The Russian Insurance Center (RIC) has gained a wealth of experience over 12 years on the difficult and peculiar insurance market in the area of military-technical cooperation. Today, we are proud that RIC is a leader in insuring the Russian defence industry and military-technical cooperation with other countries. The Russian Insurance Center insures defense technology exports of the Rosoboronexport federal unitary company, the Sukhoi holding company and other special exporters. We offer our clients full insurance coverage at minimum prices, taking into account the reliable obligatory reinsurance by the world`s leading underwriters.
From the very outset, the Russian Insurance Center determined its priority activities as follows: insurance coverage of defense and airspace companies and Russia`s military-technical cooperation with other nations. RIC`s work with the defense industry is of comprehensive character, reflecting the specificity of the military industry and insurance risk assessment.
Aviation risk insurance is the most important aspect of RIC`s insurance activities in the sphere of military-technical cooperation. Our company is proactive in providing insurance coverage for contracts made by Rosoboronexport. RIC provides insurance coverage for aircraft deliveries to India, Ethiopia, China, Nepal, etc. We also have insured certain major Russian aircraft manufacturers` aircraft and associate ground equipment exports, as well as shipments of stand equipment by participants in the MAKS 2003 and Le Bourget 2003 air shows.
We place special emphasis on the Russian-Indian contract for the modernisation of the Admiral Gorshkov aircraft carrier. Under the contract, the Russian Insurance Center is going to provide combined insurance coverage for the aircraft carrier`s overhaul and upgrade and deploying a carrier air group (CAG) of fighter jets and anti-submarine patrol helicopters. The contracts related to the Admiral Gorshkov`s upgrade are worth in excess of $3 billion. Having the appropriate licenses, the RIC can provide full insurance coverage for aircraft, including military aircraft, and third-party responsibility for them on combat or training missions.
It is worth emphasising that, given fluid forms of military-technical cooperation, our company`s insurance coverage is facing changes as well. Recently, there has been a trend towards the licensed production of Russian weaponry abroad. Hence, the geographical area and organisation of the insurance coverage we provide have to adapt too. We are considering expanding our cooperation with insurers, operating in the countries cleared for Russian weaponry licence production, to be essential.
Naturally, when we talk about insurance worth hundreds of millions of dollars, reinsurance is worth a special emphasis. Our company has a longstanding and proven reinsurance record on Russian and foreign reinsurance markets. We have direct contractual relationships with several foreign insurance and reinsurance companies. We have been cooperating for many years with the world heavyweights Marsh, Aon and Willis. We attach a special importance to expanding cooperation with various players on the young, dynamic Asian reinsurance markets.
An insurer`s reliability is revealed when an insurance event occurs. RIC has irreproachable experience in settling claims that are inherent in insurance. A whole number of examples could be cited when we have paid out insurance money totalling upwards of $1 million in the shortest time possible. This kind of work is done in close cooperation with renowned Russian and foreign expert and surveyor companies.
Our company is a worthy representative of Russia on major markets of the world, and we are sure that RIC will maintain its leadership.