100 Russian insurance companies at high risk, Central Bank calculates

Central Bank of Russia logoAround 100 Russian insurance companies are at high risk of collapse and are in danger of being unable to meet their liabilities, the Deputy Director of the country’s Central Bank Nikolay Pecheliev said yesterday. The first quarter of 2016 saw 23 companies and 5 brokers lose their licences, either for claiming fictitious assets or for non-compliance with insurance legislation, he added, some of whom voluntarily handed their licenses over to the Central Bank in an attempt to to avoid responsibility.

Source: ITAR-TASS