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Igor ZHUK, Director, Insurance Market Department of the Central Bank of the Russian Federation, steps down

Igor ZHUK decided to leave the Central Bank, as RCB informed on 2nd of March, 2018. According to the Bank he is going to develop own projects. One of ZHUK's deputy directors, Alexey BARBASHOV, was nominated as Acting Director.

Resignation of the main insurance official came as a surprise for the market. Market participants believe that his resignation is linked to huge MTPL losses of ROSGOSSTRAKH and situation of the whole segment which shows a constant negative trend. Based on 2017 results MTPL GWP decreased 5,2%, and claims increased by 1,7%. 10 biggest insurers, having 78% of GWP, showed claims increase by 7,2%, and premiums decrease by 7,3%. The segment for many years has been at a critical pass, and neither tariff increase nor reforms did any positive effect.

Head of ALFASTRAKHOVANIE Vladimir SKVORTSOV and President of ARIA and RAMI Igor YURGENS believe that ZHUK's resignation is a big loss for Russian insurance market. Now it is very important that the regulating authority keeps continuity and progression in supervision and development of the insurance segment, - said Deputy Head of INGOSSTRAKH Ilya SOLOMATIN.

The Central Bank pointed out significant contribution of Igor ZHUK into the market's development. Mr. ZHUK has been working in insurance field since 1991 starting from a position of an insurance agent. In 1996 he headed SOGLASIE, in 2002-2003 he was the Chairman of presidium of the Russian Association of Motor Insurers, made the major contribution into launch of MTPL in Russia. From 2009 until August of 2011 he was the Vice President of ROSGOSSTRAKH and then continued his career at supervisory authorities - first as a Deputy Head of the Federal Service for Financial Markets and after at the Central Bank of Russia. Igor ZHUK had been the Head of the Insurance Market Department of the Central Bank for 4 years since February 2014.

Author: Marina MAGNAVAL on 08.03.2018

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