In January of this year, Express Insurance (Kyiv) collected insurance premiums in the amount of UAH 59.7 million, which is 12.5% more than in the same period of 2023.
As specified on the insurer’s website, during this period, contracts were concluded 2.5 times more than in 2023, and 2.4 times more than in January 2021.
Premiums for motor hull insurance amounted to UAH 47.723 million (+0.9% compared to January 2013), for MTPL – UAH 9.667 million (2.9 times more), VHI – UAH 1.3 million (+25.8%), and for other types of insurance – UAH 1 million (+97.8%).
As reported, in January, the company paid UAH 270.9 million, which is 53.8% or UAH 10.3 million more than in the same period of 2023. In particular, payments for motor hull insurance amounted to UAH 26 million, which is 58.4% more than in January 2023, for MTPL – UAH 2.842 million (+ 24.3%), VHI – UAH 684.7 thousand (+ 21.5%), and for other types of insurance – UAH 257.2 thousand (2.8 times more).
“Express Insurance” ALC was founded in 2008 and is a part of UkrAuto group of companies. The company specializes in motor insurance. Since April 2012, it has been an associate member of the Motor Transport Insurance Bureau of Ukraine.
In January of this year, Ukraine reduced exports of titanium ores and concentrate in physical terms by 2.4 times compared to the same period last year – to 865 tons from 2,066 thousand tons.
According to statistics released by the State Customs Service on Friday, exports of titanium ore and concentrate decreased by 57.3% to $1.414 million in monetary terms.
The main exports were to Turkey (67.26% of supplies in monetary terms), the UAE (14.50%) and the Czech Republic (5.16%).
Ukraine did not import these products in the period under review.
As reported, in 2023, Ukraine reduced exports of titanium ores in physical terms by 96.4% compared to 2022, to 11,648 thousand tons, and revenue by 85.1%, to $19.426 million. At the same time, the main exports were to Turkey (38.21% of supplies in monetary terms), Japan (16.53%) and India (6.12%).
During this period, Ukraine imported 1 ton of such ore from the Netherlands for $2 thousand.
In 2022, Ukraine decreased exports of titanium ore by 41.8% year-on-year to 322.143 thousand tons, and by 19.6% in monetary terms to $130.144 million. The main exports were made to the Czech Republic (47.91% of supplies in monetary terms), the United States (11.94%) and Romania (9.75%).
In 2022, Ukraine imported 196 tons of similar products from Senegal (70.41%) and Turkey (29.59%) for $115 thousand.
In Ukraine, titanium ores are currently mined mainly by the United Mining and Chemical Company (UMCC), which manages Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipro region) and Irshansk Mining and Metallurgical Plant (Irshansk, Dnipro region). ) and Irshansk Mining and Processing Plant (IGOK, Zhytomyr region), as well as Mezhirichinsky GOK and Valky Ilmenite (both based in Irshansk, Zhytomyr region). In addition, Velta (Dnipro) has built a mining and processing plant at Birzulivske deposit with a capacity of 240 thousand tons of ilmenite concentrate per year.
In addition, Velta, a Dnipro-based industrial and commercial company, has built a mining and processing plant at the Birzulivske deposit with an annual capacity of 240 thousand tons of ilmenite concentrate.
In 2023, PZU Ukraine Insurance Company (Kyiv) collected UAH 1.869 billion in premiums, which is 46.1%, or UAH 589.5 million, more than in 2022, according to a press release from the insurer.
The largest increase in payments over the past year was recorded in the Green Card insurance segment by 2.2 times, or by UAH 266 million, voluntary health insurance (VMI) by 70% (+UAH 100 million) and compulsory motor third-party liability insurance (MTPL) by 55% (+UAH 178 million), voluntary motor vehicle insurance (VMTPL) by 29% (+UAH 83 million), and accident insurance by 9% (+UAH 3 million).
The company also reports that the share of MTPL in its portfolio in 2023 amounted to 27%, or UAH 499.4 million, Green Card – 26%, or UAH 488.9 million, CASCO – 20%, or UAH 368.5 million, VHI – 13%, or UAH 243.3 million, other types of insurance – 14%, or UAH 268.9 million.
In 2023, PZU Ukraine paid out UAH 701.4 million in insurance claims, which is 22% more than in 2022.
In the motor hull segment, UAH 167.4 million, or 24% of total claims, was settled last year, UAH 195.0 million (28%) in MTPL, UAH 109.7 million (16%) under Green Card contracts, 21% of all claims were paid out in VHI and 12% in other types of insurance.
