GLINSO March 2013 Reinsurance Market Overview

March

2013
GLOBAL INSURANCE SOLUTIONS
REINSURANCE MARKET REVIEW

HISTORY OVERVIEW CASE STUDY
From the 1990 and Financial statistics, Non-sanctioned
up to now classes of business, potential capacity
loss history

! ! page 1

HISTORY OF
THE RUSSIAN INSURANCE MARKET

The history of the modern Russian insurance & reinsurance left to the domestic players. At the moment there are over
market started in 1990. We can consider the Russian 200 insurance companies operating in Russia, and over 50 of
reinsurance market to become relatively independent around them accept risks from abroad.
1992 when the first national reinsurance companies began to Now, we would like to come to the main factors
appear. promoting the further development of the Russian
Currently, the Russian reinsurance market is represented reinsurance market and its integration into the global market.
by three groups of operators providing inward reinsurance 1. On the 1st of January 2012 the minimum requirement for
services. The first group is composed of Russian composite the share capital for companies licensed to operate as
insurance companies, also involved in reinsurance. The second inward reinsurers was increased from USD 4.07 Mio to
group consists of Russian specialized reinsurance companies USD 16.3 Mio. This will lead to the increase of
(licensed exclusively for reinsurance). And finally, foreign reinsurance capacities, improve reliability of the
insurance and reinsurance companies can be referred as the reinsurance market and force occasional (weak) players
third group. to leave the market.
Division of market sectors between these groups and their 2. Lately western reinsurance companies started to
specialization can be described in general as follows: reconsider the terms of reinsurance treaties concluded
Foreign reinsurers are involved in reinsurance of large with Russian insurers. Top international reinsurers have
property, engineering and marine risks. Russian begun to pay more attention to terms and limits of
specialized reinsurers operate in reinsurance of indirect sections. As a result, some specific risks
motor, financial risks, cargo, engineering, property previously reinsured abroad within the extensive
USD 16 mio
and other risks etc. And composite insurance treaty limits, can return to the Russian
minimal paid-up
companies do not occupy any particular market capital for reinsurance market.
niche and do not have any specialization. On one reinsurers 3.The introduction of new compulsory types of
hand, their source of inward reinsurance has been insurance led to the prompt development of the
based on the reciprocity of risk exchange with other Russian insurance market. The introduction of
insurers; on the other hand, some of composite players have compulsory liability insurance for hazardous industrial
built up sufficient capacities to reinsure significant lines of facilities (HIV) can greatly contribute to the Russian
business. reinsurance market growth, as under this law a national
It's fair to say that Russia has developed a sound reinsurance pool will be formed. Since the law on
reinsurance market, where one can find companies of different compulsory HIV liability insurance was introduced at the
value and specialization. This is confirmed by the percentage 1st of January, 2012, over 138,000 of compulsory
for premiums transferred from Russia to foreign reinsurers: the insurance contracts have been already signed with the
results of the first half of 2011 show 57% of reinsurance overall written premium exceeding RUB 5.6 billion (USD
premiums have been transferred abroad, and 43% have been 190 Mio).

