| |
Founding of Ingosstrakh (1947 - 1948) |
November 16, 1947 |
Ingosstrakh’s birthday. On this day, the Council of Ministers of the USSR signed Regulation #3819-1281ń on Founding of the Foreign Insurance Office of the USSR (Ingosstrakh) on the basis of the Foreign Operations Office (UINO) of Gosstrakh of the USSR”. |
June 2, 1948 |
The Council of Ministers of the USSR approved the Regulation on Foreign Insurance of the USSR (Ingosstrakh). |
1948 |
Ingosstrakh started to provide five types of insurance – cargo insurance, hull insurance, fire insurance, liability insurance and reinsurance. |
|
| |
Conquering the World (1950 - 1971) |
1952 |
Ingosstrakh’s general representative office opened in Finland. Some of its representative offices are still open. |
1953 – 1971 |
Ingosstrakh opened its representative offices in Pakistan (1953), Egypt (1954), Afghanistan (1955), Algeria (1963), Mali (1963), and Cuba (1971). |
1956 – 1964 |
Ingosstrakh’s subsidiary "Black Sea and Baltic General Insurance Company Limited" (UK) started its representative offices in France, Egypt (1956), Syria (1958), Lebanon (1961) and Sudan (1964). |
1958 |
Insurance Company Garant was established in Austria. |
1967 |
The Joint Soviet-Indian Insurance Office was launched in Bombay (Mumbai).
Some of these representative offices are still open. |
|
| |
Step by Step (1972 – 1990) |
July 20, 1972 |
The Council of Ministers of the USSR issued a regulation that granted Ingosstrakh the status of the general foreign insurance office of the USSR. At the same time, Ingosstrakh acquired a new legal status – it was allowed to work abroad and, if necessary, inside the country, as a joint-stock insurance company. |
1972 |
Ingosstrakh launched insurance of ship owner’s liability, construction and assembly and aviation insurance. In the same year, the list of types of insurance extended to twenty. |
Late 1980s |
The Company started to offer space risks insurance, credit insurance, joint venture insurance, different types of civil and professional liability insurance.
Ingosstrakh Insurance Company has become the General Insurer of the 22nd Summer OIympic Games in Moscow. During Olympiad 1980, Ingosstrakh Insurance Company provided insurance protection to arriving officials, journalists, and tourists. The company participated in insuring new Olympic facilities and their infrastructure: the Cosmos Hotel, the Soyuz Hotel, the Sheremetyevo-2 Airport. The total amount of property insurance exceeded 1 bn USD. Moreover, by request of the Organizing Committee Ingosstrakh Insurance Company provided insurance coverage amounting to 10 mln CHF against the risks of annulment, delay, refusal, or reduction of the Olympic Games’ program. |
|
| |
Time of Change (1991 - 1997) |
1991 |
Ingosstrakh Insurance Company was registered as a closed joint-stock insurance company. |
1993 ă. |
Ingosstrakh Insurance Company was reorganized into an open joint-stock insurance company. |
1994 |
The Company was issued the first license for insurance and reinsurance business. |
1996 |
Registering of Articles of Association with new company name Ingosstrakh Joint Stock Insurance Company Ltd. with its short name of Ingosstrakh Insurance Company Ltd. |
1997 |
Signing of the Agreement Establishing the Transnational Ingosstrakh Group. |
|
| |
Endurance Test (1998 - 1999) |
1998 |
In the time of crisis, Ingosstrakh Insurance Company demonstrated positive development trends. It managed to preserve the most important thing – trust of its customers and one of the most professional Russian teams in the insurance field. Its paid-in authorized capital increased from 30 mln to 80 mln rubles.
Ingosstrakh Insurance Company became the first Russian company to offer the complex bank insurance protection (ÂÂÂ), commercial insurance of export credits and guarantees, a range of professional liability insurance programmes to its clients. The representative office opened in China. |
Late 1998s |
Ingosstrakh’s network consisted of 42 units in the territory of Russia and 10 affiliates and representations in Europe, Asia and America. |
1999 |
Ingosstrakh surpassed the pre-crisis level of operations. Offered types of insurance totaled 66. |
|
| |
New Prospects (2000 - 2004) |
2000 |
Ingosstrakh was granted the best reliability rating Ŕ++ by the independent Russian rating agency Expert. Its authorized capital increased to RUB 500ml. |
2002 |
By this time, Ingosstrakh held licenses for 77 types of insurance, and its regional network of companies comprised 140 units.
