OREANDA-NEWS. November 16, 2010. IC ROSNO has completed performance of its obligations to OJSC RusHydro arising as a result of the world’s largest insured accident in the field of energy risk insurance: the catastrophe at the Sayano-Shushenskaya HES which happened on 17 August 2009. As of 10 November 2010, the aggregate insurance compensation paid by IC ROSNO under the property insurance contract concluded with OJSC RusHydro amounts to 200 mln US dollars, reported the press-centre of ROSNO.

Seriously damaged by the August 2009 accident, the Sayano-Shushenskaya HES had been insured with ROSNO under the corporate property insurance contract concluded with OJSC RusHydro.

The company has paid insurance compensation for each insured accident within the insurance compensation limit under the concluded insurance contract. This compensation became the largest in the Russian insurance market.

Mr. Evgeny Dod, Chairman of the Board of OJSC RusHydro, comments: "It has to be acknowledged that we can make correct assessment of the quality of insurer’s services and conclude whether we had chosen a proper insurance partner only when we face an insured accident. The catastrophe at the Sayano-Shushenskaya HES is unprecedented both for the hydropower industry, and for the insurance market. Nevertheless, our interaction with ROSNO during the loss settlement process was professional and absolutely constructive. We are also grateful to ROSNO for the expert assistance it provided and for the customer focus it displayed when performing its obligations".

The amount of funds dedicated to compensation of losses under the insured accident at the Sayano-Shushenskaya HES was formed by ROSNO out of own capital and out of the funds received under reinsurance contracts.

Presently, ROSNO is completing settlement of the insured event under reinsurance contracts. In general, all payments are made in accordance with the previous agreements with the company’s reinsurance partners. Since one of the reinsurance pool members has not yet confirmed readiness to make its payment, the company has formed a provision of 34 mln US dollars.