The Bank of Russia has announced changes to the compulsory third party liability insurance rates for owners of hazardous facilities, with the new rates set to take effect on September 21, 2025.
According to the central bank, rates for facilities equipped with pressure equipment and coal mines will remain unchanged at their current lower bound levels. For hydraulic structures as well as petrochemical and mining enterprises, the lower bound of the rate range will be reduced by 25%. The most significant adjustment is a 75% reduction in the lower bound for certain types of power plants, tailings dams used for storing mining by-products, and mine construction sites. All other types of hazardous facilities will see a 50% decrease in their respective lower bounds. The upper bounds for all categories remain unchanged.
The recalculated rates are based on an assessment that takes into account current loss ratio trends and aims to better reflect actual accident risks.
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