Eurasia Insurance Company

From Kazakhstan Encyclopedia

Template:Use dmy dates Template:Orphan Template:Infobox company Eurasia Insurance Co. – is a Kazakhstan based insurance company, established in 1995 and headquartered in Almaty. As a results of 2013 Eurasia, Kazakhstan's largest insurance company maintained its position as first in terms of assets, insurance reserves, equity and authorized capital, as well as the volume of insurance premiums.

Senior management

Chairman of the Management Board – Boris Umanov. Members of the Board - Larissa Slabkevich, Nazym Tulchinsky, Rolan Sakenov, Samat Kabdolov, Tulbaev Nurmukhamed, Rauza Davletbaeva.

Activity and operations

Eurasia Insurance Co. is licensed to embrace all type of covers under compulsory and voluntary insurance classes in accordance with the legislation of the Republic of Kazakhstan.

The premium income of Eurasia in 2013 amounted to KZT27.238bn, claim payments totaled to KZT12.057bn, with retained earnings of KZT4.016bn

As part of its overall business strategy for growth in the long term, Eurasia Insurance Co. places emphasis on the geographic diversification of risks and developing partnerships with companies around the world to achieve a good spread of premium income and to strike the right balance between exposure. Today Eurasia has developed its inward reinsurance portfolio to the extent that it currently reinsures risks located over 150 countries worldwide. As at 1 January 2013 the Eurasia underwrote for 49% of the total reinsurance placements in Kazakhstan insurance market, and about 97% of the total reinsurance placements from abroad.

In 2008, Eurasia reached new heights by being appointed as an approved reinsurer for the Ariane Space Programme. In connection with this class of insurance, Eurasia has paid the following claims:

On 18 August 2011 Eurasia paid KZT747m as a reinsurance compensation for the loss of Ekspress-AM4 spacecraft. Ekspress-AM4 spacecraft was launched by Proton-M carrier rocket from Baikonur Cosmodrome spaceport in August 2011, but it was placed in an unplanned orbit.

On 15 January 2012 the company paid US$3.4m in respect of the loss of the Russian spacecraft Fobos-Grunt. The spacecraft burned up in the dense layers of the atmosphere, its unburned fragments fell into the Pacific Ocean. Property interest of Federal State Unitary Enterprise "Center for operation of ground-based space infrastructure" is reinsured by Eurasia, which within its share of the responsibility made a claim payment of about KZT500m

Eurasia has paid KZT1.5bn (US$10m) in respect of total loss of the telecommunication space satellite Telcom-3 owned by PT Telekomunikasi Indonesia. In August 2012 rocket Proton-M with the upper stage Briz-M and the spacecraft - Indonesian Telcom-3 was launched from the Baikonur Cosmodrome, but the boosters required to place it in its final orbit malfunctioned due to defects resulting in the satellite being placed in an unplanned orbit. The satellite was designed to provide telephone service communications and the broadcasting in Indonesia and Indochina.

Ratings

In March 14, 2014 rating agency A.M. Best affirmed its "bbb+" financial strength rating and "B++" credit rating for Eurasia Insurance Co. The outlook for both ratings is stable. This credit rating is the highest among insurance and reinsurance companies of CIS countries and Central Asia.[1]

In May 27, 2014 Standard & Poor's Ratings Services had affirmed its 'BB+' insurer financial strength and counterparty credit ratings on Kazakhstan-based Eurasia Insurance Co. The outlook is stable.At the same time, we affirmed our 'kzAA-' Kazakhstan national scale rating on the company. To date, this credit rating is the highest among all private domestic financial institutions.[2]

International and national memberships

Eurasia is a member of the following organizations:

  • IUA[3] the International Underwriting Association, which is the most influential non-governmental organization in the global insurance industry (London, UK);
  • IIS[4] the International Insurance Society (United States, New York City)
  • FAIR[5] the insurance pools Federation of Afro-Asian Insurers and Reinsurers (Turkey, Bahrain, Morocco);
  • IUMI[6] the International Union of Marine Insurance (Zurich, Switzerland);
  • FIAK[7] the Financial Institutions’ Association of Kazakhstan.

