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Member, Beacon International Group, Ltd.
In the Commonwealth of Independent States, there are around 1,000 insurers, 300 of which have reinsurance licenses, Xprimm reported.
Dmitry Garmash, deputy chief executive officer of Unity Re Co. Ltd, said that in 2012, the reinsurance market increased to €1.5 billion ($1.97 billion) for inward reinsurance and to €3.5 billion ($4.61 billion) for outward reinsurance.
The Former Soviet Union market is less-exposed to global reinsurance trends, Mr. Garmash said.
The region has a dynamic record of claims that is not the same as other countries, and it lacks insurance cycle for reinsurance conditioning and pricing, he added.