Alla Voloshina, VAB Re Chairman of the Board, informed about this on April 4th, 2008. Since the beginning of the year, VAB Re made several large reinsurance payments under its Casco car insurance agreements and property reinsurance agreements. Also, the company paid compensations for more than 1100 insurance cases during this period. The total amount for the three largest reimbursements reaching more than half a million UAH.
For instance, VAB Re paid more than UAH 296 thousand (about 90% of the total insurance compensation for the BMW X5 car theft) to the Status Insurance company, and UAH 120 thousand (50% of the Porsche Cayenne car theft total loss) was paid to the Ukrainian Ecological Insurance company.
Kyiv Re Reinsurance Company has also received reinsurance support from VAB Re — over UAH 85 thousand (more than 94% of the total insurance compensation). The insurance case was damage of the automobile service centre's roofing in Donetsk city due to heavy weather conditions.
According to VAB Re Chairman of the Board, Alla Voloshina, reinsurance payment is the main function for the reinsurance company, at which VAB Re gets along successfully. «Our company develops very fast, extending the list of the clients. At the same time, the responsibility before our partners also grows. We will successfully implement the system of settlement of insurance cases and realization of insurance payments on practice. At the end of 2007 VAB Re conducted structural changes, focused on the increase of transparency and clearness of process of cooperation with partners. Our collaboration is built on principles of honesty and openness and we call all players of insurance market to behave in the same way», – said Alla Voloshina.
Reference dataVAB RE reinsurance company was established on April, 2004. Since October, 2006 it is a part of the universal financial group VAB. The company offers reinsurance protection for insurance and reinsurance companies. On January, 1, VAB RÅ signed reinsurance premiums for the sum of UAH 34569,0 thousand and paid more than UAH 20063,2 thousand. VAB RÅ aauthorized capital makes UAH 50 millionUAH, technical reserves – UAH 16110,8 thousands.
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