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The Insurers Day

The Russian Insurers Day is a professional holiday of people engaged in insurance which is celebrated on October 6. Russian Club of Financial Directors is actively supporting the celebration as the financial community cooperates with insurers on a regular basis constantly using the services of property and financial risks insurance. A financial director should analyze potential risks, make forecasts and planning and insurance companies provide their support in this issue. A part of our job is reviewing risks and insuring against them.

This date was chosen for the celebration of the Insurers Day due to the fact that State Insurance organization (today known as Rosgosstrakh) was established in the RSFSR on October 6, 1921. This very organization was allowed to carry out the insurance activity in Soviet Russia. 67 years after, in 1988, private insurance organizations and companies started emerging,

The history of insurance in Russia is very rich and relevant not only to the Soviet era. The prerequisites for insurance can be traced in the 11th century, i.e. in the first legal code of Kievan Rus, Russkaya Pravda (Russian Truth), where a lot of articles are dedicated to penalties for property damage. The first insurance company in Russia was established on December 23, 1867 under the rule of Catherine II. On December 23, 1867 the Decree on the Establishment of an Insurance Expedition that would insure stone houses in Saint Petersburg and Moscow.

Insurance rapidly spread to factories and plants. In 1827 Russian Fire Insurance Company, the first joint-stock insurance company in Russia was created. It insured structures and immovable property against fire.

Currently, insurance is actively developing in Russia. At the present moment there are more than 500 insurance companies in the Russian market. But that doesnt mean that Russian insurance market has nowhere to grow. The majority of Russians do not consider that they need to insure of their own property. However, property insurance helps to overcome natural disasters, fires, floods with minimum losses.

Insurance companies constantly improve their qualification and expand their services. Insurance organizations also help companies to protect their business, save capital investments and minimize risks.

Thus, insurance is a very important activity. The insurance profession is constantly developing in Russia. Property insurance allows ensuring financial protection in case of an insured event. That is why the insurance profession is important for the sustainable development of the countrys economy.

The insurance profession requires special knowledge, experience, honesty, decency and conscientiousness. True insurance professionals have all these qualities.

© Russian Club CFO, 2014
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