Interviews

Ekaterina TROFIMOVA
CEO
Analytical Credit Rating Agency

ACRA's methodology fundamentally differs from the ones used by international peers due to the very fact that it is based on the national scale. This is what distinguishes our approach as a more detailed one allowing for fine tuning, with the local market peculiarities being accounted for. The approaches used by international agencies are intended to rate local companies on the international scale and then map international credit ratings to national scale equivalents.

Roland B. WOERNER
Global Head of Anti-Fraud
Zurich Insurance Company

Establishing a robust anti-fraud culture and awareness in the company may prove crucial to improving financial indicators, will argue Roland WORNER, Global Head of Anti-Fraud , Zurich Insurance Company speaking at the Insurance Fraud Forum, to be held in Munich, Germany, on October 20-21. He shared some of his opinions on the topic in the following interview.

Nicola RAUTMANN
Market Executive Austria & CEE
Swiss Re

Christian ENGELN
Head of Client Management
Russia & CIS
Swiss Re

No question, this is the hardest time for most of the Russian insurers since they exist. The growth model does not work anymore in an environment, where everybody - business, private consumers, state - cut back insurance expenditure. On the other hand, shareholders run out of patience to support low margin insurance assets, and the regulator urges for more transparency and improvement of the capital base. However, we believe that this is also the time when insurers usually adapt and streamline processes, decrease costs, but at the same time embrace new technologies and develop new products. Our job at Swiss Re is it to exchange with our partners on new ideas, make them see what is working in Australia, France, the U.S., start-ups successful in Japan and Germany.

Mehmet Akif EROGLU
Secretary General
TSB - Insurance Association of Turkey

As the overall insurance penetration is not yet at the desired level, the motor lines are still the market drivers in Turkey. "As a country, as an industry, we have to increase the insurance penetration rate. The motor line has already grown, so our focus now is on other lines of business. Health is one of them. We believe in complementary health products because right now just 2 million people benefit from private health policies and we are 80 million in total."

Guy HUDSON
Partner
JLT Re

Estimates suggest the cyber market alone could triple in size over the next five years. Fresh thinking also needs to be applied to difficult questions surrounding new technologies such as driverless cars, cloud computing, 3D printing, the internet of things, nanotechnology, "sharing economies", drone proliferation and a host of other issues which will require risk-transfer mechanisms.

Boris UMANOV
President of the Managing Board
EURASIA Insurance Company

There are lots of rating agencies in the world; there are good agencies in Japan, in Europe and in other countries. But four rating agencies - Standard & Poor's, Fitch Rating's, Moody's and AM Best - are familiar to everybody. To us, a rating from such an agency is a "pass" into the world of international insurance and reinsurance, which allows us to work in all countries from Kazakhstan. These agencies employ highly skilled professionals who understand the situation both in the world economy and in the economy of Kazakhstan.

Andrey T. UNTON, General Director, BELARUS Re

Last year there were a positive dynamics of development of BELARUS Re. Thus, in 2015 the total volume of reinsurance premiums reached BYR 488.0 billion, up by 44.6% in the current prices compared to 2014. There has been a significant growth and financial performance. Thus, the net profit of BELARUS Re has grown by 43.2% over the year 2015 and insurance reserves were increased by one-third.

Michail SHELIUBSKY
Vice President of the Aviation Insurance Department
Russian Association of Aviation and Space Insurers

The main challenges of aviation insurers are linked with the state of aviation industry in Russia, which are founded into a structural crisis, characterized by a decline in traffic, large losses, changes in structure of traffic and the structure of cost. During 2015 the crisis grew and the passenger traffic declined. Moreover, the loss of profitable international destinations led to an increasing share of unprofitable domestic traffic. According to the Federal Air Transport Agency, the total financial losses of the airlines increased by 70% in 2015.