! ! page 2

The Russian reinsurance market directly depends on the Comparing the Western reinsurance market to the Russian
general stability and growth rate of the domestic insurance one we can identify a number of differences. Generally speaking
market. The reinsurance industry surprisingly easy to it is possible to place a major risk in the Russian market at a
overcame the difficulties of recent years. Many companies lower cost and with more reasonable deductibles. According to
have come out of the financial crisis with relatively good Western reinsurers, the difference between Russian and Western
results. Russian insurance market recently has been showing facultative reinsurance lies mainly in the area of the cost of
a clear positive trend. It is steadily growing at some 15-17% reinsurance coverage for certain risks. Due to some internal and
per year and gradually approaches the international external factors Russian reinsurance industry enjoys lower
operational standards. production costs leading to rather attractive pricing for
The Russian market has successfully overcome the test reinsurance products. This does not mean that our reinsurance
of paying large losses. For example, Russian reinsurance is cheap, but if compared to the international market, does not
market has covered more than half of a USD 31 Mio loss due seem that expensive.
to 2006 accident at Azovstal Metallurgical Palnt in Ukraine. A Russian reinsurers have learned to operate in accordance
substantial part of the USD 75 Mio loss caused by fire at the within the best Western standards and have made transparent
warehouse of Protek Company - the largest pharmaceutical their financial performance. At the same time the cost of
distributor in the country, was also paid up by Russian reinsurance in the Russian market is lower (And this cost is
reinsurers. inevitably included into the basic rate for the original insured).
Concordia an Industrial Complex in Kaliningrad region With this in view, it appears rather dubious whether to consider
suffered a huge fire on June 11, 2010. Total sum insured the fact that the risk is reinsured in the international market (at a
under the policy of Military Insurance Company exceeded higher price and with no guaranteed reliability) to be really
USD 100 Mio. advantageous for the client.
The main part of the risk was placed under a treaty with Another important advantage of our market is our highly
the leaders of Russian and international markets. As a result educated and professional staff grown up in Russian reinsurance
Concordia received from the insurer reimbursement in the companies. In addition to the traditionally good basic education
amount of USD 70 Mio. many Russian underwriters, lawyers, financial officers have
That’s why we can say that Russian companies are able passed training abroad and/or have got academic degrees. To
to provide reliable reinsurance cover for larger risks. operate in the international market it is vitally important to speak
Rating of financial stability is an important indicator of foreign languages fluently. The majority of Russian underwriters
the company’s financial standing. With the assistance of the engaged in foreign reinsurance speak English or other
international rating agencies such as Standard & Poor's, international languages. In any case brokers are ready to assist
Fitch Ratings, A.M.Best and Moody's Russian reinsurance in this issue.
market has made a good step forward in this direction. Today foreign business is an important trend which supports
Today nearly two dozen insurance and reinsurance the positive development of the national reinsurance market. The
companies in Russia including almost all national market share of foreign risks in the portfolio of Russian Reinsurance
leaders are rated by international agencies. Let me remind companies has been steadily growing for the last six years and
you that Russia's sovereign rating is BBB in accordance to reached almost one third of the overall reinsurance premiums
the S&P scale. Besides, there are a number of reinsurance written by them in 2012 - 32%.
operators in Russia who being one of the industry leaders, In view of the growing demand for alternative capacities in
have no international ratings. the world market the share of risks coming to Russian reinsurers
Such companies, e.g. Soglasie, from abroad (mostly from the Middle East and South-East Asia)
Military Insurance Company (VSK) and some others are is getting larger and larger.
without doubt strong players in the reinsurance market. In conclusion we would like to mention the unique feature of
However, thanks to their specialization in servicing domestic the Russian reinsurance market. From the very beginning of the
clientele they have never applied for the international rating. 1990s our reinsurance market has been completely open to
Nevertheless this in no way prevents them from actively foreign players, and all this time Russian companies have been
accepting inward risks from abroad. directly competing with the leaders of the international
Today Russian reinsurance market does not claim to be reinsurance industry. And not they only did survive, but just in 20
a worldwide leader. However, along with leading markets we years have covered the path that Western reinsurers have been
always need supporting markets. And as a supporting passing for centuries. And now Russian reinsurers are catching
capacity, we are quite successfully. up the leaders of the market.

