OREANDA-NEWS. Ingosstrakh Insurance Company made payment of reinsurance recovery in the amount of more than USD 1.4M due to the fact of Sich-2 satellite vehicle total loss.

On August 17, 2011, Sich-2 satellite vehicle was launched by the Dnepr carrier rocket from Yasnyi launch base (Orenburg Oblast, Russia). Since December 12, 2012, connection of the satellite vehicle with the means of ground monitoring has been lost as a result of breakdown of hypergolic power supply subsystem battery. Because of total power supply absence on board of the satellite vehicle, its further operation on orbit is impossible.

The total loss of Sich-2 was classified as an insurable event, and Ingosstrakh Insurance Company paid the reinsurance recovery according to terms of the retrocession treaty between Ingosstrakh Insurance Company and Rosles Re LLC.