Kazakh insurance company pays on reinsurance cosmic risks agreements

Business Materials 11 February 2009 18:20 (UTC +04:00)

Azerbaijan, Baku, Feb. 11/ Trend U. Ismailova/

Since May 31, 2008 cessation of transmitters occurred because of anomalies at Express-AM2 satellite in geostationary orbit. As a result of this insurance case Dalminer Finance S.A. company suffered damage. The company failed to fulfill liabilities of contracts because of disconnection of channels from the satellite.

Damage of the company was estimated $170,500.
Valuable interest of Dalminer Finance S.A. was reinsured in Eurasia insurance company. Eurasia insurance company paid insured company $4,100 as part of responsibility.

Eurasia insurance company was established in 1995. As of Jan. 1, 2009 company's assets totaled 41.086 billion tenge by increasing 29.5 percent by early 2008. Its capital totaled 25.568 billion tenge, which 18.9 percent more the same index of 2008. Joint volume of accepted insurance premiums in 2008 totaled 19.857 billion tenge, which increased 7.8 percent the same index of 2007. The company paid 2.594 billion tenge on insurance/reinsurance agreements for accounting period.

In 2008 A.M. Best international rating agency confirmed Eurasia insurance company rating of financial stability on the level B++ and loan rating bbb with forecast "stabile".

A.M. Best's rating is the highest one among CIS, Central and Eastern Europe countries.

Average weighted rate of tenge to dollar at KASE Auction totaled 148.11 per dollar on Feb. 10.

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