Major events

In October 2004, for the implementation and the development of the youth policy and the state insurance program, not only in Kazakhstan but also in CIS countries, Eurasia Insurance Company organized the Annual International Scientific and Practical competition for the best work in the field of insurance “Just One Step from Idea to Implementation”.[8] The main purpose of the contest is to promote the insurance industry, to inspire the best business ideas and the search for the potential staff among gifted students from within the Republic of Kazakhstan and the CIS countries.

From 2005, Eurasia Insurance Company is a permanent organizer of the Annual International Risk Management Conference,[9] a spring event which is held every year in Almaty. Over the past years the conference has attracted such influential speakers as Andrei Illarionov - former economic advisor to President of the Russian Federation who is now a senior fellow at the Cato Institute, the late Yegor Gaidar - former acting Prime Minister and Director of the "Institute for the Economy in Transition", Nouriel Roubini – economic advisor of President Obama; David Waldron - known London lawyer, who serves on the problems of corruption and bribery; Ruslan Grinberg – Director of Economics Institute of RAS; Tali Sharot[10] - the head of the acclaimed research project The Optimism bias, Marcos Prado Troyjo - director of Research Center BRICLab [11] at the Columbia University, as well as representatives of Government agencies of the Republic of Kazakhstan, the leaders of the major international rating agencies, including popular international economists. The moderator of these Conferences is the leading TV journalist – Igor Vittel.[12]

File:International Risk Management Conference.ogv
International Risk Management Conference

In April 2006, the radio programs “Two Lives After” part of an international collaborative media project, produced by Evgeny Bychkov[13] and Eurasia Insurance Company, took to the airwaves. The author of the programs is Evgeny Bychkov - an Almaty native, professional musician, musical critic and radio-journalist, who currently resides and works in Toronto, Canada. In 2007 the programme was recognized by connoisseurs of music and was awarded Popov's International Prize in the category "Best Music Radio Program" in Russia.

In May 2009 Eurasia Insurance Co. participated in the Cannes International Film Festival not only as a guest but as an insurer also. The world movie and sports stars and other celebrities, including Mark Weber, Sir Steve Redgrave, Ben Affleck, Matt Damon, Robert Downey Jr., Gwyneth Paltrow, Luis GarciaTemplate:Disambiguation needed, President of Hugo Boss Fashions - Roberto Carlos, and others were among the guests. The International Cannes Film Festival - the annual cinematic festival held in Cannes (France), is considered to be one of the most prestigious film festivals in the world.

In October, 2009 Eurasia Insurance Co. and Oakeshott Insurance Broker[14] published a two-volume collection of insurance, reinsurance and risk management papers, under the title, “Let’s talk with you”.[15]

In May 2010 Eurasia launched a new radio series “The 9th Archipelago” a "radio series" program on the key personalities in the history of rock with issues in detail of the life and works of such artists as John Lennon, Paul Simon, Janis Joplin, Jimi Hendrix, the music bands The Doors, Procol Harum, The Hollies and others.

On 14 December 2010 Eurasia Insurance Company organized the Annual Film Festival in Kazakhstan CinemaFest "StrahOFF!"[16] as part of its efforts to improve financial literacy of the citizens. The film festival is devoted to the fascinating explanation of the nature and characteristics of insurance and risk management through the movie.

On 18 October 2011 Dr. Umanov gave a lecture on the topic of “Kazakhstan and Central Asian insurance/reinsurance market" in the Old Library of the New Lloyd’s of London Building. The Insurance Institute of London[17] requested Dr. Umanov to give a lecture for the members of Lloyd's and other participants in the international reinsurance market. More than 150 persons attended the lecture, including senior managers from Lloyd’s syndicates, international insurance/reinsurance companies, brokers, major international rating agencies, and others, this being the largest attendance of such an event there.

Notes

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References

External links


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