vol. XVII no. 3

				Page 6 Page 1 2 3 4 5 6 ALL-RUSSIAN INSURANCE ASSOCIATION (ARIA) This organization represents the whole of the insurance industry in Russia and is primarily an advocacy group that fosters insurance legislation, develops the insurance culture and works toward the popularization of insurance among citizens. According to executive director Malyshev Nickolay Ivanovich, "The insurance market is the most dynamic developing branch of the economy." He sees that trend continuing over the next five years as the "market becomes more liberalized, legislation is more developed and people learn to trust insurance companies more." To help foster this development, members of ARIA participate in two meetings annually with companies from other countries. They talk legislative initiatives, how to approach their respective legislative bodies and other matters of common interest. For example, one of the biggest problem areas for insurance companies in Russia is finding high-quality brokers and agents. Developing a certification program is a big concern, and meetings with countries that have established programs can be a big help. Another ace in the hole for the Russian association is that its president, Alexander Koval, serves as a deputy of the State Duma, the lower house of the Russian Parliament. He is also chairman of the subcommittee on insurance, which gives him great influence in legislative matters. A DECADE OF ACHIEVEMENT The insurance industry in Russia has made great strides since the shift to a free market economy took place in the early 1990s. While the risk management function is nowhere near as developed as it is in other countries, it too is showing signs of someday becoming an important discipline in some of the larger corporations operating in Russia. Perhaps most significant is what is happening at schools like Moscow State, where the curriculum is not only geared to today's needs but is also preparing students to be leaders in risk management and insurance in the future. Sometimes it pays to look at billboards. In Russia they are not just signs, but signs of progress. Previous Page | Top

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