SOGAZ Insurance Group took part in the 4th International Conference Risk Management and Insurance in the Fuel and Energy Industry 2007 traditionally organized by Information & Investment Publishing House and Oil & Gas Vertical magazine.

Key topics of the conference included risk management and insurance of fuel and energy companies, risk management related to Russia’s economy dependence on world oil prices, development of new types of insurance products for the fuel and energy industry.

In his welcome address, Vladimir Demidov, SOGAZ Director for Corporate Insurance, said: “Today, when the number and scope of technogenic catastrophes and man-caused natural disasters are rapidly growing, when the pollution level and environmental damage is increasing, we should take consistent measures in the development and promotion of risk management tools. Therefore, I would like to emphasize the role of insurance companies that develop comprehensive solutions aimed at protection of fuel and energy companies’ interests.”

Irina Babakova, Deputy Head of SOGAZ Department for Comprehensive Insurance Programs Development, presented a paper Comprehensive Insurance Programs as a Component of Risk Management System. In her report, Ms. Babakova reviewed advantages of comprehensive insurance programs for fuel and energy companies and noted, among other things, that “SOGAZ’s dramatic experience in risk management and insurance of fuel and energy companies provides for overall evaluation of industrial, social and financial risks and their determining factors. Comprehensive insurance programs will not only minimize fuel and energy companies’ risks, they will also guarantee fast and efficient decision-making in managing consequences of accidents and catastrophes in the oil and gas industry.”

Summing up the results of the conference, Aleksei Smertin, head of the SOGAZ Insurance Group Marketing Department, said that “risk management in the fuel and energy industry is a complex problem, which could be solved by joint efforts of legislative and executive authorities, oil and gas companies, leading insurance companies and market experts. The role of insurance companies is steadily growing. We are proud that SOGAZ develops and introduces innovative risk management technologies in the fuel and energy industry. For many years, SOGAZ has not only provided insurance services for oil and gas companies, but has also implemented dedicated programs including both insurance services and prevention of accidents. Preventive measures help to eliminate or reduce some of the risks, while other risks are covered with insurance.”

Insurance Company Ltd, OJSC Gazprommedstrakh, SOGAZ-life Insurance Company Ltd, the management company CJSC Leader, and the medical services company Gazprommedservice Ltd. The Group’s regional network includes 350 subdivisions. SOGAZ holds the highest reliability rating (A++) awarded by the Expert PA rating agency.

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