OREANDA-NEWS. Ingosstrakh Insurance Company increased ship owner P&I insurance limit up to USD 1 b, thus becoming the only commercial insurer on Russian ship owner P&I insurance market that provides this amount of limit and ranking the second commercial insurer in the world.

At year-end 2012, ship owner P&I insurance market made RUB 1.6 b, with Ingosstrakh Insurance Company collecting RUB 0.7 and accounting for 44 % share on Russian market.

Among the largest P&I events settled by the company over the last years there are: payment related to grounding of Jane motor ship in 2007, in the amount of USD 14,168,000; insurance indemnity of USD 5,720,000 in 2012, due to loss of Tanya Karpinskaya ship in the waters of Niigata port (Japan); payment of USD 3,200,000 on account of harbor crane and moorings damage in Dammam port (Saudi Arabia) by Agios Vartholomeos motor ship in 2011; insurance indemnity of USD 910,000 due to Arkaim-6 motor ship collision with a fishing boat in China in 2011; payment of USD 2,215,000 following Siderfly motor ship collision with Coral Ivory ship in Kiel Canal in 2013.

It should be reminded that Ingosstrakh Insurance Company has worked on marine insurance market since 1947, being one of few insurers in the world that is in position to offer all types of marine insurance to ship owners at once: ship hull insurance, ship owner and charterer P&I insurance, as well as human rights insurance. As a commercial insurer, Ingosstrakh Insurance Company, as opposed to P&I clubs, does not collect any additional payments from ship owners and determines insurance premium amount individually.