Malakut Insurance Brokers (REP partner) and Uzbekinvest National Export-Import Insurance Company settle a USD 2.9 mil. fire loss at a cotton pulp mill

Tatiana Razuvaeva, Managing Director, International Desk from Malakut shared with us this news which proves a highly professional job our Russian colleagues performed.

The client, GLOBAL KOMSCO DAEWOO, a Korean-owned cotton pulp manufacturer in Uzbekistan, has been continuously buying property insurance with Uzbekinvest during the last several years, with further reinsurance protection placed by Malakut into the Russian and Indian insurance markets.

In June 2020, a fire caused by a short circuit broke out in one of the storage facilities. The warehouse and raw material in storage sustained severe damage.

The settlement of this sophisticated loss ended successfully in January 2021, when GLOBAL KOMSCO DAEWOO, Uzbekinvest, Malakut, INS Corp, and a panel of reinsurers which included Ingosstrakh, Reso-Garantia, Russian RE and GIC all reached a mutual conclusion on what appears to be one of the largest losses in the history of the Uzbek insurance market. The loss has been paid in full to the satisfaction of the client.

Mr. Jae-Hyun Park, representative of GLOBAL KOMSCO DAEWOO: “I believe that there are always lessons for us to learn from anything, even if it is from an unfortunate incident. On behalf of the company, I would like to express the deepest gratitude for the support and cooperation on the settlement of our incident from the insurers and reinsurers.”

Mr. Asatullaev Alisher, Deputy General Director of Uzbekinvest Export-Import Insurance Company JSC: “Uzbekinvest EIIC JSC in cooperation with Malakut Insurance Brokers LLC and INS Corp will continue to provide trustworthy and high-quality insurance coverage to clients in accordance with international insurance business standards.”

Mr. Andrey Runov, Deputy General Manager of Malakut Insurance Brokers LLC: “Malakut has been servicing Korean interests in former USSR countries, and particularly in Uzbekistan, for quite a long time. Although this particular claim assessment has not been easy and consumed quite a bit of time and effort, we are happy we have managed to bring it to a successful conclusion. Claims advocacy has always been a core part of our services, and we at Malakut are committed to delivering it to our clients around the world in the best possible way so that they feel safe and secure by choosing to work with us.”

Mr. SH Lee, Managing Director of INS Corp: “INS Corp is dedicated to client services and strong partnerships. With cooperation from GLOBAL KOMSCO DAEWOO and Malakut, our valued partner in Russia, we were able to ensure that the claim settlement process was completed as smoothly as possible.”

GLOBAL KOMSCO DAEWOO has completed the full restoration of the destroyed facility, incorporating a design that is much more protective against risks. Currently all operations are back to running smoothly.