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Uralsib weighs options for compulsory motor insurance biz

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Uralsib weighs options for compulsory motor insurance biz

isstudying options to scale down its compulsory motor insurance operations,including giving up its license for this type of business, Vedomosti reported July 15, citing market sources.

Otheroptions considered by the insurer include a transfer or sale of part or theentire motor insurance portfolio, as well as branch closures, the paper said.

Compulsorymotor insurance constitutes a large portion of the company's portfolio, but isalso a source of problems, with more than 70% of Uralsib's 3.2 billion rubleloss for 2015 associated with this segment.

Arepresentative of the company told the newspaper that it has been reducing itsregional presence and curbing cooperation with agents in this segment.

As of July 15, US$1 wasequivalent to 63.46 Russian rubles.