RUSSIA: regulator included NRA and NCR into the register of rating agencies
Based on this, NRA and NCR get the right to assign credit ratings along with ACRA and Expert RA. In addition to national agencies, ratings to local insurers may be assigned by Moody's, Standard and Poor's and Fitch.
According to the director of insurance, companies' ratings of NCR Evgeniy SHARAPOV, the agency will be able to assign ratings to insurers after the methodology is approved. Tatyana NIKITINA, Head of NRA Insurance ratings department noted, that insurance companies are one of their priorities. At that, ratings of all Russian agencies will be assigned based on a single National Rating Scale for the Russian Federation.
Market participants believe that accreditation of new rating agencies will help increase the competition in the insurance sector. At the same time, the market continues to drop in the number of players: in 1H2019 only 180 insurers were included into the regulator's statistics, in 2018 - 190, in 2017 - 237, and in 2016 - 264. The market concentration is also obvious - from January to June 2019 TOP-20 accounted for almost 83% of total GWP.