OREANDA-NEWS. On 26 January 2009 was announced, that Ingosstrakh had paid RUR10.8mln to LLC Agrofirma Kolos, an agricultural company based in the workers settlement of Novovarshavka, Omsk Region. The insurance object was 12,000 Hectares of summer wheat plantings of Omskaya-33 and Duet varieties insured in May 2008 by the branch of IJSC Ingosstrakh in Omsk.

The plantings were insured against windstorms, hail, chill, frost-killing, drought, excessive dampening, damping-off, asphyxiation, fire, hurricanes, sandstorms, rainfalls, snowmelt and rain floods, and gale. The insurance amount was RUR44.5mln.

The soil drought began in the second decade of June and continued through the second decade of August 2008. The area of Novovarshavsky District of the Omsk Region reported precipitation deficit throughout the whole of the vegetation period since the loss of snow cover. The drought in the south-east of the region resulted in slashing crops in the district. The expert opinion of a relevant specialized organization confirmed that the root cause of the deficiency of the summer wheat plantings in the district represented by the poorly developed plants was their exposure to the unfavorable natural phenomenon of drought in June-July 2008 during the vegetation period of the plantings.

Additional investigation classified the drought as an insured risk, and Ingosstrakh paid relevant compensation to the insurant in December 2008.

The beneficiary under the insurance contract is the branch of Rosselkhozbank in Omsk since the plantings were insured under the mortgage insurance program.