“In order to expedite integration of national reinsurers into the common economic space and to foster reinsurance market development, we need to start shaping a unified system of accreditation of companies and their ratings. This makes the standardization of national reinsurance security policies an absolute must”, Jurgens said.

He pointed out that Kazakhstan and Belorussia either slap Russian insurers with steep rating requirements, or ban reinsurance altogether, sometimes even mandatory types of insurance. Apart from that, sanctions may lead to higher international reinsurance fees for Russian insurers, and the industry may run out of domestic capacity. These factors highlight the dire lack of standardization, which limits the joint potential of EEC countries at a difficult time when these countries must act as a common front with maximum efficiency.

Jurgens said that both the Russian market and the Eurasian space lack the reinsurance capacity to handle high-grade risks, therefore steps must be taken to seek a solution through the Shanghai Cooperation Organization (Kazakhstan, Kirgizia, China, Russia, Tajikistan and Uzbekistan), as well as BRICS.

Project Group №4