RUSSIA: SBERBANK insurance insured the buildings and property of the State Kremlin Palace for RUB 8 billion

3 June 2021 — Marina MAGNAVAL
SBERBANK insurance has insured the buildings and property of the State Kremlin Palace for a total amount of RUB 8 billion (~EUR 89.5 million*), the insurer said in its press-release.

Insurance coverage covers 25 buildings and structures of the palace, including interior and exterior decoration, furniture, interior items, stage sets, costumes, equipment, office equipment.

The Kremlin Palace, built in 1961, is the central theater and concert venue in Russia. There are over 800 rooms in the palace building, a significant part of which is occupied by an auditorium with 6,000 seats. The State Kremlin Palace is one of the country's cultural heritage sites. The insured amount for buildings and structures, together with communications and decoration, will amount to a little more than RUB 1 billion, the rest will be for the furniture, decorations, interior items, as explained by Mikhail VOLKOV, General Director of SBERBANK insurance.

SBERBANK Insurance is a subsidiary of Sberbank of Russia specializing in property and personal insurance programs, except for life insurance. It is included in the TOP-10 non-life insurance companies in Russia in terms of GWP volume and has a rating at ruAA based on the Expert RA scale.

* at the following exchange rate:

1 EUR = 89.3778 RUB (01.06.2021)

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