JSC Russian National Reinsurance Company. Sanction aftertaste

The first results of the work of the "daughter" of the Central Bank - the Russian National Reinsurance Company (RNRC) led to friction. Insurers complain that RNRC requires too much information, and the reinsurer does not like the quality of risks.

Photo: Sergey Malgavko / RIA Novosti

The large-scale project to create the RNPK was implemented by the Central Bank in a short time - in six months in 2016, it was possible to convince the deputies to adopt a law on such a company, staff it with staff and obtain a license. This was the authorities' response to the inability of Russian commercial insurers to provide protection to large clients subject to sanctions: for example, the construction of three nuclear icebreakers United shipbuilding corporation(OSK). Western companies denied our insurers their capacity for such risks. Last October, the state-owned company received a license, declared authorized capital - 71 billion rubles, paid-in authorized capital - 21.3 billion rubles. The company is already making a profit, however, so far mainly due to investment income.

First results

In January-March 2017, RNPK's net profit amounted to RUB 435 million. The company hopes to make a profit from insurance activities by the end of the first half of the year. In the first quarter, the accrued premium amounted to RUB 1.3 billion. under 1,313 contracts, 66% of premiums were for property insurance of legal entities, 12% for insurance of business and financial risks. In the first quarter, 40 losses were reported in the amount of about 93 million rubles. According to RNPK President Nikolai Galushin, in 2017 the company plans to raise 7.5 billion rubles. premiums and make a profit of 2.7 billion rubles.

Tithing RNPK

Since January 1, 2017, the activities of the RNPK provide for the so-called cession - the transfer of a company from the market of 10% of the sanctions risk. RNPK is obliged to accept this volume of business.

For other risks, insurers were obliged to offer RNRC 10% of the entire business they transfer to reinsurance, while the company has the right to decide whether to take them and in what amount.

The share of the sanctions business in the RNPK portfolio in January-March amounted to less than 5% of the total volume of premiums. “This figure does not mean anything, since the bulk of reinsurance contracts are concluded closer to the end of the year,” Nikolai Galushin, President of RNPK, explains the result. It will be possible to estimate the share of the sanctions business in the RNPK portfolio and in the insurance market only in 2018, when all reinsurance contracts will be included in the scope of the law on a mandatory 10% assignment. Earlier, the All-Russian Union of Insurers (ARIA) calculated that the volume of business under sanctions could bring insurers about 5 billion rubles. premiums per year, of which, according to RNPK calculations, about 1.5 billion rubles. a year will go to her.

The first quarter of RNRC's work confirmed market expectations: due to sanctions risks, the company's capacity turned out to be in demand in excess of the mandatory 10% cession, says one of the major insurers, who asked not to be named. In such cases, RNRC has the opportunity to apply its own underwriting policy to the risk assessment. That is, RNRC can independently assess the risk, but it does this in one case - when the direct insurer does not have answers to RNRC's questions on risk. “However, such a policy (risk assessment) is not yet clearly defined and is not always clear to insurers, which is the main difficulty,” complains one of the insurers.

“Of course, we are taking advantage of the opportunity that the RNPK gives us on sanctions risks,” admits CEO SPAO "Ingosstrakh" Mikhail Volkov. Reinsurer capacity of more than 10% is especially in demand for large defense, space, aviation and maritime risks, he says. RNPK today offers insurers such a capacity for sanctions risks, which in currently cannot be offered by any other reinsurer, says Mikhail Dorofeev, head of the property insurance department at Uralsib Insurance.

However, the first quarter of RNPK's work came as a surprise to insurers. Companies faced a lot of questions about the risks offered and often more information needed to be provided than in Western markets. “What my colleagues tell me from daily communication with RNPK underwriters is that there are a lot of difficult issues, some are being resolved, some have remained unresolved,” Volkov states.

RNRC asks questions on the terms of insurance, confirmation of the placement of risk in reinsurance with other reinsurers. “I agree, now it looks like we are asking unnecessary questions. But other reinsurers are already working on these risks, perhaps not even for the first year, and we are just starting to participate in the reinsurance of these risks,” Nikolai Galushin explains the company's position.

