RusRisk seminar “Current issues of insurance protection organization for large industrial companies” resumed its work

On October 3, 2024, the work of the permanent seminar of the Russian Society for Risk Management “Current issues of insurance protection for large industrial companies” was continued at the MGIMO (U) site of the Ministry of Foreign Affairs of the Russian Federation.

The topic under discussion was defined as “Risk management in the corporate governance system: protecting managers and officials from the risks of bankruptcy and subsidiary liability.” 

The discussion was moderated by the First Vice-President of RusRisk, Doctor of Technical Sciences, corresponding member. Russian Academy of Natural Sciences A.N. Elokhin and Head of the Department of Risk Management and Insurance at MGIMO University, Professor K.E. Turbina.

In his welcoming speech, RusRisk President V.V. Vereshchagin spoke about the results of the Company’s work over the past year, in particular, about the RusRisk Forum held in June 2024 in Nizhny Novgorod.

K.E. Turbina noted that the seminar has been held at the MGIMO (U) site of the Ministry of Foreign Affairs of the Russian Federation since 2021 and is of great interest to students.

A.N. Elokhin emphasized that the participants in the discussions are recognized professionals of the insurance market.

S.A. Kislov, founder of the law firm Kislov.Law provided statistical data on bankruptcies in Russia and pointed out that bankruptcy in Russia can be considered as an indicator of business risks.

M. A. Kedrova, Head of the Internal Audit Department of JSC IC Turicum, spoke about the relationship between business management processes and internal control systems, risk management and corporate governance in the company.

I.N. Somova, Director of the Department of Loss Settlement, JSC IC Turicum, has convincingly proved that liability insurance for directors and officers is an essential element of claim management.

Reports by A.A. Mazai, Director of Financial Risk and Liability Insurance at Insurance Broker Elbrus LLC, and A.L. Ovchinnikova, Head of the Liability and Financial Risk Reinsurance Department of the Non-Marine Reinsurance Department of the Russian National Reinsurance Company, were devoted to the evolution of D&O insurance in Russia. However, the problem was considered from different points of view (broker and reinsurer), the reports successfully complemented each other.

I.V. Chekhin, Senior Associate at the law firm Kislov.Law, told about the company’s original product, which complements the D&O policy.

All the reports aroused great interest and numerous questions from the participants. The seminar was attended by representatives of large companies (JSC Russian Post, PJSC RusHydro, PJSC AFK Sistema, etc.), insurance companies and brokers (JSC SOGAZ, LLC Insurance Broker Siline, insurance broker Remind, LLC Absolut Insurance, etc.), other organizations (EXIAR JSC, Lazurit Central Design Bureau, Infotex JSC, etc.).

The success of the event is evidenced by the fact that, at the end, the participants spent a long time discussing various nuances of organizing insurance protection for managers and officials against the risks of bankruptcy and subsidiary liability.