OREANDA-NEWS  On 08 September was announced, that AlfaStrakhovanie and IJSC Ingosstrakh insured the property of OJSC Nizhnekamskneftechim. The total amount of the insurance exceeds RUR161bn.

Kazan-based branches of AlfaStrakhovanie and IJSC Ingosstrakh have signed property insurance contracts with OJSC Nizhnekamskneftechim. OJSC Nizhnekamskneftechim is one of the most dynamic high-technology operations in the sector accounting for the production of more than a hundred petrochemical products. The production facilities of the company integrate 10 line production plants, 7 R&D center, including the Science & Technology and Design & Construction ones, and 10 ancillary operations and units. The property of the company, including buildings, constructions and equipment has been insured in the amount of more than RUR 161 bn. The insurers have arranged composite reinsurance for the property of Nizhnekamskneftechim property.

Insurance compensations will be made on the basis of actual reconstruction and/or recovery costs. With this purpose, the company completed the revaluation of its assets in 2007.

‘Due to its extended sophisticated regional network, AlfaStrakhovanie can extend insurance services to industrial companies throughout the country. The flexibility of our insurance programs, the reliability and promptness of claims settlement processes and the successful track record of servicing major industrial clients enable us to provide fully-fledged coverage, alone or in partnership with other lead insurers, to our clients against unforeseen events and the financial damages whey cause, - comments President of AlfaStrakhovanie Mikhail Bershadsky. – In this case the consolidation of the effort of the two insurance market leaders  had resulted in a reliable insurance coverage of one of the largest petrochemical operations in the industry with an inherently high level of risks.’

According to Head of the Industrial Insurance Section of IJSC Ingosstrakh Maxim Alekhin, IJSC Ingosstrakh has a successful record with Nizhnekamskneftechim in various areas of insurance that is based on the insurer’s extensive experience in servicing petrochemical companies since the Soviet times. The cooperation of the two insurers demonstrates opportunities for competition, but more than that, for consolidating effort to deliver high-quality services to clients.