The insurance companies as a part of financially industrial groups
In spite of the fact that the number of the insurance companies operating in Russia already has passed for three thousand, Rosstrahnadzor hardly has time to grant licences to again formed insurers. Interest to creation of insurance firms is shown by the most different structures. Thus along with the firms offering the services in the market, there are the insurers focused on service of interests only of the founders - large industrial or financial structures. First of all it is necessary to carry to number of such firms “ the Power guarantor “ and “ SoGaz “ to which following the results of last year managed to enter into the list of hundred largest insurance companies.
Keptivnye the insurance companies (Captive company) - the insurance firms established by large industrial or commercial concerns for insurance of objects belonging to them.
keptivnye the companies
In Russia such companies sometimes what for are created name “ pocket “ as though aspiring to underline that the insurer is completely subordinated to interests of the shareholders and works in very narrow market created for it by diligence of founders. However in the West do not see in it anything bad and at all do not consider keptivnye the company as insurers “ the second grade “. As a rule, keptivnye insurers are firmly established and, having provided insurance interests of the founders, start to offer the services to foreign clients actively. In the West exists more than three thousand powerful keptivnyh the companies founded any by industrial and financial groups.
a creation Main objective keptivnyh the companies usually is preservation of the means directed on insurance, on hand and under control of founders which simultaneously are also clients of the company.
coincidence of interests of the insurer and its clients creates ample opportunities for an effective utilisation of insurance premiums. For example, under the arrangement with the insurer it can to translate at all insurance payments. It is possible to hold the award, as well as all insurance reserves, on the account in branch bank, and the client can have to it access and use it on own purposes. Besides, founders keptivnoj the companies will have access and to those insurance premiums which arrive under the contracts concluded by the insurer with the foreign enterprises and the organisations.
One more advantage keptivnoj that, having close connections with clients is considered the companies, such companies save on expenses on business conducting (for example, on broker and agency compensations) and consequently have possibility to insure the clients - founders under rates more low srednerynochnyh.
Besides, keptivnaja the company can provide to the client a covering of risks in which the insurance company which is not knowing specificity of given manufacture would not began to be engaged. The resafety companies and brokers, knowing that keptivnaja the company can offer them in insurance set of objects, more willingly undertake working out of programs of insurance of non-standard risks.
usually to advantages keptivnyh the companies carry also that reason that at intermediary keptivnogo the insurer its founders get direct access to the resafety market. The commission which is paid by overcautious persons for transfer of risk to reinsurance, also gets not to the extraneous insurer, and to the order keptivnoj the company and its founders.
at the same time insurance of various risks in keptivnyh the companies has one serious lack. If there comes insured event the financial group incurs real losses as insurance payment in this case represents a simple rearrangement of money from one “ a pocket “ groups in another.
powerful keptivnye the companies have already appeared in Russia
To the largest keptivnym to the companies in Russia concern “ the Power guarantor “ “ SoGaz “ and “ LUKOIL “.
the Insurance company “ the Power guarantor “ it is founded in August, 1992 of the Russian Open Society “ UES of Russia “ “ Uralenergo “ A number of power associations, Electrobank and the several enterprises toplivno - a power complex. An authorised capital stock - 3 mlrd roubles. Occupies 2 - e a place on the sum of the collected insurance premium following the results of 1994.
an insurance society “ SoGaz “ it is formed in the end of 1993. Founders of the company - the Russian Open Society “ Gazprom “ and a number of the enterprises of the gas industry, and also the Moscow insurance society “ RESO - the Guarantee “. The Authorized capital stock - 5 mlrd roubles. 75 - e a place on the sum of the collected award.
“ LUKOIL “ it is created in August, 1992 with an authorised capital stock in 1 mlrd 200 roubles. The founder - the oil company “ LUKOIL “.