A new agreement establishing the Transnational Group (TNG) of Ingosstrakh was signed. |
2003 |
For the first time in the history of Ingosstrakh, the premium income exceeded USD 500 ml.
Ingosstrakh’s representative offices opened in Ukraine, Azerbaijan and Uzbekistan.
Ostra-Kiev (Ukraine) and EFES (Armenia) joined TNG Ingosstrakh. The number of licensed types of insurance grew to 87. |
May 12, 2004 |
The International Rating Agency Standard & Poor’s officially announced that Ingosstrakh was granted long-term ratings – financial strength rating and counterparty credit rating ÂÂ, with a stable outlook. At the same time, Ingosstrakh was granted ruAA rating under the national scale. |
May 25, 2004 |
It was decided to have an additional issue and increase Ingosstrakh’s authorized capital to RUB 2bln. |
August 27, 2004 |
In Helsinki, the agreement was signed to establish the International Insurance Group INGO (the IIG INGO). Companies that offer support services to insurance and reinsurance joined the Group. Ingosstrakh manages their controlling stakes. |
|
| |
Latest News |
February 2005 |
The Development Strategy of the Company was announced in 2005 – 2007. Its main objective is, inter alia, to increase its premium income to USD 1.45bln in 2007 and the Company capitalization to USD 1bln. |
July 2005 |
Changes to the Charter of Ingosstrakh were registered due to the increase in the authorized capital up to RUB 2.5 billion. International Rating Agency Standard&Poor's stepped up Ingosstrakh's rating from stable to positive due to reassessment of risks related to the structure of the Company's investment portfolio. |
December 2005 |
New forms of licenses Ń ą0928 77 and P ą0928 77 were issued to Ingosstrakh that authorized the Company to provide all types of insurance (with regards to specialization of insurance carriers) as set forth in Article 32.9 of the Law of the Russian Federation on Organization of Insurance Business in Russia, as well as reinsurance. In 2005, premium income of Ingosstrakh surpassed USD $1bln – for the first time in almost 60 years of Ingosstrakh’s operation. |
2006 |
The International Rating Agency Standard & Poor’s increased the financial strength rating and counterparty credit rating of Ingosstrakh to ÂÂ+ with a stable outlook. The Company rating on the Russian scale is ruAA+.
In Rome, Ingosstrakh signed Memoranda of Cooperation with the member-companies of SACE Group, SACE Spa and SACE BT. The Memoranda provide for close cooperation between the parties in order to support and develop trade relations between Italy and Russia by insuring credit risks of national exporters. |
April 2006 |
Ingosstrakh became the shareholder of OAO Chrezvychainaya Strakhovaya Kompania and purchased 71.25% of its shares from Guta Group. The transaction was closed in the conditions of higher capital concentration in the national insurance market and on the eve of Russia’s WTO accession. |
June 2006 |
Closing of transaction for equity participation of Belgian Export Credit Agency ONDD in Ingosstrakh’s subsidiary SAO Garant. For the first time, Russian-European equal partnership entered the international credit insurance market. |
April 2007 |
Ingosstrakh becomes laureate of the Financial Elite Of Russia award for the second time. First time the company received the award in 2006 when it was named best in the Most Reliable Insurance Company nomination. In 2007 Ingosstrakh got the nomination of the Best Insurance Company Of The Year. Besides that, every year the award is given to the Person of the Year in insurance business. In 2006 this award was given to Alexander Grigoriev, General Director of Ingosstrakh, in 2007 the award was received by Vyacheslav Sherbakov, President of the Company. |
April 2007 |
Ingosstrakh gets the title of IT-Leader for the third time in 2007 – becomes winner of the annual national award among insurance companies in the category For the Outstanding Contribution to IT Development in Russia. |
May 2007 |
Ingosstrakh becomes The Best Insurance Company of Russia second time running. The Company again receives the Gold Salamander – the top Russian professional award. The awards was established in 2004 and is the public professional award supported by the by the Federal Insurance Oversight Service, the Credit Organizations and Financial Markets Committee of the State Duma of Russia, the Ministry of Economic Development and Trade of Russia. |
June 2007 |
Long term counteragent credit and financial sustainability ratings of Ingosstrakh grow. The international credit rating agency Standard & Poor`s increased ratings from BB+ to BBB-, outlook Stable and confirmed the national scale rating of Ingosstrakh at ruAA+. It should be mentioned that only four Russian companies have the long-term issuer rating of BBB-: LUKOIL, Norilsky Nikel, Gazprom and International Moscow Bank. Ingosstrakh is the only Russian insurance company that obtained such high ratings from Standard & Poor`s. |
Beginning
of second half 2007 |
Ingosstrakh holds leading positions among Russian insurance companies in the aggregate sum of insurance premium for voluntary insurance, other than life insurance.
