International Insurers on the Ground to Assess Loss in Tiguentourine ComplexSource: Algeria Times 3/8/2014, Location: Africa
International insurers have sent their experts to the Tiguentourine gas site to assess the loss suffered by Sonatrach and its two partners, BP and Statoil, due to the terrorist attack having targeted it in January 2013, an official of Cash-Assurances Company said.
"Experts designated by international insurance groups came in Algeria," Hadouche Adlane, director of commercial action department at Cash Insurance Company on Insurance hydrocarbons told APS.
According to the same source, the group of experts has prepared its findings in the field to develop an assessment report on losses of Sonatrach and its two partners. So far, the complex which stopped for several months does not produce at full capacity. One of the three trains is still under repair.
Hadouche said that several international reinsurers will intervene in the compensation operation of Sonatrach and its partners indicating that each of them ensures some of the risks of the complex under the master policies issued by these energy groups for all of their assets worldwide.
He was speaking on the sidelines of a conference on risk management by Cash, held part of the 4th international exhibition of petroleum products and services providers in Hassi Messaoud.
About the part to be assumed by the Central Reinsurance Company in this compensation, the same source said the law allows the public reinsurer to obtain a 50% retrocession of the risks to international reinsurers.
However, the reinsurance of important risks as Tiguentourine gas site or large industrial facilities does not follow the classic plan of insurance coverage, the official said.
For these strategic assets, Algeria was more cautious in deciding the retrocession to the international insurers of most losses.
In general, the international reinsurance of these assets even covers the production shutdown risk. The Tiguentourine Complex (Illizi) alone counts for 18% of Algerian gas exports.
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