The Eurasian Economic Union (EAEU) plans to create a single reinsurance system for its member countries, and through which insurance companies will be able to share a part of their “share” of risks.
Kommersant newspaper of Russia reported about the abovementioned, and citing the concept for creating a reinsurance capacity and neutralizing the cross-border reinsurance barriers within the EAEU.
According to this concept, the EAEU will establish a state-run reinsurance—or cross-border—company, which is based on public and private partnership as well as with commercial members of the insurance market.
The given company shall assume the risks whose reinsurance is either impossible or inexpedient within any country.
The Eurasian Economic Union comprises Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan.