RUSSIA: approximate cost of the new platform under the recent law on household insurance will be up to RUB 60 million
The new resource is slated to be introduced for the MTPL system and the total cost of insurers' investment is estimated at the level of RUB 40-60 million. SAMOSHIN is sure that in case of creation the new platform, its cost could have reached about RUB 150-200 million from the beginning and development may take about 3 years.
The new law on household emergency insurance provides for the creation of an automated information system on household insurance containing all household insurance agreements in Russia. ARIA (All-Russian Insurance Association) will be the operator of the system (responsible for system development, input of data and data transfer to authorities). The main functions of the new system will include storage and processing of personal data and data exchange. The estimated data volume will amount to 50 million of insured objects at the first stage, wrote ASN portal.
*EUR 1 = RUB 77,7529 (as of 21.09.2018)