KIAP strengthens its market position by launching a new “Insurance” practice

KIAP strengthens its market position by launching a new “Insurance” practice

KIAP announces opening a new “Insurance” practice. The direction will be headed by a new partner Dmitry Shnaydman, a lawyer with 18 years’ experience in insurance business. During the last 8 years he headed the area of business of Rosgosstrakh, major Russian insurance company, dealing with legal support for the largest and most significant disputes on the whole territory of the Russian Federation for all types of insurance (the aggregate annual sum of claims for the considered cases amounting to more than RUR 2 billion).

Forming of the insurance direction as a separate practice is conditioned by the experience gained by KIAP in providing support for major insurance disputes, as well as significant increase of demand for the insurance-related services (including insurance of credit risks), and a rapid increase in the number of disputes.

The corporate insurance market (by the sum of insurance premiums paid by legal entities) shows a stable growth in these segments, amounting to, according to the statistical data, RUR 451.9 billion in aggregate based on the results of 2014, with the forecasted growth up to RUR 529.4 billion by the end of 2015 and then up to RUR 766.9 by 2020.

Having analyzed the competitive environment we came to the conclusion that involvement of legal firms in the insurance law market is limited only by rendering services for legal support of disputes primarily on the side of insured persons. While we are focused on rendering legal consulting services in respect of a more wide range of issues related to insurance and reinsurance, tariffs and policies, legal examination of internal procedures, scoring and insurance products in the interests of insurers, professional associations of insurers, as well as insured persons, companies and state institutions.

“For the several last years we have gained sound experience in the sphere of support of legal disputes, some of which were of importance for the business and the government. Amid the present crisis situation the obvious market need to strengthen the direction of the insurance law is being formed. We are glad that such good and experienced specialist in insurance law as Dmitry Shnaydman undertakes this mission,” commented Andrey Korelskiy, managing partner. “I’m convinced that together we will achieve success in this direction.”

Dmitry Shnaydman, partner, said: “I’m happy to head a new promising direction and become a part of the KIAP’s professional team. I’m grateful to my colleagues for their trust and appreciation of my work. And I am sure that this will be an interesting cooperation!”