OREANDA-NEWS. August 13, 2009. ROSNO’s Transport Risks Insurance Department and media holding AZhUR organized and held the specialized roundtable discussion "Cargo Insurance as One Method of Decreasing Transportation-Related Risks". At this event, ROSNO was represented by Ms. Anastasia Lukyanova, Deputy Head of the Transport Risks Insurance Department (ROSNO’s North-Western Directorate), reported the press-centre of ROSNO.  

The event was attended by 10 companies representing the entire logistical chain: cargo owners, transport operators (carriers and forwarders), insurance companies, and journalists of business and specialized media. The participants gave their assessment of this market segment, described their expectations from the joint work, and provided their views on improvement of insurance protection.

The roundtable journalists raised the issue of the most popular transport risk insurance coverage. In response, Ms. Anastasia Lukyanova noted: "Judging by our experience, the largest demand is for coverage of risks associated with damage to, or loss of, cargo as a result of a traffic accident and other transportation incidents: collision of transport vehicle with moving or stationery objects, withdrawal from road, maritime accidents, etc. The risk of losses in case of full or partial loss of cargo to stealage is most relevant for the commercially attractive and liquid cargo: household appliances, mobile sets, meat and meat products. The insurers are united in their opinion that the majority of insured accidents fall into one of the abovementioned risk groups".

The audience displayed much interest in discussing the issues related to the volume of carrier’s liability under the transport contract and to the possibility of insurance coverage of such liability. The insurers told about legal collisions within the existing legislation, and shared their practical work experience.

In addition, the roundtable served as a venue for presentation of ROSNO’s new product line in cargo insurance and transport operators insurance. It contemplates simplified document circulation, use of suitable software enabling each client to independently adjust the terms of insurance and select the protection level in accordance with his or her needs and financial condition. This product line utilizes the "one-stop-shop" system: the client will interact with the same employees throughout the entire transaction cycle (conclusion of the transaction, provision of services, and settlement of losses).

Also, during the roundtable, ROSNO presented a new product for transport operators — the CMR / waybill insurance policy. Along with general benefits of using this product line, this particular policy also has other advantages: unambiguous risk definitions, optional insurance coverage with minimum coverage volume or with extended coverage, various tariffication systems, protection against subrogation-based claims of insurance companies. The importance of implementing this new program results from the increased tendency among manufacturers, transport operators, importers and other participants of the logistical chain to lower their costs and eliminate possible losses in course of cargo transportation. Furthermore, there is a need to seek new insurance and pricing techniques in the times of dumping policies in the insurance market.

According to the estimates by ROSNO experts, the annual volume of Russian cargo insurance market may equal up to 10 bn roubles. Prior to 2008, the annual market growth reached 15%, providing a total figure of 60 to 70% in 5 years. The road transport insurance sector has been growing most rapidly. One of the consequences of the financial crisis is the considerable reduction in the volume of cargo transportation. The major market retardant, according to ROSNO’s experts, is insufficiently high level of insurance culture and the country’s unstable economic situation.