RNPK takes non-sanctioned business more willingly, insurers note. However, there are refusals to accept such risks: out of more than 80 offers that SOGAZ sent to RNPK in the first quarter, the reinsurer refused two. “This is mainly due to the filling of the RNPK capacity, for example, with mandatory shares of other insurers,” says a SOGAZ representative. In total, out of 2,529 offers received in the first quarter, RNPK refused to accept for reinsurance about 1,250, for which the total premium amounted to about 85 million rubles.

RNPK is ready to adjust its processes to the needs of insurers, but this does not mean that it will soften its underwriting policy and accept everything for reinsurance, says Nikolai Galushin. “We are surprised by the amount of bad and underestimated risks that some companies offer us. It is possible that the market is testing us in this way. But the facts of just a low level of underwriting also take place, ”he says. The dissatisfaction of insurers is most likely caused by their desire to ensure that RNPK refuses to accept risk, “given the high marginality of the contract,” the deputy director of the rating group believes financial institutions ACRA Evgeny Sharapov. In other words, insurers do not want to share the profit they receive from the reinsurance business with RNPK, the expert explains.

Not only import substitution

The launch of the RNRC was of particular concern to foreign reinsurers in Russia, since the volume of business available to them could decrease by at least the mandatory 10% of all risks placed in reinsurance. However, in the first quarter, the volume of incoming business from foreign reinsurers did not decrease, says Denis Nikolaytsev, head of the Moscow representative office of reinsurance company Barents Re. “In the long term, our company is still inclined to adhere to a pessimistic model, which provides for a decrease in the written premium at the level of 10%,” the expert says.

The Ministry of Finance, which writes laws for the insurance market, intends to closely monitor the work and results of the RNPK. Here they believe that the reinsurer should not focus only on working with the sanctions business, but pay more attention to classical reinsurance and working with new products. “We would like to see the work of RNRC in the direction of insurance of non-sanctioned risks: in the direction of reinsurance of risks in agriculture, in particular insurance of risks of habitation from emergencies. And here, great importance will be given to the transfer of part of the risks to RNPK,” says the Deputy Director of the Department financial policy Ministry of Finance Vera Balakireva.

According to the results of the first quarter, the shareholder of the reinsurer, the Bank of Russia, plans to involve the RNPK as a supervisory tool and find out what risks the insurers sent to the company as a cession. So the regulator wants to increase the transparency of the reinsurance market in Russia, which will put an additional barrier to capital withdrawal operations. “When expert figures show that about a third of the reinsurance market is dubious transactions, questions arise,” says Igor Zhuk, director of the insurance market department at the Bank of Russia. In 2016, according to the Central Bank, the volume of premiums that Russian insurers transferred to reinsurance amounted to 132.1 billion rubles.

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WHY DO WE NEED A NATIONAL REINSURANCE COMPANY? Voronin I.S.

Voronin Ivan Sergeevich - post-graduate student, Russian Academy National economy And public service under the President of the Russian Federation, Moscow

Abstract: the article sets the task to consider the changes made to the Law No. 4015-1 "On the organization of insurance business in the Russian Federation" in terms of the creation of the National Reinsurance Company, organizational structure, as well as status in the system state regulation financial markets Russian Federation. The main aspects of functioning and tools of the specified company are presented. The current problems of the reinsurance market in the Russian Federation are touched upon and options for their resolution are given as a result of the changes made to legislative framework. Keywords Keywords: national reinsurance company, reinsurance, Central Bank, Russian insurance market, withdrawal Money abroad.

On July 4, 2016, the President of the Russian Federation V.V. Putin signed the Federal Law on Amendments to the Law of the Russian Federation of November 27, 1992 No. 4015-1 "On the Organization of Insurance Business in the Russian Federation". In accordance with this document, from 01/01/2017, the National Reinsurance Company starts functioning. For what purpose this was carried out, and what aspects of insurance relations will be affected, we will try to figure it out.