In the first half of 2007 aggregate premium of Russian companies in the INGO group (Ingosstrakh, Ingosstrakh-Life, Ingosstrakh-M, Emergency Insurance Company) in direct insurance and risks reinsured during first half of 2007 totaled RUR 23.4 billion, which is 24.7 % above the corresponding figure in 2006. Equity capital of the company is RUR 9.4 billion.
The company is entitled to perform all types of insurance (depending on the insurance company specialization) provided by Article 32.9, Federal Law “On Insurance Activity in the Russian Federation”, as well as the reinsurance activity. Ingosstrakh has 87 branches and 564 sales offices in 214 cities of Russia, as well as 6 representation offices and 6 affiliate companies in CIS and other countries. |
Late 2007 |
According to preliminary information, in 2007 total premium of the companies in INGO Group – SOFAG (Germany), INGO Ukraine (Ukraine), Garant (Austria), IngoNord (Finland), Belingosstrakh (Belarus), Ingo Armenia (Armenia), Kyrgyzinstrakh (Kyrgiz Republic), Ingosstrakh IJSC (Russia), Ingosstrakh Life (Russia), Ingosstrakh-M (Russia), Emergency Insurance Company (Russia), EMESK (Russia) – amounted to about USD 2.24 bln or RUB57.3bln, which is 22% more than last year. Compensations paid by the companies in the reported period are USD 1.31 bln or RUB 33.53bln, which is 30% more than in 2006. |
April 2008 |
Rating agency Expert RA confirmed the A++ index of Ingosstrakh IJSC. The analysts of the agency mentioned high liquidity and profitability of Ingosstrakh IJSC, its well-developed brand and high professionalism of the top management, low share of accounts receivable in the assets and low ratio of accounts payable to assets.
Ingosstrakh IJSC entered into the transaction to sell 76% in the authorized capital of the Uzbek insurance company, «Standard Insurance Group». The transaction was closed within the framework of Ingosstrakh’s strategy to expand its presence in the priority insurance markets of the CIS countries, as Uzbekistan. |
September 2008 |
On September 3, 2008, the Insurance Closed Joint-Stock Company INGO Uzbekistan was registered by the Ministry of Justice. On September 16, 2008, the State Insurance Surveillance Inspection by the Ministry of Finance issued to INGO Uzbekistan a license for 16 classes of insurance.
Ingosstrakh IJSC launched a new product for comprehensive property insurance and hull insurance Domobil that was founded on the basis of the European insurance experience. The product enables clients of insurance companies both in Moscow and in other cities of Russia to quickly protect one’s apartment, house and car, and all this at a lower price than separate policies.
Also, Ingosstrakh offered a new motor hull insurance – Avtoprofi – for experienced drivers who prefer careful driving. |
November 2008 |
International rating agency «Standard & Poor`s» confirmed counterparty long-term credit rating and financial sustainability rating of Ingosstrakh IJSC of BBB-, the company rating of ruAA+ on the national scale. |
2009 |
Despite the aftermath of the world financial crisis and the general slowing down of Russia’s insurance market, Ingosstrakh had demonstrated excellent results for the year 2009. The priceless experience and potential of our team accumulated over many years of successful operation have helped us to overcome this difficult period demonstrating an increase in profits and a substantial strengthening of its leading position in the insurance market. The insurer continued to fulfill its obligations before its clients on a regular basis.