! ! page 3

Russian market in terms of ﬁnancial standings
Paid-up Capital Assets Reserves
Company Name
(Mio. USD) (Mio. USD) (Mio. USD)
1 Rosgosstrah 270.45 4,469.47 2,246.04
2 SOGAZ 503.72 4,106.94 2,430.46
3 Ingosstrah 83.33 3,088.66 2,039.71
4 RESO-Garantia 103.33 2,057.39 1,162.00
5 Alfa Insurance 166.67 1,530.97 806.98
6 Military Insurance Company 106.67 984.85 666.49
7 Moscow Insurance Group 317.41 903.83 512.79
8 MAKS 70.00 849.36 501.46
9 Soglasie 166.26 809.26 492.33
10 Renaissance Insurance Group 70.32 768.49 411.11
11 VTB Insurance 51.33 665.94 448.64
12 Uralsib Insurance Group 111.66 461.91 317.77
13 Transneft 70.00 458.97 271.46
14 Ugoria 61.11 356.73 198.33
15 GUTA Insurance 50.93 312.29 180.78
16 Energogarant 36.83 292.06 162.10
17 Russian Insurance Center 25.00 229.19 144.48
18 Pomosch Insurance Group (Giva) 55.33 197.13 86.06
19 Surgutneftegaz 25.33 153.49 103.30
20 BIN Insurance 35.67 128.87 67.08
21 Chulpan 16.67 123.09 39.72
22 NASKO 30.00 107.98 73.10
23 Pari 16.67 87.98 53.14
24 NPSK 21.67 84.15 45.04
25 RegionSouz 50.00 77.35 20.74
26 RegionGarant 16.67 70.71 33.14
27 Megaruss D 18.33 64.64 25.67
28 IBG 16.73 63.66 17.12
29 Severnaya Kazna 16.08 62.01 40.03
30 TIT 16.00 58.09 25.87
31 OSK 18.70 52.23 26.43
32 ASKO 16.00 50.28 19.68
33 Euro-Polis 21.20 49.19 24.18
34 KAMA RE 21.00 38.86 13.38
35 Britanskiy Strahovoi Dom 16.67 37.00 12.99
36 Spasskie Vorota 16.00 36.74 12.12
37 ALROSA 20.80 36.24 11.99
38 Rosles 21.67 25.70 1.17
39 ZHASO Group 50.00 undisclosed undisclosed
40 National Insurance Group 33.33 undisclosed undisclosed
*ﬁgures valid at 25 January 2013

! ! page 4

Financial results
(Mio. USD)
Company Name
2010 2011 2012
GPW Losses GPW Losses GPW Losses
1 Rosgosstrah 2,690.26 619.11 3,161.98 1,325.69 4,012.43 1,317.89
2 SOGAZ 1,736.12 221.39 2,207.24 847.75 2,804.75 908.02
3 Ingosstrah 1,546.39 670.93 1,931.72 944.99 2,501.76 1,394.68
4 RESO-Garantia 1,206.17 368.89 1,513.75 763.70 1,749.82 874.61
5 Alfa Insurance 775.01 203.62 1,118.93 423.39 1,369.22 461.12
6 Military Insurance Company 861.79 279.10 1,025.09 570.17 1,160.58 560.58
7 Moscow Insurance Group 674.81 175.80 703.10 370.28 667.95 479.72
8 MAKS 326.90 54.00 420.64 264.63 535.86 305.28
9 Soglasie 556.92 154.66 908.52 419.51 1,155.85 588.10
10 Renaissance Insurance Group 428.24 162.24 514.17 281.79 610.05 434.30
11 VTB Insurance 185.06 34.13 315.59 69.84 768.94 208.93
12 Uralsib Insurance Group 348.75 180.66 385.01 228.41 462.10 238.54
13 Transneft 149.89 27.80 257.52 81.51 290.91 117.22
14 Ugoria 332.43 85.91 266.08 189.86 289.52 204.38
15 GUTA Insurance 169.35 59.42 236.42 106.65 265.14 110.11
16 Energogarant 176.51 33.33 208.87 79.62 263.83 88.34
17 Russian Insurance Center 105.05 18.61 106.65 20.74 103.70 45.69
18 Pomosch Insurance Group (Giva) 52.00 5.22 72.77 7.41 87.01 11.11
19 Surgutneftegaz 131.43 45.01 144.29 98.61 166.74 117.68
20 BIN Insurance 98.49 38.37 98.74 54.76 99.79 57.42
21 Chulpan 66.22 3.67 76.91 28.32 58.30 28.53
22 NASKO 66.58 42.10 64.33 42.10 73.15 20.33
23 Pari 45.09 8.71 56.45 15.28 63.89 16.05
24 NPSK 31.69 12.72 47.42 25.86 48.61 13.47
25 RegionSouz 17.96 3.30 22.71 5.22 30.07 6.49
26 RegionGarant 24.65 3.58 29.15 4.86 36.71 7.42
27 Megaruss D 80.63 18.43 81.19 31.32 73.49 28.31
28 IBG 15.95 1.19 26.99 1.87 30.67 2.44
29 Severnaya Kazna 25.75 7.02 60.42 20.68 86.11 26.00
30 TIT 21.55 2.32 26.62 2.56 29.85 3.41
31 OSK 30.44 8.08 43.16 19.61 61.59 25.79
32 ASKO 41.53 7.97 49.04 30.33 62.14 34.31
33 Euro-Polis 7.55 0.93 25.89 7.02 58.28 13.63
34 KAMA RE 5.71 1.17 11.26 1.83 23.56 2.40
35 Britanskiy Strahovoi Dom 18.52 2.52 21.97 3.33 41.37 3.96
36 Spasskie Vorota 17.27 4.89 20.50 6.60 21.05 7.69
37 ALROSA 14.50 1.18 17.35 7.17 21.28 7.82
38 Rosles 12.43 3.70 13.99 5.73 14.32 13.33
39 ZHASO Group 328.55 40.09 348.97 249.05 415.49 258.96
40 National Insurance Group 80.24 13.41 104.77 26.28 116.98 27.69

