Russian insurer Rosgosstrakh's chief executive, Ruben Vardanian, has outlined his vision for revitalizing the company, calling it "a sleeping giant that needs to be awakened and adapted to the new Russian economy."
In a speech to business leaders and government officials at the `Insurance in CEE and Russia'conference in London, Vardanian presented his plans to modernize Rosgosstrakh and establish it as a market leader in key areas with new products and achieve a five-fold increase in capitalization to $1bn (£0.65bn) within five years.
To achieve this he said $100m (£65m) would be need to be invested in the company over the next two years.
"My goal is to turn Rosgosstrakh into a company that is transparent, provides quality products and service to its clients, can sustain growth and win the trust of potential customers," he said.
He added that the modernization of Rosgosstrakh is essential to the stabilization and long-term development of the Russian economy.