In 2009 Ingosstrakh had paid a record amount over 1 billion rubles in insurance compensation to Federal State Unitary Enterprise “Kosmicheskaya svyaz” – an unprecedented amount in the history of Russian The insured event occurred as a result of partial loss of the Express–AM2 spacecraft resulting from abnormalities in the operation of the solar panels turnover gear.
Ingosstrakh has proceeded with the implementation of the project in creation of its own network of medical institutions under the “Bud’ Zdorov” brand launched in 2007. Our key goal today is further expansion of our business along the voluntary medical insurance line. The spring of 2009 saw the opening of clinics in St Petersburg and Saratov, last autumn the third multi-purpose clinic for adults opened its doors in Moscow. |
April 2009 |
Ingosstrakh announced the launching of a new line of activity – Ingosstrakh Exclusive – intended to serve clients who choose to insure their property within the category of premium price segment. The key advantage of the new offer by Ingosstrakh is its maximum simplicity and convenient terms of interaction with the insurer. Last autumn the company offered is customers a new product – “Retromobile”- which had been specifically launched for the benefit of owners of rare show and vintage cars. |
September 2009 |
Ingosstrakh, together with the major provider of medical insurance to the expat community in Europe - Bupa International, – have launched a joint international insurance programme. This programme is intended for foreign nationals working in Russia, Russian nationals working abroad, as well as for any Russian national who wishes to gain access to medical assistance that would be quite in line with the international standards. |
December 2009 |
In conjunction with the Belgian state export credit agency Office National du Ducroire (ONDD), Ingosstrakh has created a new company - INGO-ONDD, which specialises in provision of insurance against credit risks to Russian and international companies operating in the Russian market. Ingosstrakh has a vast experience in the field of credit insurance: during the Soviet era our company had pioneered the work in insurance against risks for foreign trade organizations. In 1957 open joint-stock insurance company Ingosstrakh founded joint-stock insurance company Garant in Austria, a branch of this company is also present in Switzerland. The key personnel of the new company consist of officers of the Trade Credit Insurance Department of open joint-stock insurance company Ingosstrakh. |
September 2010 |
On September 18, the Director General of Ingosstrakh OJSIC, Alexander Grigoriev, and the Sochi 2014 Organizing Committee President, Dmitry Chernyshenko, signed agreements in accordance with which the insurance company will get the status of a Partner of the XXII Winter Olympic Games and the XI Winter Paralympic Games of 2014 in Sochi. Ingosstrakh will also be a partner of the Olympic and Paralympic Committees of Russia (until the end of 2016) and a Partner of the Olympic and Paralympic Russian teams (regarding each team of the Olympics of 2012, 2014 and 2016) in the “Insurance” category. The total amount of the agreements is USD40 mln.
On September 27, Standard & Poor’s international rating agency confirmed the long-term credit rating of the contractor and Ingosstrakh’s financial strength rating as “BBB-” and the national scale rating as “ruAA+”, the forecast is “Stable”. In the agency experts’ opinion, the ratings of Ingosstrakh are indicative of the positive history of the management team work and the company’s high competitive ability in the Russian market and also good liquidity ratios.
On September 28, Expert Rating agency confirmed the reliability rating of the Ingosstrakh Group (which includes Ingosstrakh OJSIC and IC Ingosstrakh-M LLC) as A++ “Extremely high reliability level”. |
November 2010 |
Ingosstrakh fully settled the insured event related to the New York World Trade Center collapse as a result of the terrorist attack of September 11, 2001 Allianz Global Risks U.S. Insurance Company acted as the insurer for this risk Ingosstrakh participated in the risk settlement procedure pursuant the reinsurance agreement with the retrocedent – SCOR, a French insurance company.