! ! page 5

Ratings
Company Name National S&P Fitch Ownership Structure
Agency National International National International
1 Rosgosstrah A++ AA- BB- (stable) Privately owned
2 SOGAZ A++ AA+ BBB- (stable) Gas company
3 Ingosstrah A++ A++ BBB- (stable) Privately owned
4 RESO-Garantia A++ AA+ BB+ (stable) Privately owned
5 Alfa Insurance A++ A+ BB- (stable) Bank owned
6 Military Insurance Company A++ Privately owned
7 Moscow Insurance Group A+ AA- BB (stable) Bank owned
8 MAKS A++ Privately owned
9 Soglasie A+ Privately owned
10 Renaissance Insurance Group A++ Privately owned
11 VTB Insurance A++ AA+ BBB- (negative) Bank owned
12 Uralsib Insurance Group A+ Bank owned
13 Transneft A++ AAA BBB (stable) Oil company
14 Ugoria A+ Government owned
15 GUTA Insurance A+ Privately owned
16 Energogarant A++ AA- BB- (stable) Privately owned
17 Russian Insurance Center A BBB B (stable) Privately owned
18 Pomosch Insurance Group (Giva) A A- B (stable) Privately owned
19 Surgutneftegaz A+ Oil company
20 BIN Insurance A Bank owned
21 Chulpan A+ Privately owned
22 NASKO A Privately owned
23 Pari A+ Privately owned
24 NPSK n/a Privately owned
25 RegionSouz A Privately owned
26 RegionGarant n/a Privately owned
27 Megaruss D n/a Privately owned
28 IBG A Privately owned
29 Severnaya Kazna A Bank owned
30 TIT A+ Privately owned
31 OSK A Privately owned
32 ASKO A Privately owned
33 Euro-Polis A Bank owned
34 KAMA RE A Privately owned
35 Britanskiy Strahovoi Dom B+ Privately owned
36 Spasskie Vorota A+ Privately owned
37 ALROSA A+ Diamond company
38 Rosles B++ Privately owned
39 ZHASO Group A+ Railroad company
40 National Insurance Group A Privately owned

