Fortis to launch life insurance in Russia

Fri, 05 Jan 2007

Fortis are planning to launch a new life insurance company in Russia . The business, which will be called Fortis Life Insurance, will focus on three core products. These include Education Plans and Family Protection Plans that are aimed at individuals, and corporate pension plans for employers to distribute to their employees.

Russia is joining China and India as an emerging insurance market. Peer Van Harten, the CEO of Fortis Insurance, said: "In line with our strategy of developing our insurance model internationally based on multi-channel distribution, thereby increasing our presence outside our domestic markets, the launch of our insurance activities in Russia is a major step forward in one of today's biggest and most promising markets. The Russian insurance market is indeed one of the fastest growing ones on the Eurasian continent, with a population that is clearly looking for solid, long-term savings solutions. We are very excited to be starting our greenfield operations and putting the Fortis brand on Russia's insurance map."

The company are likely to start marketing during 2007, and integrating a state-of-the-art IT platform. The Country Manager for Fortis Russia, Maarten Pronk, said: "Russian companies have long been acquainted with the Fortis brand through our activities in commodities, export and project finance. Today, we are launching yet another important segment of our business - insurance. Fortis is one of the largest insurers in a number of European and Asian countries, and we hope to achieve the same position in Russia."
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