Dispute among the Reinsurers Concerning Compensation with Respect to Sayano-Shushenskaya Power Plant Accident has Ended with the Allianz Victory

The team of Korelskiy, Ischuk, Astafiev and Partners, Attorneys at Law once again achieved important successful litigation outcome in the Federal Arbitration Court of the Moscow district, on the insurance dispute regarding Sayano-Shushenskaya hydro power plant accident (total volume of the claim exceeding 1.1 billion roubles).

Based on the results of the court session that was held on May 14, 2012, the court of the instance of cassational appeal declined the cassational appeal brought by a Swiss reinsurer, Infrassure, in full. Having upheld the legal standing of the Allianz attorneys, the court left unchanged the acts previously adopted by the courts at the lower instances in favour of Allianz.

According to the head of the Legal Department of Allianz Angelina Fadeeva, “KIAP experts have shown highly professional skills while providing legal support on this complex insurance dispute. We appreciate our successful partnership work.”

Legal support for the project carried out by the partners of the Firm Ilya Ischuk, Konstantin Astafiev and Andrey Korelskiy.

The accident at Sayano-Shushenskaya Power Plant on August 17, 2009 destroyed three hydraulic units and damaged remaining seven hydraulic units of the station. On February 9, 2010, ROSNO insurance company (present name Allianz), which insured the equipment of the power plant (maximum amount of insurance compensation including unconditional deductible close to $200 million in rouble equivalent) treated the accident as an insured event and paid the insurance compensation in full.

Allianz is one of the largest financial and insurance corporations in the world which has provided reliable insurance protection solutions to millions of clients around the world for more than 120 years.