In January-September 2024, BUSIN Insurance Company (Kyiv) collected UAH 160.6 million in gross premiums, which is 6.98% less than in the same period of 2023.
This was reported by the rating agency Standard-Rating in the information on updating the credit rating/financial strength rating of the insurer at the level of “uaAA+” on the national scale based on the analysis for the specified period.
At the same time, revenues from reinsurers decreased by 22.75% to UAH 29.186 million.
Insurance payments sent to reinsurers in the first nine months of 2024 increased by 61.35% to UAH 178.299 million compared to the same period in 2023. Thus, the ratio of reinsurers’ participation in insurance premiums increased by 47.02 percentage points to 111.03%.
Net written premiums for the specified period of 2024 amounted to UAH 17.706 million, and net earned premiums amounted to UAH 25.694 million. During this period, the company paid UAH 31.869 million in insurance claims and indemnities to its clients, which is more than 44 times higher than the amount of insurance claims paid in the same period in 2023. Thus, the level of payments increased by 19.42 percentage points to 19.84%.
As of October 1, 2024, the company’s assets decreased by 4.89% to UAH 298.706 million, equity decreased by 18.30% to UAH 161.156 million, liabilities increased by 17.75% to UAH 137.55 million, cash and cash equivalents increased by 26.51% to UAH 322.196 million.
Busin Insurance Company was registered in February 1993. It specializes in risky types of insurance. The company is a member of a number of professional and industry associations, including the League of Insurance Organizations of Ukraine, the Insurance Benefits Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber in Ukraine, and the British Business Club.
