RUSSIA: approximate cost of the new platform under the recent law on household insurance will be up to RUB 60 million

Under the new law on household insurance, insurers are ready to create a new platform to launch a federal information resource on household insurance, according to the head of the Information Systems Department of the Russian Association of Motor Insurers, Alexey SAMOSHIN.

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)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

RUSSIA: FITCH removed VSK from the Rating Watch Negative

The international rating agency FITCH removed the financial stability rating of VSK from the list of Rating Watch Negative (RWN), where it was placed in July 2018, as well as confirmed the company's rating at BB-, outlook negative, as reported by ASN.

2019-01-25

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all