OREANDA-NEWS. November 13, 2009. Ingosstrakh IJSC paid USD 102.5k under the contract of inwards obligatory reinsurance of property risks with the Esicuba insurance company of Cuba.  This compensation was paid for the lost and damaged property as caused by the Ike hurricane in Cuba. 

Ike, the hurricane of the fourth category out of five, struck Cuba, the Bahamas, the Caribbean islands and the North-American states of Texas, Louisiana and Arkansas in September 2008.

It must be mentioned that in 2007 Ingosstrakh paid an insurance compensation to the amount of about USD 300k for the damage caused by Katrina in August 2006 on the Eastern coast of the United States.

According to Igor Alekseev, head of the Inwards Obligatory Reinsurance Department of Ingosstrakh IJSC, the Company accepts risks of insurance and reinsurance companies from Europe, Asia and Middle East. To support the financial stability of the insurer, Ingosstrakh’s experts perform regular monitoring of risks concentration to avoid excessive cumulating, and work to diversify the portfolio by regions, countries and primary insurers.

Over 9 months of 2009, the premium collected by Ingosstrakh IJSC for inwards obligatory reinsurance accepted from foreign except for the companies of INGO Group amounted to USD 18mln versus USD 24 mln in the same period last year. Reinsurance compensation paid for the period from January till September 2009 totaled USD 12.1mln.