Part of the team leaves Ingosstrakh
[ad_1]
One of the leaders in the insurance market, Ingosstrakh, lost its team dealing with directors’ liability insurance (D&O) and bank insurance. These segments have experienced hard times in the last year. At the same time, according to experts, the company will keep its direction in a conservative mode, primarily D&O, which is on the rise. The departed managers, they say in the market, will be in demand by other players.
One of the largest insurers – Ingosstrakh (according to the Central Bank, in 2022 ranked third in fees – more than 163 billion rubles) – left a group of managers led by Anton Kaziev, who was engaged in the financial line of insurance (directors’ liability insurance and bank insurance) , sources in the market told Kommersant.
One of Kommersant’s interlocutors among insurers believes that the team left because of “two large losses for a hundred million rubles.” Ingosstrakh does not comment on the reasons for the dismissal of managers, but they assure that it is not planned to close the direction.
Bank insurance involves the purchase of insurance products directly from banks. Bank insurance includes mortgage collateral insurance, a hull insurance policy for car loans, as well as life and health insurance. Directors and Officers Liability (D&O) Insurance is liability insurance to the company’s owners, shareholders and third parties in the event of claims for damages. The insurance company compensates not only for losses caused due to incorrect management decisions, but also for related costs.
Experts note that the “financial” areas of insurance are now “under pressure.” Alexander Tsyganov, a professor at the Financial University under the Government of the Russian Federation, explains that directors’ liability insurance and comprehensive bank insurance “find themselves in a difficult situation” – some insurers curtailed their activities or left Russia, some froze development plans related to foreign business, which immediately reduced demand for services.
According to Mr. Tsyganov, there are also “significant difficulties” with reinsurance, which in these areas was most often foreign, hence there may be problems with payments that would have previously been distributed among reinsurers.
Ingosstrakh is unlikely to develop bank insurance in such a situation, but most likely it will support directors’ liability insurance, experts say. “Most likely, the company will try to keep the old policyholders, revise existing contracts and offer an extension taking into account new circumstances,” Mr. Tsyganov believes. “It is possible that some insurers may want to continue working with the old team.”
Andrei Khabarov, general director of the insurance broker AST Financial Consultants, adds that “with a high degree of probability” the direction “will not close completely, but will develop conservatively for some time.” He agrees that the liability insurance segment of D&O directors will be actively developing: new Russian owners have appeared in international companies, in addition, domestic players from large and medium-sized businesses are also showing interest.
At the same time, the interlocutors of Kommersant say that there will be applicants for clients and for the departing managers of Ingosstrakh among other market participants, including, for example, Sogaz, RESO Garantia, Rosgosstrakh and AlfaStrakhovanie.
“Such a team cannot but be in demand, they have experience, skills, and necessary competencies,” Andrey Khabarov believes. “I am sure that they will be completely taken into the top 10 insurance companies, where these types of insurance require strengthening.”
[ad_2]
Source link
