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Russian insurance market set to double by 2010 says Lloyd's report

The value of the Russian insurance market is set to double to $41bn over the five-year period 2006-2010, according to a Lloyd's Market intelligence report.

Russia 2010: A Lloyd's View outlines the factors driving a 16% per annum growth rate, notably:

market consolidation with fewer, stronger players emerging as well as joint ventures and acquisitions

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Storm damage claims test insurers’ settlement choices

A year of severe storms has strained repair networks and claims operations, which Ben Blain, head of property at Verisk Claims, points out has placed insurers’ settlement decisions, data oversight and ability to evidence fair customer outcomes firmly under the regulatory spotlight.

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