RNPC will introduce a special risk reconciliation procedure for reinsurance of petrochemical facilities

The Russian National Reinsurance Company has announced plans to introduce a new risk review mechanism for the reinsurance of petrochemical industry facilities. The innovations will affect contracts related to property insurance and construction and installation works, in particular, for risks related to terrorist acts and sabotage.

Key changes

• Introduction of a personal review procedure: From October 2025, all petrochemical facilities will undergo an individual examination based on an assessment of the real risks of a particular enterprise.

• Rejection of universal standards: Instead of applying common industry requirements, a specialized approach will be used for each production site.

• Broader powers of the RNPC: The company will independently make decisions on the admission of facilities to reinsurance. In difficult cases, it is possible to refuse or offer new tariff conditions with increased coefficients.

• Increased cost for risky projects: For enterprises with a high degree of vulnerability, the cost of reinsurance protection will increase, which will serve as an incentive to strengthen security measures.

Basic principles and consequences

• Risk assessment based on up-to-date data: The calculation methodology will take into account the statistics of incidents and accidents, which will allow for a more objective setting of tariffs.

• Flexibility and adaptability: RNPC plans to respond to changes in the industry situation as quickly as possible, increasing the stability of the insurance mechanism in the face of increased threats.

• Approval stage: The new regulation is being discussed with the professional community, its final version will be formed taking into account the comments of insurance market participants.

• Effective date: The updated rules are expected to become effective as early as October 2025, giving companies time to adapt and prepare the necessary documentation.

Expert opinion

Analysts note that such an initiative by RNPC is in line with the global trend towards stricter standards in industrial insurance. For the petrochemical industry, which is traditionally considered a high-risk sector, such steps will increase the financial stability of enterprises and strengthen safety requirements at production facilities.



Screenshot from the website www.rnrc.ru