The idea to create a state reinsurer was born after the introduction of

2014 the first wave of economic sanctions against the Russian Federation. Based on the data provided in the explanatory materials to the new law, in 2014 the volume of the commercial reinsurance market in Russia amounted to 138.5 billion rubles, of which over 100 billion rubles were transferred to foreign reinsurers. Over the past three years, the amount of premium transferred to reinsurance on the international market has exceeded 260 billion rubles. At the same time, the amount of the reinsurance premium received from international markets in the Russian Federation, amounted to just over 40 billion rubles. Replenishment of reinsurance capacity is one of the main tasks assigned to the National Reinsurance Company.

For any person who has worked in insurance for more than 10 years, it is known that reinsurance can also be one of the tools for withdrawing funds abroad by concluding agreements with retrocession. The establishment of the NPC decides this problem, since the NPK is created in the form of a joint-stock company. Full control remains with the state. The Bank of Russia will own 100% of the company's shares with the possibility of transferring no more than 10% of the shares to other persons. That is, increasing transparency and clearing the market of unscrupulous players is the second task that the NPC will solve.

It will not be superfluous to note that we are not talking about creating one mega-insurer and “crowding out” all others from the market. NPK will deal exclusively with reinsurance, which contributes to the development of competition in the insurance services market, since small companies there is an opportunity to acquire additional capacity to insure large risks that large insurers do not want to take. Its activities will be carried out, inter alia, through participation in the activities of reinsurance pools provided for by laws on specific types of compulsory insurance. The law came into force from the date of publication. The transfer of obligations by insurers for reinsurance can be carried out after 60 days after the license is issued to the company, but not earlier than January 1, 2017. For reinsurance contracts that will be concluded before this date, the law will apply from January 1, 2018.

On this stage there is no question of a voluntary decision: the law categorically forced insurers to use the services of a state-owned company. Insurers who stubbornly opposed the introduction of mandatory requirements, will nevertheless be obliged to transfer to NPC for reinsurance obligations under the concluded main insurance contracts in the amount of 10 percent of the obligations transferred to them for reinsurance. The National Reinsurance Company, in turn, has the right to accept these obligations in full, reduce their size or refuse to accept them.

TASS cites the opinion of experts that NPK will become a backbone company. It will accumulate about 30 percent of the total reinsurance premium in Russia. I also believe that the company will be able to really help solve the problem of providing reinsurance capacity within the country. Provided, of course, if it works under normal market conditions.

The third problem, the solution of which can be put before the NPC, so that it concentrates on problematic types of insurance, is, for example, liability insurance for developers, agricultural insurance, liability insurance for tour operators. There are many subtleties in these industries, there are many shadow processes, the degree of unpredictability of events is extremely high, therefore responsible insurers are not so actively working on these fronts. And just the involvement of NICs in reinsurance of such risks may well give an additional impetus to the development of the entire insurance market and increase the financial protection of citizens and enterprises of the country.

Summing up, it is difficult to say how it will respond this project on the positions of insurers and policyholders in our country, but one thing can be recited for sure: CDD is fresh idea for the global insurance market.

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JSC RNPK is a specialized reinsurance company established in 2016 on the initiative of the Bank of Russia to support the domestic insurance market by providing reinsurance capacity to protect property interests. At the end of 2017, RNPK ranked first in terms of fees in the reinsurance market (7.62 billion rubles). The company has no representations and branches. The head office is located in Moscow.

The company was registered on August 3, 2016 based on the relevant decision of the Bank of Russia dated July 29, 2016. Since December 29, 2016, the official name of the company has been JSC Russian National Reinsurance Company (JSC RNPK), formerly JSC Reinsurance Company NPK. According to the issued license, the company has the right to conclude reinsurance contracts for all types of insurance, including: personal insurance, property insurance, voluntary medical insurance, liability insurance, compulsory insurance.

JSC RNPK was established to provide reinsurance protection to Russian insurers who are faced with the unavailability of international reinsurance capacities. The main activity of the company is the protection of sanctions risks that cannot be reinsured abroad, as well as the reinsurance of risks for home insurance against emergencies.

