign reinsureds following the global financial crisis, the fact which is confirmed by the increase of premiums written from abroad from 10.6% in 2007 to 24.6% in 9m2009. According to Expert Ra’s ranking, Transsiberian Re is one of the leaders by the volume of premiums written from abroad, and their share in portfolio.

The research also paid attention to the enhancement of the Russian market’s competitiveness. Expert RA analysts believe that it is not sufficient to increase only capital. Another necessary condition is the growth of reliability and reputation of market participants. In Russia there are few reinsurers with International Financial Strength  Rating. Transsiberian Re has been cooperating with international rating agencies for five years and has International Financial Strength ratings of Fitch and A.M. Best.

Not a single large and serious research can do without participation of Transsiberian Re. The Corporation welcomes in every possible way independent professional reviews of the Russian insurance and reinsurance market and is open for further cooperation in this sphere. Moreover, the Corporation constantly traces the state of reinsurance market and prepares dedicated reviews on its own.