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Replacement "Crane" found in Yakutia
To stabilize the situation in the insurance market of Yakutia after the bankruptcy of Sterkh, the republic’s authorities signed an agreement with Ugoria Group of Insurance Companies JSC. It should help ensure the rights of residents to insurance services, including automobile ones.
According to the press service of the government of Yakutia, "GC" Ugoria "will fulfill the obligations of the insurer under all contracts that were concluded on the territory of the republic. At the same time, the regional directorate of GSC Ugoria JSC is already acting as a representative of Sterkh under the representative office agreement for compulsory motor liability insurance.
The insurer has already accepted more than 1,5 thousand applications for compensation payments under compulsory motor liability insurance. The company also provided insurance coverage for a significant part of state and municipal enterprises and institutions in Yakutia that had insurance contracts with Sterkh.
Bank of Russia revoked the license from the Sterkh insurance company registered in Yakutia in October 2019. These measures were taken due to violation of the procedure for investing insurance reserves and repeated violations of insurance legislation. In January of this year, the Arbitration Court of Yakutia declared the Joint Stock Company "Insurance Company" Sterkh "bankrupt. Now the bankruptcy administration has been appointed there for one year.
According to experts, problems with management, high-risk operations in the OSAGO market and the wrong work strategy led to the loss of license of the largest insurance company in the Far East. Read more about the causes and consequences of the crash of the Siberian Crane HERE.