In 2002 Ingosstrakh paid the first tranche of the reinsurance indemnity in the amount of more than USD 1.040 mln. In November 2010 it transferred the second final tranche which was about USD 937,000. Thus, the total indemnity of Ingosstrakh under this event was USD 1,977,000. |
February 2011 |
On February 26, the national voting live selected the symbols for XXII Olympic Winter Games on the First Channel. These included Leopard, Hare and White bear. Ray and Snowflake became the symbols of XI Paralympic Winter Games. For the first time in the history of the Olympic Games, the symbols were insured. The insurer is Ingosstrakh OIJSC - the partner of XXII Olympic Winter Games and XI Paralympic Winter Games of 2014 in Sochi. The image of the symbols is the result of intellectual activity and the object of insurance. The policy envisages insurance of risks connected with termination of the insured’s exclusive right to the object of insurance and legal expenses, related to setting claims against him connected with the object of insurance, being the insured’s liability. |
March 2011 |
On March 9, 2011, Ingosstrakh OJSIC received a certificate of conformity of quality management system with the requirements of GOST R ISO 9001-2008, which is one of the most objective proofs of good business functioning and reliability of the company. |
April 2011 |
According to the management’s decision „Ingosstrakh” OJSIC is realizing a „New Village” project aimed to the provision of assistance to the regions of Nizhny Novgorod oblast which suffered from fires raged in summer 2010 in the RF. The insurer purchased two new ambulance cars for Vyksa central regional hospital. The cars are equipped with all necessary medical equipment. Transfer of cars took place in Vyksa city of Nizhny Novgorod oblast on April 7, 2011. Previously under the „New Village” project „Ingosstrakh” has already provided charity in the amount exceeding RUR 3 million for purchasing of furniture, consumer electronics and other equipment for the Art Center and library of Verkhnyaya Vereya village of Vyksa region.
On April 11, 2011 awarding ceremony of „Brand of the year/Effie-2010” prize winners took place in the „Manezh” central exhibition hall. „Ingosstrakh” OJSIC had an honor to receive a prize under „Financial organizations. Products and services. Insurance” category and became the one and only insurance company which was the prize winner. Moreover „Ingosstrakh” OJSIC was the winner of the BRAND OF THE YEAR /EFFIE – 2007 and 2009 competition. BRAND OF THE YEAR /EFFIE – is annual award of the most successful projects in the sphere of brand building at the Russian market. |
May 2011 |
On May 17, 2011 a multidisciplinary clinic „Bud’ zdorov” (Be in good health) was opened in Ufa city under the project of „Ingosstrakh” OJSIC on development of its own medical centers network. Medical institution which became the 4th regional representative office of „Bud’ zdorov” network is ready to accept 800 patients every day.
„Ingosstrakh” OJSIC purchased four fire fighting machines for three regional settlements: Blizhnee-Pesochnoye, Shimorskoye and Vilya under realization of „New Village” social project aimed to provide assistance to Nizhny Novgorod oblast which suffered from fires in 2010 raged in the RF. Machines are equipped with all necessary modern appliances for fire fighting. Besides sets of fire fighting equipment were purchased to equip voluntary fire fighting teams of these settlements. Transfer of machines and equipment took place on May 23, 2011 in Vyksa city of Nizhny Novgorod oblast. |
June 2011 |
On June 3, 2011– a new eco office of „Ingosstrakh” OJSIC equipped in accordance with international environmental standards was opened on the eve of International day of environment protection in the capital of the Olympic Games and Paralympic Winter Games 2014 – Sochi city. This is one more step of the insurer to join the „Memorandum of cooperation in the sphere of ecology and environment protection under the initiatives on stable development „Sochi 2014”. The Memorandum is aimed to fasten the readiness of the companies-partners of „Sochi 2014” to follow the principles of ecological liability and environmental protection. A new „green” office has a complex of measures aimed to resource-saving consumption: luminescent and photodiode lighting is used, an automatic system of electric energy control is installed, a possibility of heat supply regulation is provided, water consumption is controlled. All document flow is realized on paper produced from secondary raw materials. Environmentally clean materials were used at office finishing.
On June 24, 2011 business negotiations were conducted in Moscow between Director General of „Ingosstrakh” OJSIC Mr. Aleksander Grigoryev and the President of the biggest life insurance company of continental China „China Life” Mr. Van Fan. The meeting resulted in signing a contract on mutual insurance and standards of organization of tourist servicing of both countries during their trips to the RF and PRC. A contact between the companies was concluded under the guidance of Rostourism under agreement between the Russian Tour Operator Association „Non-commercial partnership Union of international integration in Tourism „The world without limits” and „„China Life” Chinese life insurance on development of uniform medical and insurance standards of tourists servicing of both countries signed earlier. Organization of service centers in the whole territory of Russia and China where in case of force-majeure circumstances a tourist would be able to get necessary free support in his native language is planned in the nearest future.
