OREANDA-NEWS. January 14, 2010. On January 1, 2010, Ingosstrakh renewed a series of outgoing reinsurance contracts. Cargo reinsurance limits were increased to USD 150 mln, and reinsurance limits for "war" aviation liability risks were increased to USD 950 mln.

The limits for the following contracts remained unchanged:

property reinsurance: USD 225 mln, or EUR 150 mln or RUR 5.4 bln;

construction and installation works reinsurance: EUR 75 mln;

catastrophe reinsurance for motor hull portfolio: USD 25 mln;

marine hull reinsurance: USD 30 mln;

ship owner’s liability reinsurance (P&I): USD 500 mln;

aviation  hull war reinsurance: USD 50 mln.

The leaders of Ingosstrakh's renewed contracts are such major foreign insurance and reinsurance companies as Arch Insurance, Aspen Insurance, Hannover Re, R+V Versicherung AG, SCOR, Swiss Re and Lloyd’s syndicates (Amlin, Cathedral, Markel). The parties to the contracts are also famous foreign companies and Lloyd’s syndicates with high international reliability ratings. Ingosstrakh's retention under the main reinsurance contracts amounts to USD 2-3 mln.

According to Aleksey Saveliev, Head of Reinsurance Department at Ingosstrakh OJSIC, the limits under Ingosstrakh's reinsurance contracts are significant, and the coverage is extremely high not only by Russian standards, but by international standards as well. Despite the stricter underwriting policies of reinsurers affected by the losses incurred in the Russian market in 2009, Ingosstrakh has managed to maintain the highest level of reliability of its compulsory coverage for 2010.