OREANDA-NEWS. November 7, 2011. Kyrgyzinstrakh Insurance, in which Ingosstrakh Insurance Company has a share, commemorates 15 years since its foundation.

In 1996 Ingosstrakh Insurance Company became a co-founder of an insurance firm to be established in accordance with a decision by Kyrgyzstan government. The firm was intended to protect international contracts of the country. The speciality of the new firm was in line with Ingosstrakh’s exhaustive experience in the field, as Ingosstrakh had traditionally insured risks of international trading. The decision to create a private joint-stock company to insure international contracts of Kyrgyzstan was taken on October 31, 1996.

Since then, Kyrgyzinstrakh Insurance actively grew to became a universal insurer and an indisputable leader of the market in terms of premiums collected and performance indicators achieved.

In August 2004 Kyrgyzinstrakh Insurance signed an agreement in Helsinki to enter the INGO International Insurance Group. According to the agreement, Kyrgyzinstrakh Insurance cooperates with other members of the INGO Group for purposes of insurance and reinsurance to provide its customers with solid protection against business risks.

Kyrgyzinstrakh Insurance offers a broad range of insurance services, of both mandatory and voluntary kinds. Currently the Company holds licenses for 26 kinds of voluntary insurance policies and 4 kinds of mandatory policies.

The preliminary reports for the year of 2011 show that, from January 01 to October 01, Kyrgyzinstrakh Insurance has received premiums of KGS 441.6+ mln (USD  9.6+ mln). This makes Kyrgyzinstrakh Insurance the leading insurer of the country.

In the first 9 months of 2011, claims settled by the Company exceeded KGS 8.7 mln, while in the first 9 months of 2010, claims paid totaled KGS 2 mln.

The Company leads the national market in the following segments: voluntary kinds – property and liability insurances; mandatory kinds - liability of employers, carriers of dangerous cargos, and operators of dangerous facilities.

The list of Company customers includes both international entities and Kyrgyz industrial companies and financial institutions. Among them, there are the National Bank of the Kyrgyz Republic, the European Bank for Reconstruction and Development, ОАО Unicredit Bank Kyrgyzstan, audit companies KPMG, Ernst & Young, Pricewaterhouse Coopers; industrial companies АО Kyrgyz Petroleum Refinery Company, ZAO Coca Cola Bishkek Bottlers, AO Bishkeksut, АО Reemstma Kyrgyzstan, the Russian Federation Embassy in the Kyrgyz Republic, the Representative Office of the Russian Ministry of Internal Affairs at the Russian Federation Embassy in the Kyrgyz Republic, the Representative Office of the Russian Federation Customs in the Kyrgyz Republic, the Trade Representative Office of the Russian Federation in the Kyrgyz Republic, and more.

This year, the company has entered a number of policies, and among the largest of them, the policy of ZAO Kumtor Operating Company to insure its property against all risks with the limit of KGS 74,9 bln (USD 1.6 bln).

In the years of its existence, the Company has settled a number of largest claims in the national market. In particular, in 2006 the insurer paid KGS 38.6 mln to Across Aviation FZE under the aviation insurance policy, and in 2009, KGS 26.0 mln under the property insurance policy.

For 15 years, the Company is continuously headed by Chair of Board Elmira Seidakhmetova. She joined the insurance industry in 1974, and since then was awarded the title “Honoured Economist of the Kyrgyz Republic” and participated in the establishment of Kyrgyzinstrakh Insurance. She has always been well respected among insurers both in the country and abroad. In 2002 to 2011 Elmira had the vice president’s responsibilities, and currently she presides the Association of Kyrgyz Insurers.

Kyrgyzinstrakh Insurance received the Kyrgyz Government Award for its business achievements and strong contribution into the country’s economy, and letter of commendation from the Kyrgyz State Agency for Financial Control and Reporting, for the company’s contribution into the development of national financial services.

Tatiana Kaigorodova, Chair of Councel of Kyrgyzinstrakh Insurance, and Deputy General Director of Ingosstrakh Insurance Company, says that Ingosstrakh, as a leading insurer of the Russian Federation and CIS countries, participated in foundation and development of independent insurance market in the Kyrgyz Republic. Our company became an investor, founder, and shareholder of Kyrgyzinstrakh Insurance. Through our financial and procedural support, Kyrgyzinstrakh Insurance has earned its reputation as a reliable and steady insurer. Today the company leads the insurance market in Kyrgyzstan.

The Kyrgyzstan insurance market is still relatively small, yet it shows a steady growth trend. For all these years, as we have not had any doubts in the company’s prospects, Ingosstrakh Insurance Company has taken steps to ensure a strong financial position of its subsidiary and enlarged its shareholders’ capital not once by various means including the investment of our own funds. We intend to further develop businesses of Kyrgyzinstrakh Insurance and maintain its market position, while improving the company’s efficiency and profitability,” said Tatiana Kaigorodova.