OREANDA-NEWS. October 17, 2012. Ingosstrakh Insurance Company paid over RUB 68 m to Rostov-on-Don farming companies Krasnaya Zvezda CJSC, Vishnevskoye CJSC and Markinskoye Agricultural Enterprise JSC due to the crops damage resulting from soil drought.

According to insurance agreements concluded between the above companies and Ingosstrakh Insurance Company branch in Rostov-on-Don, the risks of total or partial loss of a number of crops were insured.

The soil drought in summer 2012 prompted winter wheat crops damage incurred by the farming companies Krasnaya Zvezda CJSC, Vishnevskoye CJSC and Markinskoye Agricultural Enterprise JSC. Ingosstrakh Insurance Company branch in Rostov-on-Don recognized the events of each of the above listed companies as insured events and paid the insurance indemnification in accordance with the terms and conditions of the insurance agreements. Indemnity amounts for Krasnaya Zvezda, Vishnevskoye and Markinskoye Agricultural Enterprise totaled RUB 28.3 m, RUB 27 m and RUB 12.9 m, respectively.

Krasnaya Zvezda CJSC, Vishnevskoye CJSC and Markinskoye Agricultural Enterprise JSC are members of the holding controlled by Russkaya Zemlya LLC (RZ Agro Group). Russkaya Zemlya company (RZ Agro Group) is specializing in grain and oil crop production and sales, direct investments in acquisition of grain crop production companies in Southern, North Caucasian Federal Districts and Central Black Earth Economic Region.