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.
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