Centras Insurance reinsurance system
One of the priorities of our Company is reliable reinsurance of clients’ risks. We are making every effort necessary to insure properly all the risks of our clients.
In March 2006, Centras Insurance has become one of the few insurance companies in Kazakhstan, which managed to conclude a treaty of obligatory reinsurance with the leading reinsurance companies in the world: Lloyd's corporation, SCOR (France), Partner Re (Switzerland), Hannover Re (Germany), Transatlantic Re ( USA) and CCR (France).
Now, all risks of such types of insurance such as: property insurance (including business interruption), cargo, vehicles (motor hull, voluntary TPL insurance, personal accident insurance, builders’ risks and other risks are reinsured automatically by western reinsurers. This system provides the maximum guarantee of full and prompt indemnity to the client in case of insured event onset.
Reinsurance programs:
|
Property, including business interruption |
USD 7,500,000 |
32.50 %
SCOR GLOBAL P&C SE, France
(S&P, “A-”)
20.00 %
HANNOVER RUCKVERSICHERUNG – AKTIENGESELLSHAFT, Germany
(S&P, “AA-”)
20.00 %
PARTNER REINSURANCE COMPANY LIMITED, Ireland
(S&P, “AA-”)
15.00 %
CAISSE CENTRALE DE REASSURANCES, France
(S&P, “AAA”)
12.50 %
FLAGSTONE RE, Switzerland
(AM Best, “A-”) |
|
Builder’s risks |
USD 7,500,000 |
|
Motor hull |
USD 250,000 on each vehicle but USD 150,000 for passenger car |
|
Voluntary TPL insurance |
USD 1,000,000 |
|
Passengers insurance against accident |
USD 250,000 on each vehicle
USD 50,000 on each person |
|
Cargo |
USD 5,000,000 |
100% Lloyds syndicates (S&P, “A”) |
|
Personal accident insurance |
USD 1,000,000 on each person |
100% Lloyds syndicates (S&P, “A”) |
|
Employer’s liability |
5 000 000 000,00 (Five billiard) tenge |
Leading Kazakhstan and Russian Companies |
Catastrophe excess of loss Reinsurance (CatXL)
Every year, since May 01, 2007, Insurance Company Centras Insurance JSC renews the reinsurance treaty on the basis of catastrophic excess of loss (CatXL). The leading reinsurer is the world's largest reinsurance company Munich Re (Germany, "AA-" by S & P).
This step was taken in order to avoid essential effect of loss accumulation of the financial conditions of the Company. The characteristic feature of this form of reinsurance is protection of reinsurer against serious losses, with simultaneous damage of a number of objects by natural and technological disasters.
CatXL provides reinsurance coverage for the entire company's business regarding property insurance, including business interruption, loss of profit; engineering risks insurance, including builder’s risks, construction equipment risks, machinery breakdown; motor hull insurance.
Reliable and efficient system of reinsurance provides automatic protection by authoritative Western reinsurers for each accepted risk. This is one of the important components of the stability of the company and a guarantee of compensation to the client with the insured event onset.
Liability - USD 7 000 000 – final net loss on each series of losses, above the loss in amount of
USD 3 000 000 - final net loss on each series of losses
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