Insurance protection

Insurance coverage in PJSC RusHydro is based on the principles of rationing insurance protection system, optimization of insurance coverage, unity of approaches to insurance organization, insurance continuity.

Objectives of the insurance protection organization

  • Provision of reliable guarantees for compensation of possible losses of the Company in the event of unfavourable situations for the Company (insurance events), minimization of the Company’s financial resources allocated for the liquidation of the consequences of such situations.
  • Ensuring the social protection of the employees and other persons insured by the Company, at the expense of a corporate social package using personal insurance mechanisms.
  • Reducing the cost of providing insurance protection by unifying the insured types of risks, a unified approach to the selection of insurance companies and reducing the amount of insurance premiums paid.
  • Reduction of the terms of payment of insurance compensation in case of insured events.
  • Increase of the investment attractiveness of the Company by maintaining and keeping the guaranteed amount of assets through the use of insurance mechanisms.

Selection of insurance companies

The selection of insurance companies is carried out on a competitive basis, taking into account the optimal ratio of the price and quality of insurance services. Requirements for insurance coverage conditions are formed on the basis of an analysis of the current risk situation of the Company, analysis of offers of the insurance market, social policy and legal requirements.

Types of insurance protection

In 2016, the insurance coverage of PJSC RusHydro and its subsidiaries was provided for the following types of insurance:

  • insurance of property;
  • insurance of water-borne means of transport;
  • water transport insurance;
  • aircraft insurance;
  • insurance of railroad transport;
  • insurance of construction and assembly risks;
  • insurance of cargo - oil products;
  • insurance of cargo;
  • voluntary health insurance;
  • accident and illness insurance;
  • compulsory motor third-party liability insurance;
  • compulsory public liability insurance of a hazardous facility owner for damage caused as a result of an accident at the hazardous facility;
  • public liability insurance of operating organizations - objects of use of atomic energy;
  • public liability insurance of a company against the damage caused as a result of a terrorist attack or sabotage;
  • public liability insurance of a company for damage caused by shortcomings in construction work, preparation of project documentation and engineering surveys;
  • public liability insurance of officials and members of the Company’s management bodies;
  • general liability insurance of a company;
  • public liability insurance of the ship owner;
  • compulsory motor third-party liability insurance;
  • insurance of farm animals carried out with state support.

The Company sets high requirements for insurance of its assets (property insurance against all risks and insurance of construction and assembly risks), and also because of the limited resources of the insurance market in the Russian Federation, puts forward additional requirements and controls reinsurance of its risks. PJSC RusHydro pursues a policy of openness towards representatives of the foreign insurance community: annually conducts insurance engineering surveys of the Company’s facilities, road show, negotiations, carries out recommendations of reinsurers.

The reliability of the insurance protection conditions, the experience of insurance settlement and the accumulated extensive friendly contacts with the world and Russian insurance market help the Company to successfully implement its financial and risk management activities.
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