Interview: Olga Sigalovich, EIRC


argues Olga Sigalovich, general director of EIRC. “This is a landmark event for the whole reinsurance market,” she says.


A


“Every year reinsurers and brokers from around the world come to discuss the nuances of reinsurance contracts, to find new ones and to consolidate old ones. “The significance of these meetings is evidenced by numerous partici-


pants, and by the results which it generates for reinsurance business. These meetings define ‘the reinsurance fashion’ for the next year in terms of rates and trends.” This is certainly true for EIRC, which has attended the Baden-Baden


meeting for the last five years. “We feel the impact of the meetings every year, in terms of the new contracts which are concluded and the new partners we find,” says Sigalovich. “By communicating with colleagues from other countries, we also obtain new knowledge about foreign markets, as well as about foreign risks and com-


25.10.11 TUESDAY


Baden-Baden: the place to be seen


Baden-Baden represents a critical meeting in the industry’s calendar, as Olga Sigalovich, general director of Eastern Insurance and Reinsurance Company (EIRC), tells Intelligent Insurer.


n important aspect of a healthy re/insurance industry is effective communication and this is why Baden-Baden remains so important,


panies. This is especially valu- able for us as a reinsurer, as we should be fully informed.” In terms of her domestic in Russia, Sigalovich increased regula-


market reports that


tion has led many companies to cease trading. However, she is confident in her company’s offering to that market. “New capitalisation requirements for reinsurers have meant that the market has declined sharply, as companies without enough capital to meet the new legislative requirements have left the market,” she says. “However, the reinsurers who remain will continue to develop interna-


Olga Sigalovich, general director of EIRC


tional markets. From our own perspective, we have recognised a high de- mand for Russian reinsurance, as we offer quality protection for an adequate price.” Sigalovich believes that clients value her company’s personal approach,


offering tailored solutions to suit each customer. “These are our competitive advantages and the key to our success,” she says.


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Turkey quake had magnitude of 7.2 T


he powerful earthquake that struck eastern Turkey on Sunday near the city of Van had a magnitude of 7.2 on the Richter scale, according


to preliminary estimates by the United States Geological Survey and issued by catastrophe modelling firm AIR Worldwide. A number of aftershocks followed the main shock, two of which were magnitude 5.6. If the estimate proves accurate, it is the largest earthquake to strike Tur-


key since the 1999 magnitude 7.2 Duzce earthquake, which killed close to 1,000 people. Earlier that year, a magnitude 7.6 quake near Izmit in north- west Turkey killed nearly 20,000 people. The city of Van has an estimated population about 370,000 people. Ac-


cording to the city’s officials, the earthquake collapsed buildings in both Van and the nearby town of Ercis. Estimates of how many buildings exactly have collapsed range between 10 and 45. According to AIR, in Turkey, the majority of residential and commercial


buildings located in urban areas are reinforced concrete (RC) with masonry infill. Most of these, which are three to seven stories high, have cast-in-place RC frames with hollow brick infill panels and partition walls that are not connected to the frame. Research regarding the poor seismic performance of RC buildings during


In sure world...


historical earthquakes in Turkey reveals design and construction deficiencies, including a lack of lateral resistance in the framing systems, irregularities in strength, poor quality construction materials, and inadequate reinforcement detailing and confinement in beam-column joints.


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