IC Centras Insurance JSC (Kazakhstan) made obligatory reinsurance agreements with leading international reinsurers
16.03.06 19:46
/IC Centras Insurance JSC, March 16, 06/ - On March 1 of 2006 Insurance
company Central Insurance made agreements on obligatory reinsurance with
Lloyd's the biggest player on international insurance market, and with pool of
authoritative western reinsurers.
Now all types of property risks, insured by Centras Insurance, are
automatically reinsured by famous western companies pool - SCOR (France),
Partner Re (Switzerland), Hannover Re (Germany), Transatlantic Re (USA)
and CCR (France).
All risks on cargo insurance, as well as on accidents insurance are
automatically reinsured in the syndicate of world famous corporation Lloyd's
(Great Britain).
Signing of such the agreements us a rather new thing for Kazakhstan's
insurance market, because western reinsurers, obliging themselves to
assume risks automatically, insured by their Kazakhstan partner, want to be
sure in high qualification of their Kazakhstan colleagues.
Talgat Usenov Chairman of Executive committee of IC Centras Insurance
JSC says: "We consider this event as an evidence of big trust of international
insurance community and growth of quality of rendered insuring services in
Kazakhstan to international standards".
Close cooperation of Kazakhstan insurance companies with the biggest
western insuring companies is very relevant on the threshold of Kazakhstan's
entering the WTO. For insurers, regulating their development course on
international standards and basing on reliable reinsurance, it will be more real
to compete with western insurers in case of their coming to Kazakhstan's
market.
"And the major thing is not this, - Usenov says, - but the fact that agreements
signed by us mean 100% guarantee of timely insurance compensation. This
guarantee is secured by our western partners' capitals, their high international
ratings, reputation".
Centras Insurance has got a kind of a card-blanche, letting offer clients
reliable, high-quality and not expensive insurance products. The quality will be
constantly increased due to introduction of new insurance technologies and
products. And on the reason the rates on western market are lower than on
Kazakhstan's one, price of Centras Insurance's products will be competitive.
Automatic reinsurance will also let Centras Insurance offer new products. For
instance, insurance of car and equipment breaking, insurance of profit loss as
a result of car and equipment breaking, electronic equipment insurance,
bridges and constructions insurance etc.
Additional information
Insurance company Centras Insurance JSC, named before as IC Terra JSC,
was founded in 1997. Since April of 2005 its major shareholder is a company,
which is included in the staff of CENTRAS group, which has been working on
the financial markets of Kazakhstan, Russia, Kyrgyzstan, for long time.
History of Lloyd's starts from the XVII century. Today Lloyd's includes
thousands individual and dozens corporate members, united in syndicates.
Equity capital of Lloyd's is over USD20 bn., and annual collection of
insurance premium is over USD25 bn. Total equity capital of SCOR, Partner
Re, Hannover Re, Transatlantic Re and CCR, which are included in a single
pool, is over USD14 bn., volume of premiums - over USD24 bn. (data for
year 2004).
[2006-03-16]