Third party liability insurance of hazardous facility owners: new rates
The Bank of Russia has set new rates in compulsory third party liability insurance of hazardous facility owners, which will apply from 21 September 2025.
For facilities with pressure equipment and coal mines, the lower bound of the rate range has been kept at the same level.
However, it has been lowered by 25% for hydraulic structures as well as petrochemical and mining enterprises. A more significant reduction of 75% is stipulated for certain types of power plants as well as facilities used to store by-products of mining operations (tailings dams) and mine construction sites. The lower bound of the rate range for all other types of hazardous facilities has been decreased by 50%. The upper bounds of insurance rates remain unchanged.
The rate recalculation factors in the existing loss ratio dynamics and more accurately reflects the level of accident risk.