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09.11.2006

Pharmaceutical Company Gets Russia’s Record Insurance Payment of $100M — Paper

Russian daily Kommersant reported on Wednesday, Nov. 8, that Ingosstrakh insurance company will pay out the largest insurance claim in all history of Russian insurance market.

A payment of $100 million will be paid out to one of Russia’s largest pharmaceutical companies, CB Protek, which insured its storage for $260 million. The storage burned down in May 2006 and now the insurance company is getting ready to pay 40% of insurance sum ($100 million).

The previous record of insurance claim payment was also held by Ingosstrakh. The company paid $85 million to the Russian Central Bank back in 1998 for the lost satellite.

Ingosstrakh has been operating in Russia since 1947. It is one of the country’s largest universal insurance companies, well known for its large insurance payments.


Source:  www.mosnews.com

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