Moscow, Russia, December 2, 2008—IFC, a member of the World Bank Group, has published a glossary of specialized insurance terms and definitions to help insurance market players in Russia communicate more efficiently. The glossary, which is expected to serve insurance companies, their clients, legislature, and courts, provides the industry with 442 standard definitions of insurance terminology and notions.

Ilya Lomakin-Rumiantsev, Head of Russian Federal Service for Insurance Supervision, said, “This glossary is a unique and well-timed document for the Russian insurance market. First, it allows users to compare definitions of insurance terms provided by various acts of legislation in Russia with definitions from other countries and international conventions. Second, it standardizes language that is used frequently in the local insurance market. I recommend it to all market players for everyday use in their work.”  

Patrick Luternauer, IFC Senior Operations Manager, said, “At IFC, we believe that common, professional vocabulary is essential for developing any specialized market, as it enables players to communicate efficiently. We are happy to introduce this guide to Russia’s insurance market, one of the most important sectors of the local economy, especially during these uncertain times.”

The glossary was developed by a group of market experts, in close cooperation with the Russian Federal Service for Insurance Supervision, and with financial support from the Swiss State Secretariat for Economic Affairs.

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.

Russia became a member and a shareholder of IFC in 1993.  Since then IFC has invested more than $4 billion in the country in over 170 projects across a variety of sectors.  IFC’s investment portfolio in Russia currently stands at $2.7 billion, making it the second largest country exposure for IFC globally.  IFC has invested in key sectors including banking, leasing, housing finance, infrastructure, mining, agribusiness, pulp and paper, construction materials, oil and gas, telecommunications, information technologies, retail, and health care.  For more information, visit www.ifc.org/europe.