On June 27, 2011 „Ingosstrakh” OJSIC company – the partner of Olympic Games and Paralympic Games in Sochi – signed an agreement on cooperation with Paralympic Committee of Russia and sponsored the Federation of Physical Education and Sports for disabled persons with defects of locomotor system. Under this cooperation the parties will realize projects aimed to increase of popularity of Paralympic movement in Russia and will support preparation of national team to the XI Paralympic Winter Games 2014 in Sochi.
On June 28, 2011 a ceremonial opening of multidisciplinary clinic „Bud’ zdorov” (Be in good health) in Kazan at Narimanova str. 65 took place. The clinic became the 5th regional medical care institution opened under the project of „Ingosstrakh” OJSIC on development of its own medical centers network. A new clinic will accept 800 patients every day.
Today medical centers of „Bud’ zdorov” network operate in Moscow, Saint-Petersburg, Saratov, Krasnodar and Ufa. In 2010 a pediatric clinic „Bud’ zdorov” was organized in Moscow, as well as its own service of emergency medical assistance. Its own drugstore network under „Bud’ zdorov” clinics was created in Moscow, Saratov, Saint-Petersburg. „Bud’ zdorov” clinics are planned to be opened in the nearest future in Novosibirsk and Irkutsk.
On June 30, 2011 „Standard & Poor`s” International Rating Agency confirmed long-term credit rating of counterparty and financial stability of „Ingosstrakh” OJSIC at BBB level – the forecast is „Stable”. The rating of the company by national scale is „ruAA+”. As before ratings of „Ingosstrakh” OJSIC reflect good competitiveness of the company at the Russian Federation market, positive history of its managerial team operation as well as adequate indices of operating activity and capitalization.
„Ingosstrakh” OJSIC became the winner of the „Golden Salamander” All-Russian prize in the sphere of insurance under two main categories: „The quality of insurance services of 2010” and „Informationally opened organization of the year”. Awarding ceremony took place on June 30 in the hall of Ritz-Carlton hotel in Moscow. Several big Russian insurance companies struggled for the win under the category „The quality of insurance services of 2010”. Representatives of expert counsel at choosing the winner of the prize were guided by financial indices of business, sizes and the level of development of regional network, availability of infrastructure allowing to provide high quality services to the clients. |
September 2011 |
Ingosstrakh Insurance Company has entered into an insurance agreement for installation and construction works and third party liability with construction company STRABAG AG, the General Contractor for the construction of the Olympic Village in Sochi. Ingosstrakh Insurance Company provides insurance coverage for installation and construction of the main Olympic Village for 3,000 residents in the Imeretinskaya Valley. The insured amount by the objects of contractual works equals to 12.56 bn rubles; by third party liability – to 200 mln rubles. The policy will be valid both during construction and installation works and the duration of guarantee – by October 31, 2015.
Ingosstrakh Insurance Company has signed Memorandum of Cooperation in Ecology and Environmental Protection within the Initiatives of the Sochi 2014 Organizing Committee on Sustainable Development. The Memorandum recognizes the commitment of the partnering companies of Sochi 2014 to follow the principles of environmental responsibility and protection, both during implementation of Olympic projects and in the companies’ main activities.
On September 28, 2011, opening of Ingosstrakh Insurance Company museum devoted to the history of insurance in Russia and the company’s activities took place in Moscow. Rare documents, collection insurance boards, policies, books and photographs were on display. The Ingosstrakh Insurance Company museum is unique. The company was a pioneer to provide access to these materials and represent several chapters of the history of insurance in interactive mode with sound and lighting effects, because our country has never had such a museum before. |
November 2011 |
On November 10, 2011, opening of “Be Healthy” clinic took place in Novosibirsk. The clinic is a part of the proprietary network of Ingosstrakh medical centers and has become the 6th regional healthcare institution opened within the Ingosstrakh Insurance Company initiative on development of the network of proprietary medical centers. |
