Total amount of the insurance indemnity paid by the Russian National Reinsurance Company (RNRC) for the damaged military cargo already reached RUB 3.5 billion (~EUR 46 million)*, which makes this loss the biggest and unique in the whole history of military cargo insurance in the country, as ASN wrote.

RNRC has made two payments - RUB 2.4 billion and RUB 1.16 billion under an optional reinsurance contract to the Independent Insurance Group. The share of RNCR in this risk is 67%, according to the company's statement.

In October 2018 a military cargo was seriously damaged during transportation due to a storm. According to the President of RNRC, Nikolay GALUSHIN, after this incident RNRC will change its approach to insurance of military cargoes. "This is not only about tariffs' increase, since it is not the main thing. We will insist on tightening the requirements for transportation companies, pre-trip surveys (inspections) of cargo securing, requirements to captains of vessels and safe navigation regime", he said.

RNRC was established in 2016 by the decision of its sole founder and shareholder - the Bank of Russia. In December 2018 Fitch Ratings for the second time confirmed the BBB- rating of the financial stability of RNRC, the outlook positive. The positive rating factors included high capitalization and strong positions of the shareholder (the Bank of Russia), as well as RNRC's achievement of business targets and its effective investment policy.

*EUR 1 = RUB 75.8811 (30.01.2019)