OREANDA-NEWS. On 29 January 2009 was announced, that Ingosstrakh had renewed a number of contracts of outgoing reinsurance from 01.01.2009. At this, the limits of most treaties that are quite high not only for Russia, but also according to the international standards, have remained unchanged:

For reinsurance of property risks – USD 225mln or EUR 150mln or RUB 5.4 bln;

For reinsurance of construction and installation risks – EUR 75 mln;

For catastrophe reinsurance of motor hull insurance portfolio – USD 25 mln;

For reinsurance of agricultural and industrial risks (crop) - EUR 5 mln;

For reinsurance of vessel hull insurance – USD 30 mln;

For reinsurance of vessel owner’s liability (P&I) - USD 500 mln;

For reinsurance of “military” risks of aviation hull insurance – USD 50 mln.

The limits of the following treaties have increased:

For cargo reinsurance - from USD 100 mln to 130 mln;

For reinsurance of “military” risks of aviation liability – from USD 600 mln to USD 650 mln.

The leaders of key contracts of Ingosstrakh renewed as of 01.01.2009 are top foreign insurance and reinsurance companies (SCOR, Munich Re, Sirius International, Hannover Re, Arch Insurance, Aspen Insurance), as well as syndicates Lloyd’s (Limit, Markel, Cathedral). The parties of the contracts are also well-known foreign companies and highly-rated syndicates. Ingosstrakh’s retention under the most important reinsurance treaties is, as previously, from USD 1.5 to 3 mln.            

According to Aleksey Saveliev, Director of the Reinsurance Department, renewal of contracts for 2009 took place under uneasy conditions of the deepening economic crisis and general increase in prices in the reinsurance market caused by lower capacity and growing cost of capital. However, most of them were prolonged at the prices close to the previous year, and in some case insurance protection was extended.