Russians run for cover
Article Abstract:
The insurance industry in Russia is undergoing rapid change as the sector adapts to the uncertainties brought about by radical economic reform and the break-up of the former Soviet Union. Some 250 independently-run private commercial insurers have been established since 1989 and have managed to thrive in a formerly state-run industry despite a lack of formal regulation. Without the benefit of a comprehensive insurance law, the Russian insurance industry has developed an unfortunate reputation for shady practices and unstable legal controls. Nevertheless, the size of the vast, if risky, Russian insurance market has attracted the interest of several foreign insurance companies who have begun negotiating contracts with local insurance companies. These include such eminent industry names as Munich Reinsurance Co, Cologne Life Reinsurance Co and the Royal Insurance Company PLC.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1992
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Liberating the 'new Kuwait.' (Russia's petroleum industry) (Industry Overview)
Article Abstract:
Mounting disagreement between the Russian government and leaders of the oil producing regions in Siberia are hindering the Russian government's efforts to modernize the country's inefficient petroleum industry. The internal political feuds that have erupted over control of Russia's vast oil and gas reserves have led many western petroleum companies to delay making the crucial investment deals that the Russian government is counting upon to finance the upgrading of outdated oil production facilities. A resolution of the political differences between the central government and the autonomous republics in Siberia that produce much of Russia's oil seems unlikely in the near future. The impasse can only serve to exacerbate Russia's economic problems since petroleum exports are the chief source of hard currency for the cash-strapped government.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1992
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North Sea bubble
Article Abstract:
The recent collapse of world oil prices has been particularly devastating for Norway whose economy depends heavily on the oil industry. In 1991, Europe's largest oil producer derived 13% of its GDP, 30% of its export earnings and 9% of total tax revenues from the petroleum industry. This, despite the collapse of the industry whose boom in the 1970s afforded the Norwegians one of the highest standards of living in the world. The country's economists are hoping to see the economy weaned away from the petroleum industry and Norway's mainland industries developed. There is little evidence suggesting that this could happen in the near future. Although the competitiveness of Norway's non-oil industries has improved, no dramatic increase in productivity rates since the 1970s has been observed.
Publication Name: International Management
Subject: Business, international
ISSN: 0020-7888
Year: 1992
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