After a six-year stagnation in the insurance market for construction and installation risks (CMP), insurers are returning to construction sites: the Ministry of Construction issued an order according to which a line on insurance costs will appear in the estimated cost of objects. After its disappearance in 2014, insurance companies lost a market of 40 billion rubles. Now their potential fees are estimated at only 20 billion rubles. – the new tariffs will be significantly lower than the rates of six years ago.
The order of the Ministry of Construction, which came into force on October 5, “On the approval of the methodology for determining the estimated cost of construction …” contains a recommended list of works and costs that are taken into account in the consolidated estimate. It includes insurance costs, among others.
We are talking about insurance of construction and installation risks – the Ministry of Finance excluded the expenses for it from the estimates of construction projects in 2014 by order.
The authorities then suspected the builders of excessive spending on insurance and saved the budget (the state paid for the insurance of state structures) and removed them from the estimates. As a result, according to Nikolai Galushin, general director of the insurance broker RT Insurance, most of the state construction projects were left without insurance – the contractors were not ready to spend their funds on it. In the event of an accident, there was a risk of bankruptcy of the contractor due to the lack of funds to restore the damaged facility. The state customer had to conduct a new tender – to select a new contractor to complete the construction and repair the damage.
Igor Yurgens, president of the All-Russian Union of Insurers (ARIA), says that the decision of the Ministry of Construction “will increase the financial stability of construction contractors, which is certainly extremely important in the current environment.” According to him, the financial condition of most construction contractors is such that if any significant loss occurs, they will not be able to compensate for it or complete the construction at their own expense, which “most likely leads to the bankruptcy of the contractor and often – to the failure of the entire construction period, to financial losses for government customers.”
According to Nikolai Galushin, before the decision of the Ministry of Finance, the size of the insurance market for construction and installation work reached 40 billion rubles. per year and a significant part of this amount was accounted for by state construction.
“Now, the market can get 10-20 billion rubles. Additional insurance premiums, ”he estimates. This difference is due to new realities. “In fact, earlier, construction and installation risks were insured not by developers, but by contractors,” an interlocutor in the market explained to Kommersant. Now the developer is obliged to place the money of equity holders on escrow accounts during housing construction – and the bank lends it if there is insurance against the risks of loss/loss of the object on much more favorable terms. “In fact, the interests of developers and insurers converged, inflating estimates for state construction will not work as before, so the Ministry of Construction returned the line“ insurance ”to the order,” says the source of Kommersant. The Ministry of Construction did not respond to Kommersant’s request.
“Inflating” the cost of insurance for builders should also be prevented by the internal standard of construction and installation work, which is being prepared by the ARIA, for objects built at the expense of the state budget and using escrow accounts, says the vice-president of the union Svetlana Gusar – his project will soon be sent for approval to Ministry and NOSTRO …