The Russian Finance Ministry expects to achieve significant progress within the next one to two years in establishing a reinsurance capacity for the BRICS countries, stated Deputy Finance Minister Ivan Chebeskov at the Future of the Insurance Market conference.
According to him, consultations on creating an alternative international reinsurance capacity have yielded positive results and revealed strong interest from partner countries.
"It seems very positive to me that this initiative has found a response from a large number of our international partners, because they also know how to count their money. They know how much they pay to insure cargo from the #BRICS countries, for which they have to pay a London company to issue a reinsurance certificate for some reason. Everyone counts their money—this is a lot of money and a major expense for all Global South nations. That’s why the initiative to create an international reinsurance capacity has received such a positive response," Chebeskov explained.
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