OREANDA-NEWS. Liability of the organizers of the 22nd Olympic and 11th Paralympic Winter Games 2014 in Sochi was insured by Ingosstrakh Insurance Company, with the total liability limit under the agreement of USD 250 m and Independent Non-Commercial Organization Orgkomitet Sochi-2014.

The insurance coverage under the policy is unique to the Russian insurance market not only by the number of risks insured and volume of the coverage but also due to the uniqueness of the sports event itself. Insurance protection was provided for activities of Independent Non-Commercial Organization Orgkomitet Sochi-2014 related to preparation and administration of Sochi Games. The insurance agreement covers a wide range of risks of third-party liability for injuries to third parties which may arise during the preparation and administration of the Games. The insurance agreement is effective until December 31, 2016.

Given the large insurance agreement liability limit and specificity of insurance coverage, the reinsurance of the agreement involved international market's leading reinsurance companies specializing in the Olympic risks.