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Russian insurance companies enjoy rise in reserves
RBC, 16.07.2008, Moscow 16:53:47.Russia's insurance companies saw a 29.5-percent rise in their insurance reserves, from RUB 249.097bn (approx. USD 10.77bn) in 2006 to RUB 322.504bn (approx. USD 13.94bn) in 2007, the Bank of Russia said in a statement. Meanwhile, the number of insurance companies fell from 918 to 857, due to licenses being revoked and tougher requirements for the size of companies' authorized capital imposed by the Federal Insurance Supervision Service in a move to stabilize the Russian insurance market. Another reason for the decrease in the number of insurance companies is M&A deals that were actively struck in the sector in 2007. Reserves under life insurance contracts grew 10.6 percent to RUB 23.732bn (approx. USD 1.026bn), and reserves under other insurance contracts jumped 31.3 percent to RUB 298.772bn (approx. USD 12.92bn).
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