Russian Ministry of Finance trying to encourage home insurance

RUSSIA / FSU POLITICS - In Brief 29 Jul 2019 by Alex Teddy
On July 25 the Ministry of Finance finished a report adumbrating ways to convince householders to insure their properties. The ministry is working with the Ministry of Economics and the Ministry of Construction on this. This move comes right after an inundation in Irkutsk ruined many home. This cost the government USD 47.5 million. Only 3.4% of houses in the area were insured. The government wants people to take responsibility for unforeseeable events - these can be catastrophes or minor thinks such as gas leaks. The government does not want to pick up the tab.Insurance premiums cost less than before. More people have insurance than ever which also cuts costs.The Ministry of Finance has been trying to set up a code of practice for insurance. Two years ago it was rejected by the presidential administration.The Ministry now plans to offer tax deductions for repairs for those who have insurance. Moreover, the government will limit the housing available to those made homeless by disasters if these people did not have insurance.

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