The Kerch bridge construction is not insured.
Similar projects are always insured; however, Russian insurance companies don’t assume such risks this time.
“Such projects – I mean large-scale and unique investment ones – don’t remain within national markets all over the world. They are reinsured (abroad – ed.),“ explained the first chairman deputy of the administration of the SOGAZ insurance company Nikolai Galushin.
He noted that the Russian market cannot reinsure the risks of the project in those countries, which support sanction against Russia. The companies from the countries refuse to reinsure Russian property as well as all the defense projects and those tied to the annexed Crimea. Actually western reinsurance market proves to be closed for Russian companies, and negotiations are not successful on the subject.
The managing partner of Stuart`s Legal Helen Stuart believes that geological risks discourage insurers, too. “The Kerch bridge has geological and seismological problems as well as risks of destruction. This is the matter everyone has been talking over for a long time,” she explained.
The estimate cost of the bridge is 211,85 billion rubles (2,73 billion dollars) at last quarter 2015 values.