Ingosstrakh Released Information Statement
OREANDA-NEWS. April 07, 2010. Due to the growing subrogation debt of certain insurance companies, Ingosstrakh OJSIC is compelled to turn to the Russian Association of Motor Insurers and the Federal Supervision Service for Insurance with regular complaints, as well as make relevant announcements in the mass media. Such complaints and publication of press releases concerning debts are related to major violations by certain insurers of the CMPTL laws manifested in the failure to make claim payments in due time or principal decision of an insurer to reject insurance compensation without reasons.
Ingosstrakh has repeatedly informed the Federal Supervision Service for Insurance and the Russian Association of Motor Insurers on persistent debt growth on subrogation claims of such companies as General Reserve Insurance Company LLC, Korona Insurance Group LLC, Konda CJSIC, City Insurance Company LLC, General Insurance Alliance LLC, etc. At present the insurance licenses of the said insurers have been revoked.
Therefore, the default to pay claims because of subrogation is one of the indicators of financial instability of the insurers which typically results in license revocation.
Below you can see the information on the debt growth dynamics of the defaulting insurance companies presently having a valid insurance license.
Insurance companies with revoked licenses having the largest debts to Ingosstrakh OJSIC |
Debt growth dynamics | ||||
1st quarter, 2009 |
2nd quarter, 2009 |
3rd quarter, 2009 |
4th quarter, 2009 |
1st quarter, 2010 | |
MAKS CJSC |
44,820,347 |
54,422,327 |
54,956,812 |
62,597,765 |
84,199,113 |
Spasskiye Vorota Insurance Group CJSC |
17,644,455 |
32,010,952 |
38,806,571 |
46,509,803 |
62,171,260 |
INNOGARANT Insurance Company LLC |
2,418,655 |
5,043,199 |
9,208,914 |
14,971,873 |
31,568,601 |
Rossiya OJSIC |
8,121,963 |
12,983,580 |
14,408,379 |
20,270,681 |
25,938,513 |
Megaruss-D Insurance Company CJSC |
16,720,803 |
22,397,576 |
26,889,844 |
31,135,642 |
24,725,449 |
Rosstrakh OJSC |
5,102,085 |
7,189,072 |
7,869,439 |
10,964,829 |
16,387,438 |
First Insurance Company LLC |
3,237,458 |
4,889,931 |
6,434,570 |
9,010,233 |
13,541,678 |
Ariadna Insurance Company CJSC |
5,639,368 |
7,924,192 |
8,423,666 |
9,988,915 |
13,202,276 |
Russian Insurance Traditions Insurance Company CJSC |
1,021,809 |
1,982,637 |
3,157,548 |
5,072,634 |
9,956,864 |
Inform-Strakh Stock Insurance Company CJSC |
3,160,642 |
4,491,587 |
5,118,241 |
5,666,083 |
6,562,198 |
Companion Insurance Group LLC |
6,484,372 |
5,334,864 |
4,670,106 |
4,927,813 |
6,320,328 |
Intersectoral Insurance Center OJSC |
1,440,996 |
3,111,343 |
3,502,286 |
4,071,745 |
5,078,080 |
Borovitskoye Insurance Company OJSC |
2,393,347 |
2,823,110 |
3,043,598 |
3,332,791 |
3,136,278 |
North Treasury Insurance Company LLC |
1,519,840 |
3,078,978 |
2,370,528 |
2,542,115 |
2,940,220 |
ASOL Insurance Company CJSC |
2,950,833 |
4,889,871 |
5,200,923 |
5,063,328 |
2,947,889 |
GARMED Insurance Company LLC |
1,049,879 |
896,577 |
1,210,456 |
1,376,261 |
2,786,830 |
RK-Garant Insurance Company CJSC |
972,807 |
1,433,391 |
1,779,141 |
2,007,549 |
2,684,876 |
Region OJSIC |
3,079,523 |
3,493,237 |
2,929,143 |
1,789,902 |
2,179,660 |
REGIONGARANT Insurance Company OJSC |
990,333 |
2,033,541 |
1,906,104 |
1,479,292 |
1,177,955 |
We are sure that debt monitoring helps to early reveal the insurers’ financial instability.
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