During 2010 Ingosstrakh OJSIC has collected 1.586 billion rubles under marine insurance
According to the results of 2010, the total amount of premium under marine insurance collected by Ingosstrakh OJSIC was RUB 1.586 billion, and the amount of insurance indemnity was RUB 1,001 billion.
For many years, Ingosstrakh OJSIC takes the leading positions in the area of ship owner liability insurance at the Russian market. Last year more than 727 insurance liability agreements with ship owners were concluded; charges in this segment totaled to RUB 645.5 million, and indemnities were RUB 491.4 million. Among large indemnified damage, it is worth noting payment in the amount of USD 3.940 million in order to settle claims on the part of port authorities in Saudi Arabia. The insured vessel damaged the onshore facilities and was arrested. In order to free the vessel, the insurer provided for issuance of a bank guarantee, and then, after long negotiations with the affected party, agreed upon the amount of insurance.
Last year, the number of ship owner liability insurance agreements with high limits (USD 100 million to USD 500 million) increased. This is attributed to growing ship owners' demand for maximum protection of their interests, as well as the increased number of heavy-tonnage and foreign vessels in Ingosstrakh OJSIC portfolio. Liability for such vessels had been insured by protection and indemnity clubs, where limits were traditionally high.
The amount of premium collected for CNC insurance of vessels was RUB 940 million and indemnities totaled to RUB 589.6 million in 2010. The largest losses in this segment was RUB 41 million suffered by AQUACHART SIA (fire in the hold) and RUB 22.5 million suffered by UNIMARS SHIPPING Company Ltd (main engine break). Ingosstrakh OJSIC net retention under CNC insurance of vessels is USD 2.5 million, and the indemnity payments did not affect reinsurance protection. Absence of large losses in this segment is attributed to changed risk assessment approach. Due to this fact, the next-year prolongation cost of reinsurance protection did not increase for the insurer, although its parameters improved significantly.
In 2010, Ingosstrakh OJSIC continued cooperation with such large clients as Volga shipping line, North-West shipping line Admiralteyskiye Verfi, Sovcomflot-Novoship Group, Fedcomshippin, Acros, Kamchatimpex, T. Alendal Rederei (Norway), Priamos (Greece), Torgovy Flot Donbassa, Ocean Agencies, Kaalbye Shipping, etc. Nornikel and Lamnalco LLC were among new company's clients. In total as per January 1, 2011 Ingosstrakh OJSIC provided for insurance protection of more than 2.5,000 sea vessels, 450 river vessels, and more than 30 vessels in construction.
Additionally, in 2010, Ingosstrakh OJSIC insured more than 300 yachts. The insurance payments for the yachts were RUB 26 million.
As for the years' results, Ingosstrakh OJSIC head of marine insurance and ship owner liability department Sergey Trubitsyn, noted: "The main trend in marine insurance in 2010 is a significant increase in insurance charges due to emergence of Russian insurance companies at the foreign markets. Ingosstrakh OJSIC saw some decrease in the volumes, which can be explained by refusal to work under deliberately undervalued rates, as well as our selective approach to vessel age, class and technical condition. This positively influenced the company bottom line in marine insurance. Last year we focused on the capacity of vessel obligatory CNC reinsurance agreement and increased it from USD 30 million to USD 50 million. This allowed for the insurance of high-value assets. Our main goals for the current year are: further portfolio improvement, increasing the share of new vessels, development of new insurance terms and conditions to meet ship owners' expectations, and increased quality of insurance services for the clients who've chosen Ingosstrakh OJSIC as their insurance partner.
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