The amount of liability insurance of Russian tour operators in 2015 has decreased by 50%
The total amount of insurance coveraged responsibility of tour operators in Russia in 2015 decreased by half compared with the previous year, amounting to 20 billion rubles, the director of department of the insurance market of the Bank of Russia Igor Zhuk told. If last year the responsibility of tour operators was insured by 38 companies, in the current year, there were 54 insurers. At the same time in 2015, contracts were signed for a total insured amount of 20 billion rubles, while the previous year it amounted to 42 billion rubles.
Russian tour operators still choose to purchase liability insurance instead of the bank guarantee. According to Igor Zhuk, the share of tour operators in the 98% remains unchanged in 2014 and in 2015.
By the law, outgoing tour operators need to insure their civil liability (or obtain a bank guarantee) in the amount of not less than 30 million rubles. Those outgoing tour operators whose annual turnover is more than 250 million rubles, should have financial support of at least 12% of the total turnover according to the financial statements for the year. For large tour operators, the amount of financial guarantees could reach 500 million rubles.
Digest, This article is written or translated by Russian Travel Digest’s News Team. Every day we search for the most important news on the Russian tourism and travel market to keep you updated.