The Central Bank will not support insurance companies because of attacks on marketplace warehouses

The Central Bank will not support insurance companies because of attacks on marketplace warehouses

Bank of Russia Governor Elvira Nabiullina said this at a press conference following a meeting of the regulator’s board of directors.

“We are not considering support measures because we believe that the insurance sector as a whole has a sufficient safety margin. Insurers here provide insurance. The Russian National Reinsurance Company (RNRC) provides reinsurance for property and for risks of terrorism, as well as for risks from drone attacks. And within the framework of reinsurance, risks are redistributed from insurers to the RNRC, the reinsurance company,” she noted.

She added that there has been growth in payouts, but at the same time both the insurance companies and the RNRC have enough resources to make payments and remain financially stable.

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