Chinese insurers to reinsure major risks in Russia

Following the degradation by Moody's and Standard & Poor's of the Russian State’s credit rating that goes down to "speculative", several reinsurers established in developed countries withdrew from the tenders regarding the reinsurance of major project infrastructure.

In order to remedy this situation, the Chinese and Russian officials met with representatives of local insurers in order to create a joint reinsurance capacity.

This capacity, which would be supported by insurers of both countries, shall refrain from using the Dollar as the base currency but the Rouble and/or Yuan instead.

Agreements could be found for the mega pipeline projects linking Russia to China and the one to Europe via Turkey, and likewise for the mega power project in Siberia.

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