OREANDA-NEWS. Ingosstrakh Insurance Company performed the role of the strategic partner of the Future of the insurance market VIII annual forum held on November 19, 2014 in Moscow. The event was organized by RA Expert rating agency. The aim of the Forum is to consolidate the efforts of the public authorities and the insurance community in order to establish a strong insurance market.

The event was attended by the heads of major Russian insurance companies, representatives of the Bank of Russia, the Government and the State Duma of the Russian Federation. As a part of the working program of the forum, the experts discussed some ways to increase the capitalization of the insurance market, changes in the insurance practice in connection with the OSAGO (Compulsory Motor Third Party Liability Insurance) reform, reinforcement of policyholders protection and their satisfaction with the quality of insurance services, development of sales through non-insurance intermediaries, the practice of online sales and e-policies, as well as many other important issues of the insurance market.

The forum was attended by Mikhail Volkov, CEO of Ingosstrakh Insurance Company and Igor Yamov, Deputy CEO of Ingosstrakh Insurance Company for Retail Business. In his speech, talking about the development prospects of the insurance market, Mikhail Volkov said, among other things: "The problems of the insurance industry accumulate, multiply and have a manifested synergy effect". Business operates in the context with a high level of uncertainty, which has a material impact on the activities of insurance companies, as it hinders long-term planning. Our forecast for 2015 is more pessimistic than that of RA Expert rating agency. According to Mikhail Volkov, the insurance market other than life insurance is more likely to decrease than to increase. The situation in macroeconomics, the declining sales in motor insurance, weakening of the markets of cargo transportation, lending, tourist flows, high volatility of currencies - all these factors will have a pronounced negative impact on the insurance market, he said.

Igor Yamov, Deputy CEO of Ingosstrakh Insurance Company for Retail Business, said: "The future of the insurance business depends critically on the ability of insurers to reach a number of compromises: a compromise with the authorities which would entitle insures to set a fair price for the risk by implementing the principle of freedom of contract; a compromise with car manufacturers and car dealers in the sharing of losses from the devaluation of the ruble; a compromise with the customers involving the acceptance of insurance coverage with reduced loss frequency (the appearance of unconditional franchise)."

The Future of the Insurance Market Forum is a project developed by RA Expert rating agency and held annually since 2006. Each year, an analytical study is prepared within the framework of the project on the basis of the market participants' answers to questionnaires and expert interviews, and the event also features an award ceremony to honor insurance companies in several professional categories. In particular, in 2014 Ingosstrakh Insurance Company received awards in two categories: "Market Leader in CNC Insurance" and "Market Leader in Water Transport Insurance."