In May 2017, the Supervisory Board of JSC RNPK approved a five-year development strategy, according to which by 2021 the company should become the leader of the Russian reinsurance market with a volume of premiums of 24.7 billion rubles, control more than 40% of the inward reinsurance market (now almost 35% The market is jointly occupied by two leaders - Sogaz and Ingosstrakh) and take at least 15% of all major risks in the outbound reinsurance market. From January 1, 2017, insurance companies in without fail transfer 10% of risks to RNPK under reinsurance agreements for objects under international sanctions.

The company is a member of the Russian Association of Aviation and Space Insurers (RAAKS), the Russian Anti-Terrorist Insurance Pool, the All-Russian Union of Insurers and the Federation of African-Asian Insurers and Reinsurers.

The sole shareholder of the company is the Central Bank of the Russian Federation (100% of shares).

The main line of the company's business in 2017 was property reinsurance legal entities with a share of 55.53%, the second largest line of business was aviation reinsurance with a share of 11.09%. Also, the reinsurance portfolio includes hull insurance (6.06%), cargo insurance (5.16%), civil defense insurance for non-performance or improper performance of obligations under the contract (4.0%), business risk insurance (3.43%), etc. .

In 2017, the insurer received 88.67 million rubles net profit under OSBU and 213.52 million rubles of total income under IFRS. At the end of 2016, the company's total income reached 497.61 million rubles (according to IFRS), and the amount of net profit amounted to 435.06 million rubles.

Fitch Ratings: BBB-, positive outlook. Rating financial stability first assigned to the company on June 6, 2017 and confirmed on May 18, 2018.

Governing body: Nikolai Galushin (president), Natalya Karpova, Olga Krymova, Alexander Shcheglov, Alexander Vereshchaka, Yulia Arkhangelskaya, Mikhail Sepp, Elena Lukyanova, Svyatoslav Kotik, Natalya Borovkova (chief accountant) and others.

Supervisory Board: Sergey Shvetsov (chairman), Mikhail Bratanov, Nikolay Galushin, Andrey Golikov, Valery Goreglyad, Igor Zhuk, Sergey Ignatiev, Vadim Kulik, Elena Kuritsyna, Igor Yurgens.

Partners: Belarusian National Reinsurance Organization (BNPO), Marsh International Insurance Broker, RT-Strakhovanie Insurance Broker LLC, Malakut Insurance Broker CJSC, Axiom Inre Insurance Broker LLC, Challenge Group-Insurance Consultants LLC and Brokers, OOO Insurance Broker SeaLine, major Russian insurance companies (SOGAZ, Rosgosstrakh, Ingosstrakh, RESO-Garantia, VTB Insurance, VSK, etc.).

Russian National Reinsurance Company(RNRC) is the largest Russian reinsurance company. RNRC is not in terms of No 1 authorized capital (71 billion rubles) and in terms of No 2 paid-in capital in the domestic insurance market (21.3 billion rubles).

The Central Bank of Russia is a full shareholder of the RNRC. The State Reinsurance Company was established as provided for federal law No. 363-FZ On Amendments to the Law of the Russian Federation "On the Organization of the Insurance Business in the Russian Federation" of July 3, 2016 and Art.13.1-13.3 of Federal Law No. 4015-1 "On the Organization of the Insurance Business in the Russian Federation". The company was established by the Decree of the Central Bank of the Russian Federation dated July 29, 2016 in the reinsurance company NRC JSC (registered on August 3, 2016). NRC received reinsurance license PS No. 4351 dated October 12, 2016.

company goals

The low capacity of the Russian reinsurance market provided by domestic reinsurers was a long-term interest of specialists from reinsurance and insurance authorities. It depends on the type of insurance and has varied over time from $10-20 million for a single risk in 2005 to $100 million in 2015 not Russia, where they could be invested in the national economy.

Certain risks - especially in the case of compulsory insurance - have very specific underwriting procedures and regulatory frameworks in Russia, so they cannot be transferred by foreign reinsurers. Besides, a large number of risks cannot be transferred abroad due to national security issues (for example, if their reinsurance could lead to the disclosure of state secrets) or economic security (insurance guaranteed state orders).