! ! page 6

Inward reinsurance Liability risks
GPW Losses Company name GPW Losses
Company name (Mio. USD) (Mio. USD) (Mio. USD) (Mio. USD)
2010 2010
1 Ingosstrah 115.31 63.25 1 Ingosstrah 95.70 29.31
2 Rosgosstrah 104.36 70.88 2 SOGAZ 79.35 2.77
3 SOGAZ 65.20 21.74 3 Rosgosstrah 73.50 8.51
4 Military Insurance Company (VSK) 47.45 4.82
4 Moscow Insurance Group 36.03 29.30
5 RESO-Garantia 30.17 5.22
5 Unity Re 34.07 11.19
6 Alfa Insurance 29.52 2.40
6 Soglasie 33.98 4.66
7 Pomosch Insurance Group (Giva) 22.89 0.09
8 Soglasie 22.37 1.27
8 Transib Re 26.08 16.71
9 Russian Insurance Center 20.70 0.51
10 Spasskie Vorota 13.49 1.16
11 Rosles 12.50 3.68 2011
12 TIT 8.75 1.04 1 Rosgosstrah 118.26 16.61
13 Energogarant 6.79 2.11 2 Ingosstrah 102.03 26.94
14 Pomosch Insurance Group (Giva) 6.53 0.33 3 Alfa Insurance 59.64 5.10
4 SOGAZ 56.61 6.19
2011 6 RESO-Garantia 40.79 8.16
1 Ingosstrah 110.60 92.26 7 Soglasie 27.30 2.48
2 SOGAZ 84.51 36.06 8 Pomosch Insurance Group (Giva) 23.29 0.09
3 Rosgosstrah 90.98 32.00 9 Russian Insurance Center 18.12 2.44
4 Unity Re 42.77 8.71 10 Moscow Insurance Group 18.12 1.99
ﬁrst half of 2012
6 VTB Insurance 30.63 0.62
1 Rosgosstrah 100.87 18.10
7 Soglasie 26.67 13.89
2 Ingosstrah 92.70 30.13
8 Transib Re 24.67 13.93
3 SOGAZ 56.02 2.28
12 Rosles 15.90 6.23
7 Soglasie 24.14 2.83
13 TIT 13.99 5.75
14 Pomosch Insurance Group (Giva) 12.78 4.26
15 KAMA RE 12.18 2.22
10 Britanskiy Strahovoi Dom 10.67 0.00
Company name ﬁrst half of 2012
1 SOGAZ 86.49 n/a
2 Ingosstrah 80.35 n/a
3 Rosgosstrah 61.06 n/a
4 Unity Re 23.44 n/a
5 Soglasie 14.15 n/a
6 RESO-Garantia 13.66 n/a
7 KAMA RE 12.54 n/a
8 Alfa Insurance 11.22 n/a
9 Military Insurance Company (VSK) 10.17 n/a
10 Pomosch Insurance Group (Giva) 6.89 n/a
11 Rosles 6.35 n/a
12 Transneft 6.08 n/a
13 TIT 6.78 n/a
14 Energogarant 4.72 n/a
15 VTB Insurance 3.71 n/a

! ! page 7

Marine risks Cargo risks
GPW Losses GPW Losses
Company name (Mio. USD) (Mio. USD) Company name (Mio. USD) (Mio. USD)
2010 2010
1 Ingosstrah 27.65 16.61 1 Rosgosstrah 43.23 1.46
2 Military Insurance Company (VSK) 16.64 9.29 2 SOGAZ 42.72 2.51
3 Rosgosstrah 15.22 24.46 3 Soglasie 34.73 1.13
4 RESO-Garantia 13.06 7.66 4 Ingosstrah 26.43 5.31
5 SOGAZ 8.98 12.23 5 Military Insurance Company (VSK) 21.87 0.18
6 Russian Insurance Center 5.64 0.09 6 BIN Insurance 18.04 0.17
7 Alfa Insurance 2.68 1.16 7 Pari 13.26 2.52
8 Soglasie 2.68 1.54 8 Military Insurance Company 12.35 2.88
9 VTB Insurance 2.67 0.54 9 Russian Insurance Center 11.71 2.51
10 Ugoria 2.55 2.64 10 Renaissance Insurance Group 11.46 1.96