If founders “ the Power guarantor “ and “ SoGaza “ at creation of the insurance companies pursued the same aim - to provide protection of interests of the branches, before the insurance company “ Lukoil “ There was a bit different problem. One of the largest among new structures toplivno - a power complex of Russia the joint-stock company “ LUKOIL “ considered insurance as means to raise appeal of branch to potential investors.
insurers understood that the existing order of reference of insurance payments on profit will be an essential obstacle to development of insurance of branch objects, even provided that insurance will be carried out by affiliated companies. That is why all of them tried to achieve acceptance of special orders by the government of Russia which would allow to include to their clients expenses for insurance in production cost price. For the first time it was possible “ to the Power guarantor “: the governmental order of the Russian Federation which resolved the Russian Open Society " left in the summer of 1993; UES of Russia “ And to the joint-stock companies created on the basis of production associations of power and electrification to include in the cost price of production expenses on insurance.
almost a year later there was a governmental order of the Russian Federation “ About change of structure of the expenses included in the cost price of production (works, services) the enterprises of the gas industry “ specifying that the enterprises of the given branch can carry on the cost price not only expenses for property insurance, but also expenses for life insurance of workers. By a management recognition “ SoGaza “ the company has started insurance actually only after an exit of this decision.
however contrary to expectations the permission to include insurance payments in structure of expenses for the cost price in practice has brought not so notable results. It speaks, on the one hand, the reasons of subjective character: not to all heads of the enterprises happens necessity of insurance is clear. On the other hand, a number of local tax inspections does not hasten to carry out at all the order of the government and expects explanations from the direct heads - the State Tax Services. At the insurance company “ LUKOIL “ position is even more difficult - oil industry workers yet have not received the same permission what have achieved gazoviki and power. Besides, development of oil concern “ LUKOIL “ demands a direction of all profit on manufacture development, on insurance of money simply does not remain.
And though all companies have serious enough plans on insurance of property risks, a unique most developed direction where to insurers managed to achieve notable results, life insurance of employees of the enterprises from accidents is. Thanks to personal insurance “ the Power guarantor “ here a second year takes the first places in a rating of insurers on insurance premium volume. “ SoGazu “ Personal insurance has brought an order of 80 % of all insurance premium.
preparation for insurance of property risks
Despite insignificant enough number of contracts on the property insurance, almost all companies interrogated by us are convinced that property insurance becomes this year an activity principal view. Therefore all of them conduct active preparation for insurance of property risks.
this preparation goes in two basic directions: on the one hand, the companies are engaged in search of risks in the system which have formed them, on the other hand, conclude contracts and preliminary cooperation agreements with the western both Russian overcautious persons and brokers. So, in the end of the last year “ the Power guarantor “ became the initiator of creation of an insurance pool for reinsurance of large property risks into which have entered “ the Resafety company of Rosgosstrakh “ and the insurance companies “ ASKO - Moscow “ “ the Guarantee “ “ SoGaz “ “ AFES “ “ Avikos “ and “ Information fear “.
the Nearest purpose “ LUKOIL “ is to take part in insurance of sea transportations of oil, which oil company “ LUKOIL “ sells abroad. The insurer managed to reach arrangements with the western brokers which will allow it to make insurance of these transportations for some 100-th percent more cheaply in comparison with current market rates. Besides, the company develops programs of insurance of oil pipelines in Russia. “ SoGaz “ also has begun insurance of property with insurance of cargoes and already serves a number of import contracts of Gazprom connected with transportation technicians for creation of new objects or renovatsii of the existing. Besides it “ SoGaz “ Is going to take part in insurance building - assembly risks at erection of some objects already planned by Gazprom.
great number occurrences keptivnyh should be expected the companies next year
After there is a decision, resolving to all subjects of the Russian Federation to carry insurance payments on the cost price (most likely, it will be accepted in the beginning of 1996), the tendency to creation keptivnyh the companies most likely will amplify. The matter is that under condition of reference of expenses for insurance on the cost price presence own keptivnoj can give to the company many possibilities for any financial schemes. So, at any insurance of objects it is possible to transfer an insurance premium simply to own resafety company founded in an offshore zone, and therefrom to pump over it into accounts of the enterprises and the insurance company.
It is possible at property insurance, for example, cargoes to legalise papers on insured event and to list insurance compensation into accounts of the enterprises (we will remind that insurance compensation by taxes are not assessed). Considering these circumstances, it is easy to predict that creation keptivnyh the companies can become widespread enough phenomenon.
DEPARTMENT of the FINANCE