Vyacheslav Shabalin, deputy
chairman of the board of the
Russian Insurance Centre
The open joint-stock insurance company Russian Insurance Centre (RIC) was founded in 1992. Its clientele now includes over 600 biggest Russian defense industry enterprises like Rosoboronexport, Space Communications State Enterprise, the Khrunichev State Space Research and Production Centre, Glushko NPO Energomash, NPO Reshetnev PM Applied Mechanics, the Korolev Energiya Rocket and Space Corporation, NPOMash, Sukhoi Aviation Holding Corporation, Yakovlev Aircraft Design Bureau, the Moscow Institute of Heat Engineering, Tactical Missile Weaponry Corporation, Gromov LII aircraft company as well as Russia`s Space Forces and Strategic Missile Forces. It has the license # 4286 D from the Russian Ministry of Finance to provide over 70 kinds of insurance services, space-related ones included. In addition, the company can take out an insurance involving the use of data that constitutes state secret
RIC has been actively engaged with space insurance business since 1996 when it insured putting seven Iridium satellites into a planned orbit by a single rocket. For the years that have elapsed the company carried liability insurance for space launches of Proton, Rokot, Zenith, Kosmos-ЗМ and Topol-M rockets that were carried out by the Khrunichev Space Center as well as Russia`s Space Forces and Strategic Missile Forces. In 2004 RIC provided third party insurance linked with a launch of a Proton-M rocket with the Breeze-M upper stage that resulted in orbiting Eutelsat`s W3A telecommunications satellite, one of the most expensive and high-tech European satellite platforms.
The Russian Insurance Centre, a leader on the domestic space insurance market, is widely known among Russian and foreign space insurers.
We give particular attention to insurance against space risks, a priority area in our activities. Our coverage extends to all phases of a product life circle: manufacturing of units and parts of space hardware, its assembling, testing, storage, transportation to a launch site, prelaunch, putting spacecraft into a desired orbit, spacecraft flight development tests and orbit operation. RIC has accumulated insurance experience in each of the phases.
Insurance against space risks is a technically complex kind of coverage. To properly assess risks, take into account space project features and the customer`s requirements, the insurer should well know appropriate technological aspects. RIC has successfully solved the problem by employing former officers graduating from military academies, having sufficient expertise and experience in rocketry operation to handle space insurance issues.
RIC usually places space risks on the Russian reinsurance market with proven and reliable companies. However, when we secure insurance contracts whose liability exceeds US$ 500 million, the domestic market capacity is inadequate, and we have to use Western reinsurance markets. The company actively works with insurance, reinsurance and broker companies in France, the U.K., Italy and Germany. Placing risks with foreign partners, we cooperate only with the major first-class international insurers having an impeccable reputation.
The Russian Insurance Centre gives also much attention to aviation insurance. Our company provided coverage for Rosoboronexport contracts, particularly concerning aircraft deliveries to India, China, Ethiopia, Nepal and other countries. In addition, we covered individual Russian aircraft manufacturers with respect to the deliveries of aircraft and ground equipment to foreign customers and stand equipment of exhibitors at the MAKS 2003 and Paris 20O3 international aerospace shows.