Chapter

Russia: Early Expansion, State Involvement, and Re-Emergence of the Insurance Industry

Yury A. Petrov

in World Insurance

Published in print August 2012 | ISBN: 9780199657964
Published online September 2012 | e-ISBN: 9780191744709 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199657964.003.0009
Russia: Early Expansion, State Involvement, and Re-Emergence of the Insurance Industry

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This chapter traces the history of the Russian insurance industry. The pioneers of insurance in Russia were the Dutch, who during the reign of Peter the Great (1682–1725) became the major agents of Russia's foreign trade. Marine and marine cargo insurance were also provided in Russia by foreign insurance companies operating through agents in the principal Russian ports. From the eighteenth to the first half of the nineteenth century, insurance in Russia, with its under-developed entrepreneurial sector, was a state initiative. The official state monopoly was replaced by a short-lived oligopoly of private fire insurance companies (it existed until 1847). The first marine and life insurance institutions had emerged by that time, but it was not until the second half of the nineteenth century that a real free market in insurance began to take hold in Russia.

Keywords: Russian insurance industry; insurance business; marine insurance; foreign trade; fire insurance; life insurance; insurance history

Chapter.  11846 words. 

Subjects: International Business

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