RUSSIA: Victor DUBROVIN appointed vice-president of the All Russian Insurance Association

Victor DUBROVIN has been appointed the vice-president of the All Russian Insurance Association (ARIA). He will, among other things, develop life insurance and digitalization of the insurance market, ASN reports.

Life insurance in the country will face significant challenges in the near future. "Among the key ones are the entry of foreign insurers on the Russian market in 2021 and formation of new approaches to reforming the pension system in Russia, in which life insurers should be given a worthy place; formation of guarantees for the return of capital through mechanisms of the Deposit Insurance Agency. DUBROVIN will have to organize work in order to review and update the development strategy of life insurance until 2023", YURGENS noted.

As DUBROVIN explained, "penetration of life insurance, despite its rapid growth over the last years, is still lagging behind its potential. Obviously, some tasks that can't be solved for a long time, probably, may be removed from the agenda, and some of the tasks must be transformed (for example, interaction of life insurers with medical institutions - the task of insurers' participation in super-services created within the framework of digital economy programs). Some of the tasks are new and require consideration by the insurance community, for instance, creation of a guarantee fund for life insurance, new requirements for insurers' financial stability", he said.

In 2015 DUBROVIN was appointed Deputy General director of SBERBANK Life insurance, and from October 2018 to March 2019 was the acting General director of the company, which in 3Q2019 ranked second on the Russian market in terms of GWP.



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