2011 first half of 2012
1 Ingosstrah 30.71 15.94 1 Rosgosstrah 54.15 13.81
2 Military Insurance Company (VSK) 14.83 10.09 2 SOGAZ 40.80 3.22
3 Rosgosstrah 14.70 8.09 3 National Insurance Group 23.19 0.20
4 RESO-Garantia 13.74 8.75 4 Ingosstrah 22.66 13.81
5 Soglasie 11.70 3.05 5 Pari 15.00 2.54
6 SOGAZ 9.60 8.79 6 Alfa Insurance 12.93 4.60
7 Alfa Insurance 3.35 1.71 7 RegionGarant 12.05 0.05
8 Russian Insurance Center 2.97 0.21 8 RESO-Garantia 11.15 4.04
9 Renaissance Insurance Group 2.97 2.95 9 Military Insurance Company (VSK) 11.01 2.87
10 Ugoria 2.97 1.61 10 Soglasie 8.81 1.77

first half of 2012 2011
1 Ingosstrah 23.96 7.82 1 Soglasie 58.23 1.59
2 Rosgosstrah 20.27 5.36 2 SOGAZ 53.22 5.70
3 SOGAZ 14.62 3.95 3 Rosgosstrah 49.50 1.89
4 RESO-Garantia 11.96 7.90 4 National Insurance Group 28.02 0.22
5 Soglasie 11.69 0.72 5 Ingosstrah 26.12 8.82
6 Military Insurance Company (VSK) 9.36 6.58 6 Pari 19.16 3.26
7 Russian Insurance Center 7.90 1.21 7 Alfa Insurance 16.90 4.28
8 Alfa Insurance 4.45 4.08 8 RESO-Garantia 15.62 2.02
9 Renaissance Insurance Group 2.79 3.86 9 Military Insurance Company (VSK) 14.18 2.18
10 Ugoria 1.92 0.74 10 RegionGarant 14.18 0.00

Property risks
GPW Losses
(Mio. (Mio.
Company name USD) USD)
2011 first half of 2012
2010
1 Rosgosstrah 1,617.86 619.73 1 Rosgosstrah 1,385.57 438.03
1 Rosgosstrah 1,563.12 619.11
2 Ingosstrah 1,289.33 658.84 2 SOGAZ 1,247.88 175.31
2 SOGAZ 996.71 221.39
3 SOGAZ 1,160.25 258.36 3 Ingosstrah 1,135.94 777.10
3 Ingosstrah 982.94 670.93
4 RESO-Garantia 947.26 432.71 4 RESO-Garantia 794.40 397.55
5 Military Insurance Company
616.41 373.36 5 Alfa Insurance 563.19 184.05
5 Military Insurance Company
540.93 279.10
6 Alfa Insurance 601.51 246.46 6 Soglasie 534.42 271.06
7 Soglasie 600.18 251.58 7 Military Insurance Company
445.17 252.25
7 Soglasie 380.76 154.66
8 Moscow Insurance Group359.35 199.02 8 Renaissance Insurance Group 256.59
285.86
8 Renaissance Insurance Group
263.90 162.24
9 Renaissance Insurance Group
322.57 198.56 9 Moscow Insurance Group
260.01 197.72
9 Moscow Insurance Group332.99 175.80
10 Uralsib Insurance Group 322.57 123.61 10 Uralsib Insurance Group
173.48 98.37
10 Uralsib Insurance Group 191.27 180.66
11 Ugoria 204.15 114.67 11 Ugoria 127.84 98.85
11 Ugoria 154.17 85.91
12 MAKS 201.58 61.65 12 Transneft 118.10 34.45
12 MAKS 116.41 54.00
13 GUTA Insurance 161.40 74.27 13 VTB Insurance 118.05 61.75
13 GUTA Insurance 115.76 59.42
14 Transneft 144.38 19.40 14 GUTA Insurance 109.29 53.63
14 Energogarant 100.98 33.33
15 Energogarant 126.05 40.22 15 Energogarant 100.17 36.35
16 VTB Insurance 113.09 44.79 16 MAKS 95.07 60.24
17 Russian Insurance Center112.39 13.81 17 National Insurance Group
59.25 10.93
17 Transneft 84.40 27.80

