SOGAZ Renews Russia's Major Per-Risk Property Treaty
OREANDA-NEWS. SOGAZ Insurance - a key member of Sogaz Insurance Group „џ renewed the Per-Risk Property Treaty for 2015. Its capacity is the largest in the Russian insurance market - 11,250,000,000 rubles.
"The per-risk Property Treaty includes coverage on all lines of property risks, including insurance of machinery breakdown, business interruption, and other risks and additional coverage," said Dmitry Talaev, Executive Director, Member of the Management Board, SOGAZ Insurance. "The per-risk Property Treaty will make it possible to maximize protection of risks of major corporate clients of SOGAZ in the gas, petrochemical, power, and metallurgy industries."
Parties to the contract are more than 25 leading international insurance and reinsurance companies. At least 90% of the total limit of coverage under the per-risk program is reinsured in companies with international financial strength rating of at least "A-" by Standard & Poor's and A.M. Best.
SOGAZ ranks first among Russian insurers in terms of corporate property insurance with a market share of 40.2% (according to the Central Bank of the Russian Federation for the first 9 months of 2014). Total premiums for contracts transferred to reinsurance for the same period exceeded 13.5 billion rubles.
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