To address the above problems and limitations, the Russsain authorities represented by the Central Bank of Russia established the RNRC with goals and objectives including:

• Improving the financial stability of Russian insurers (and, consequently, ensuring better conditions insurance for the population and business);
• Providing reinsurance capacity to insure businesses or facilities subject to foreign trade sanctions;
• Providing reinsurance protection for the guaranteed state of orders, as well as for risks that are not commercially attractive, which are of high social, general economic, industrial or national importance;
• Control over the assignment of risk by Russian insurers abroad, counteracting the illegal outflow of capital under the guise of reinsurance operations.

Activity

RNRC supplies reinsurance solution for Russian and foreign companies, in non-life insurance industry both on the contract and optional basis.

Mandatory assignment

From January 1, 2017, the provisions of Art.13.1-13.3 of Federal Law No. 4015-1 came into force, obliging all insurers to cede to RNRC at least 10% in each reinsurance withheld and to RNRC to accept at least 10% of all so-called risk sanctions. Although the RNPC cannot accept any risks that are not subject to sanctions.

Worldwide business

Development international business is an important part of the RNRC strategy. The company is looking to expand into China, India, the Middle East and Africa to increase premium income and business diversification. RNRC has obtained the Chinese and Egypt's Insurance Supervisory Authority permission to operate as a foreign reinsurer in the specialized domestic market in that country.

Analytical reviews

The company regularly releases reports with the results of the analysis of the situation on Russian market reinsurance. In addition, there are quarterly RNRC surveys with a very detailed analysis of the outward reinsurance of all Russian companies for the past quarter.

Ratings

Analytical credit rating agency (ACRA) assigned to RNPCU credit rating AAA (RU) with a stable outlook (2017) and Fitch Ratings - financial strength rating BBB- with a positive outlook (2017).

Article 13.1. National Reinsurance Company

1. The National Reinsurance Company is created in the organizational and legal form of a joint stock company in order to additionally protect the property interests of the insurers and ensure the financial stability of the insurers.

When creating a national reinsurance company, one hundred percent of its shares belong to the Bank of Russia.

2. One person or a group of persons, determined in accordance with Federal Law No. 135-FZ of July 26, 2006 "On Protection of Competition", with the exception of the Bank of Russia, is not entitled to acquire more than ten percent of the shares of a national reinsurance company. The shares of the national reinsurance company, acquired in violation of the prohibition established by this paragraph, must be sold in compliance with the requirements of the legislation of the Russian Federation no later than one month from the date when the shareholder learned or should have known about such a violation. In case of failure said requirement such shareholder (shareholders) is (are) deprived of the right to vote on general meeting shareholders of the national reinsurance company for shares exceeding ten percent of the shares of the national reinsurance company. These shares are not taken into account when determining the quorum of the general meeting of shareholders of the national reinsurance company and counting votes at the general meeting of shareholders of the national reinsurance company.

3. The competence of the board of directors (supervisory board) of the national reinsurance company includes resolving issues provided for by the Civil Code of the Russian Federation, Federal Law No. 208-FZ of December 26, 1995 "On joint-stock companies", as well as determining, taking into account the provisions of this Law, the forms and types of reinsurance, approval of the regulation on the assessment of insurance risks and the management of insurance risks, accounting policy national reinsurance company, making decisions on participation in reinsurance pools.

4. The National Reinsurance Company creates a reinsurance council, which is a collegial advisory body. The Reinsurance Council consists of representatives of insurance business entities that have at least ten years of experience in the field of insurance (reinsurance), representatives of associations of insurance business entities, including professional associations, representatives of the professional community, carrying out educational or scientific activity in the insurance industry, as well as responsible actuaries.

The procedure for the formation and implementation of the activities of the reinsurance council is determined by the charter of the national reinsurance company, taking into account the requirements of this Law.

5. Employees of shareholders of the national reinsurance company, shareholders of the national reinsurance company, their affiliates and employees of affiliates cannot be members of the reinsurance council.

6. The priority areas of activity of the national reinsurance company, the regulation on the assessment of insurance risks and the management of insurance risks, as well as changes to them are submitted for approval by the board of directors (supervisory board) of the national reinsurance company after their consideration by the reinsurance council and are subject to posting on the website of the national reinsurance company in the information and telecommunications network "Internet".