! ! page 8

MAJOR RUSSIAN INSURANCE LOSSES
Over the past twelve years the 2010
Russian insurance & reinsurance market
USD 1.5 Mio - explosion
has become a mature, well-managed
at metal producing plant in
and regulated part of Russian economic
Ukraine
life. In 2012 more then 10 bn USD have
USD 2.2 Mio - loss of an
been paid by Russian companies to
Indonesian space satellite
their clients both locally and abroad.
USD 200 Mio - loss on a
Russian Insurers have accumulated a
hydro plant in Russia
unique experience of handling all types
USD 70 Mio - loss as
of losses - marine, space, engineering, Max loss
a result of an
property, power generation, aviation,
earthquake over 315 million US
CAT. Due to the vast territory of Russia Dollars
USD 35 Mio - loss
as a result of
and different types of climate zones our
at new power plant explosion on a
surveyors know how to deal with losses metal producing
USD 100 Mio - loss
in tundra, the desert, mountains or even plant
at meat producing plant 2005
within conditions of permanent frozen
USD 2.5 Mio - helicopter USD 2.5 Mio - marine loss
ground. Below you will see a brief
crash USD 2 Mio - damage of the Boeing 767
overview of some of the losses paid by
aircraft
the Russian market in the past twelve 2009
years, believe us - this is just a small
USD 34.2 Mio - partial loss of a Russian 2004
number of them - for a more in-depth
space satellite USD 1.2 Mio - marine loss
analysis we would need much more
USD 16.4 Mio - loss of an Аirbus 310-324 USD 1.1 Mio - marine loss
time and space than this presentation
USD 10 Mio - loss due to fire at logistic USD 1 Mio - marine loss
allows us. In any case we would be
center in Russia
delighted to answer any questions you
USD 10 Mio - agriculture loss in Russia 2003
may have or supply you particular
USD 1.1 Mio - marine loss
details on any of the mentioned losses. 2008 USD 0.9 Mio - cargo loss
USD 3.5 Mio - marine loss
2012
USD 2.7 Mio - marine loss 2002
USD 38.5 Mio - total loss of a Russian
USD 2.2 Mio - marine loss USD 9 Mio - CAT event in Peru
space satellite
USD 3 Mio - cash in transit USD 7 Mio - explosion at metal producing
USD 5.2 Mio - agriculture loss in Russia
plant in Russia
USD 2 Mio - CAT loss in North Korea 2007
USD 315.4 Mio - explosion at metal 2001
2011
producing plant in Russia USD 1 Mio - fire in a shopping center
USD 28.7 Mio - loss of AN-148 aircraft
USD 70 Mio - total loss of a Russian
space satellite 2000
space satellite
USD 2.3 Mio - agriculture loss in Russia 2006 space satellite
USD 75 Mio - loss due to fire at logistic USD 9 Mio - loss during construction of
center in Russia an irrigation system
USD 4.4 Mio - total loss of a Russian USD 1.9 Mio - loss during construction of
space satellite a business center

! ! page 9

GLINSO OVERSEAS
risks from South-East Asia is a
great example.
The markets which were
GLINSO Insurance Brokers started
treated outsiders 20 years ago
overseas activities since early 2011, one and
are strong competitors to
a half year after incorporation.
Europe or London now. We
Today we are working with over one
believe a worldwide force in
hundred fifty companies capable to deal with
whole insurance industry is by
inward reinsurance. We have strong
far greater then classic scheme
partnership relations with over 30 countries,
to secure all the business in a
and are proud to add - with no overdue claim
limited number of the usual big
payments.
companies.
We are very happy with our positive
Diversification is a must
working experience with Russian, Indian,
for insurance business itself Over 30
African, Chinese reinsures.
enforcing the effect of large
Where traditional markets find some partner
numbers. And history shows
types of business unworthy of their time, countries
diversification is strongly
Russians enjoyed a trustworthy profitable
required not only for
business for the last years. Selective marine
mathematical reasons, but for
political risks also.
We are also very interested in additional
Diversification high level capacity which non-classical
is a must for insurance overseas Reinsurers can surely provide.
business itself enforcing We are hoping for a very positive, strong
the effect of large and longterm cooperation with the market and
numbers law. hope our suggestions will be taken into
account.

GLINSO REINSURANCE MARKET REVIEW
21 Noviy Arbat str., Office 1233
Moscow, 119019, Russia

GLINSO March 2013 Reinsurance Market Overview

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