Munich Re to write Life Re in ex-Soviet Republics.A Munich Re subsidiary won a license from Russian regulators to conduct life reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. operations in the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. , an area including former Soviet states in Central Asia and Eastern Europe that the Germany-based reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. believes holds big potential for pension business. The Russian Federal Service for Insurance Supervision granted a life reinsurance license to Munich Re Life Reinsurance Eastern Europe/Central Asia for the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S states, specifically Russia, Ukraine, Kazakhstan and Azerbaijan. A new subsidiary, Munich Re Life Re EECA EECA Energy Efficiency and Conservation Authority (New Zealand) EECA European Electronic Component Manufacturers Association EECA Engineering Evaluation/Cost Analysis (also seen as EE/CA) , now will be able to conduct life reinsurance transactions in the CIS states in Russian currency. The effort will be led by Dmitri Demidov, described by Munich Re as a longtime employee in the life reinsurance sector. Nikolaus yon Bomhard, chairman of Munich Re's board of management, said the economies of Russia and most of the CIS countries are dynamic, with what he sees as a pent-up demand for pension products. That, he said, would lead to high growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. for life insurance business. The market in the CIS states is likely to profit from an ongoing economic upturn in the coming years, he added. "We seek to take advantage of the highly promising economic situation in the CIS states to further grow our life reinsurance business organically and profitably," von Bomhard said. Life Insurance In Europe Penetration in selected countries, 2005: Premium as % of Gross Domestic Product Russia 0.03 Ukraine * 0.05 Compared with: Hungary 1.19 Czech Republic 1.53 Poland 1.55 China 2.03 Germany 3.35 United Kingdom * 9.00 * 2004 Data Source: Munich Re |
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