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

ON THE MOVE

MetLife named its EMEA head as CEO of Japan unit

MetLife announced that Eric CLURFAIN, currently Executive Vice President and Head of EMEA, has been named Chairman, President and CEO of MetLife Japan - the company's second largest market globally and its largest retail life insurance business, effective Feb. 1, 2019, following approvals.

06.12.2018

American International Group appoints new CFO

American International Group announced that it has appointed Mark LYONS to the role of Executive Vice President & Chief Financial Officer (CFO). He succeeds Sid SANKARAN, who will remain at AIG in an advisory capacity through the year-end reporting process for fiscal year 2018.

06.12.2018

Wolfgang STOCKMEYER appointed as VIG's BTA Baltic new Board Chairman

Wolfgang STOCKMEYER (49) has been appointed, on 30 November 2018, Chairman of the VIG's subsidiary BTA Baltic Management Board, as part of a series of changes in the composition of its Management Board operated by the main player of Austrian Group in the Baltic region.

05.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all