Semurg Insurance is committed to maintaining its strong reputation for financial stability and risk management. Our underwriting principles are designed to ensure that we underwrite risks responsibly by balancing profitability with the needs of our clients.

Focus Areas:

We offer dedicated expertise and (re)insurance solutions for a range of industries, including but not limited to:

• Onshore and offshore oil and gas facilities: We understand the unique challenges and risks associated with these complex operations.

• Above-ground (open-cast) mining: We offer tailored reinsurance solutions for open-cast mining projects, considering the specific risks involved.

• Iron and steel plants and non-ferrous metallurgy: We provide comprehensive coverage for these industries, taking into account their unique hazards and operational complexity.

• Power generation facilities: We have extensive experience in underwriting power generation projects, including traditional and renewable energy sources.

Our Commitment to Underwriting Excellence

Our underwriting process is based on:

• Prudent Risk Selection: We carefully select risks based on probability and severity of losses, potential for future claims, and the current level of safety and protections implemented by the plant owners.

• Advanced Risk Assessment: We use sophisticated models to evaluate likelihood and exposure to perils.

• Portfolio Management: We use case-by-case approach depending on product type, region and industry.

• Capacity Management: We adequately utilise our capacity based on risk and exposure to protect Company’s assets in case of a large loss.

• Regulatory Compliance: We adhere to all relevant regulations related to capital adequacy, solvency, and market conduct.

Restrictions and Considerations

While we are committed to serving a wide range of clients, we do consider specific restrictions and/or exclusions when underwriting certain industries and facilities:

• Industries with higher fire load: While we may consider industries, such as textile, paper, and plastics, they are subject to stringent requirements. These include:

  • Average or above-average fire protection: Recent survey reports must demonstrate effective fire protection measures.

  • Premium rates/deductibles: Rates and deductibles will be adjusted to reflect an elevated fire risk.

  • Clean loss history: Zero or a minimum number of fire-related claims over a 10-years period shall be complied with.

  • Pulp and paper mills: These are generally excluded unless specific conditions are met, such as the exclusion of black liquor boilers.

• Standalone warehouses and logistics complexes: These are generally excluded. However, we may consider them if they are integrated in or part of processing shops or offices, and meet the following criteria:

  • Average or above-average fire protection: Recent survey reports must demonstrate sufficient fire protection measures compliant to international and local standards and codes.

  • Separate storage: Combustible or flammable materials must be stored separately.

  • Non-combustible construction: Buildings should not utilise combustible materials in their construction.

  • Proper fire protection: Fire protection must comply with NFPA or similar local standards and codes.

  • Premium rates/deductibles: Rates and deductibles will be adjusted to reflect an elevated risk.

• Facilities in elevated NatCat areas: We have a limited or no appetite for risks in areas prone to natural catastrophes. However, we may consider them in exceptional cases, subject to:

  • Clean loss history: A history of minimal natural catastrophe-related claims over the past 10 years.

  • Design considerations: Construction/Erection All Risks projects must account for seismicity, soil properties, and flood exposure in their design.

  • High deductibles/Sub-limits: Separate high deductibles and sub-limits may be applied in relation to NatCat risks.

Dams, hydropower plants, and standalone overhead lines: These facilities are generally of no or low appetite. However, we may consider hydropower plants if the risk of landslides is low or effectively controlled and monitored, and there is a clean loss history.

Additional Underwriting Considerations

We do not currently write CECR risks, and we do not grant a DSU extension to CAR/EAR projects.

Partnering for Success

At Semurg Insurance, we are committed to building strong and lasting partnerships with our clients. We believe that transparent communication, proactive risk management, and shared commitment to success are cornerstones of a successful partnership.

Please contact us to discuss your specific needs and requirements.We are dedicated to finding the right reinsurance solution for your business.