“Malakut Insurance Brokers” in partnership with “Russian Insurance Center” has organized and conducted the III International Space Insurance Conference “Space Club – 2008” (22 May, “Balchug-Kempinsky” Hotel, Moscow)

The “Space Club” Conference is conducted from 2005 and still is the only conference in Russia, aimed on financial and insurance issues of space industry. The agenda of “Space Club-2008” included the usage of insurance security tools for space risks and commercial activity of the companies, along with analysis of Russian space insurance & reinsurance market for last 5 years.

The representatives of leading Russian and foreign companies, such as Eurockot (Germany), Allianz (France), ElseCo (UAE), International Space Brokers Group (Great Britain), «Khrunichev State Research and Production Space Center», «Gazkom», Roskosmos, “TsENKI FSUE”, “Russian Insurance Center” and others were the invited speakers on the Conference. The representatives of more than 50 companies from different world countries, such as Russia, Belorussia,Great Britain, France, Germany, UAE, Ukraine and South Korea were the invited participants and guests of the Conference.

During the Conference, the “Malakut” Corporate Risk Management Director, Andrey Merkulov has presented his report on insurance risks management. As he said, the control system of insured risks is the important component of business process which allows to answer the basic questions, concerning object, means, volumes of the insurance, and also to raise transparency of insurance expenditures. Among other advantages of corporate risks management insurance system, Mr. Merkulov has mentioned the unification of isolated programs of affiliated and dependent companies insurance in joint program of holding’s insurance. This action increases the general capacity and allows to achieve essential decrease in expenses for participants of the program.