ALROSA to deploy an integrated asset insurance program
Moscow, June 20, 2017 – Alrosa
At the close of the tender, the Company will sign a one-year insurance contract with the SOGAZ Group. The insurance program covers all ALROSA’s main structural subdivisions and 11 affiliates. All property will be insured for RUB 676.8 billion against all risks and at the replacement cost.
According to Akil Zubir, the Head of ALROSA Insurance Division, the insurance program corresponds to the world’s best practices in insurance and risk management. “Previously, structural subdivisions and affiliates insured separate assets and property independently, under different terms and conditions and at the residual value. Over the past two years, the Company has developed a unified approach to asset insurance. During 2016-2017, a comprehensive risk assessment was carried out for all major assets and an integrated insurance program was developed to cover all assets of ALROSA and 11 affiliates of the Group. The program provides for a unified approach to insurance against all risks and assessment of damage at the replacement cost. It brings the Company’s insurance coverage to a whole new level,” says Akil Zubir.
Buildings and structures, machinery and equipment, specialized vehicles, transport facilities, inventories, and assets under construction are subject to insurance. The insurance program also covers capital mining operations, including underground mines. The property will be insured against the risk of loss and damage for various reasons. The aggregate insurance coverage is limited to RUB 676.779 billion.
Apart from the property of structural subdivisions of PJSC ALROSA, the insurance program will cover PJSC Severalmaz, JSC Almazy Anabara, JSC Nizhne-Lenskoye, PJSC ALROSA-Nyurba, JSC Geotransgaz, Urengoy Gas Company LLC, JSC ALROSA-Gaz, JSC Vilyuiskaya HPP-3, JSC Air Company ALROSA, JSC Research and Production Enterprise Bourevestnik, and LLC PTVS (Heat and Water Supply Enterprise).
About the diamond miner insurance group:
The SOGAZ Insurance Group was founded in 1993 and is one of the largest federal insurers in Russia.
We offer more than 100 insurance programmes for individuals and companies across various fields of activity.
The reliability and financial stability of the SOGAZ Group is confirmed by leading international and Russian rating agencies. Quality reinsurance risk coverage as well as the amount of insurance reserves and equity make SOGAZ the most reliable insurance company in the country and ensure the highest level of insurance protection for the Group’s customers.
SOGAZ Group is a recognized leader in the field of corporate insurance. Strategically-important Russian corporations and their employees trust us with their coverage. Clients include the Gazprom Group, Russian Railways JSC, Rosneft, Rosatom SC, Severstal, Evraz Group, Power Machines OJSC, United Machinery Plants, Rosteh SC, United Ship-building Corporation, United aircraft Corporation as well as thousands of other businesses and organizations.
The SOGAZ Insurance Group consists of a dedicated team of specialists with unique market experience, knowledge and technology. The Group’s companies are members of leading professional associations and take an active role in developing the Russian insurance market.