The average period of settlement of insurance claims, from the date of the accident to the date of payment, under MTPL contracts was 37 days, and under hull insurance contracts – 14 days.
The company also reported that, according to the auditor’s report, the financial result before tax for 2023 amounted to UAH 103.8 million.
PZU Ukraine has been operating in the Ukrainian market since 1993. PZU Ukraine is supported by one of the largest insurance groups in Central and Eastern Europe – PZU Group (which includes the parent company of PZU Ukraine – PZU S.A.).
The traditions of the PZU Group date back to 1803, when the first insurance company Powszechny Zakład Ubezpieczeń Spółka Akcyjna (PZU SA) was founded in Poland.
A blockade continues at six Ukrainian-Polish border crossing points (BCPs), with protesters, Polish farmers, allowing one or two trucks to pass in both directions per hour, resulting in increased traffic at BCPs with other countries, where traffic flows have been redirected, State Border Guard Service of Ukraine (SBGS) spokesman Andriy Demchenko said on a national TV marathon Wednesday.
According to him, the most difficult situation is at the Yahodyn-Dorogusk and Shehyni-Medyka checkpoints, where protesters are not letting trucks traveling from Ukraine to Poland through at all.
“Yesterday (February 20 – IF-U) the situation was different, because Polish farmers scaled up their actions to block traffic for vehicles. They made it virtually impossible for trucks to move in all directions, and at the three checkpoints Ustyluh-Zosin, Uhryniv-Dovhobochev, and Rava-Ruska-Krebenne they restricted traffic for other categories of vehicles, including cars and buses, which for some time could not cross the border either towards Ukraine or Poland. Gradually, after 4 p.m., until 6 p.m., traffic in these directions for cars and buses returned to normal,” Demchenko said.
He also said that on Wednesday, cars and buses were passing through the blocked checkpoints without any problems.
The total number of blocked trucks in the queues at the Polish-Ukrainian checkpoints due to the protest of Polish farmers has reached more than 2,500, the SBGS spokesman said.
Demchenko noted that the work of the checkpoints with other countries is going on as usual, but due to the fact that drivers choose them as an alternative to Polish crossings, the load is increasing. In particular, he said, this is evident in the situation on the borders of Slovakia and Hungary.
“While a few weeks ago there were no queues, as of Wednesday morning, there are about 600 trucks in the queues in Slovakia opposite the Uzhhorod-Vysne Nemecke checkpoint. In Hungary, about 750 vehicles are waiting to cross the border opposite the Tisa checkpoint (Chop-Záhony – IF-U),” Demchenko said.
He emphasized that the traffic intensity at these checkpoints corresponds to the capacity of each of them.
OTP Bank and SVD-Development LLC have signed the first agreement on provision of factoring services under the joint program to support financing of Ukrainian business between OTP Bank and the USAID Project “Investments for Business Sustainability” (formerly USAID Financial Sector Reform Project).
The factoring agreement provides for financing in the amount of UAH 20 million for the supply of products by SVD-Distribution LLC to the network of a Ukrainian retailer of household appliances and electronics.
“Our company was established in difficult times – in November 2022. We decided not to postpone the implementation of the new project. Given our experience, the project is developing, creating jobs (16 people), gaining momentum, and we plan to grow in 2024, including through the OTP Bank and USAID program. Providing financial support, namely factoring on special terms, which we receive under the OTP Bank and USAID program, will help us replenish working capital for the supplied household appliances to the chain of stores and provide additional resources and opportunities for further development. Given the lengthening of logistics chains, our project needs just such a financing instrument,” said Natalia Teslenko, Managing Director of SVD-Distribution LLC.
Olga Volkova, Director of the Sales Department for Medium and Small Corporate Clients of OTP Bank, said that a significant number of corporate clients, especially large companies, when concluding agreements with suppliers, ask for a certain delay in payments for the delivered goods, which can reach 90 days and significantly increases the need for working capital for their partners. “Factoring allows the supplier to receive funds for its goods in the form of a tranche from the Bank immediately after delivery, without waiting for the buyer to pay. This is an effective means of quickly replenishing working capital, which, I emphasize, does not require collateral. It is especially beneficial and convenient for MSMEs, and partial compensation of the interest rate under the OTP Bank’s program with USAID makes it even more economically attractive. Therefore, companies that provide deferred payments for the supply of their goods and need working capital to finance such cash gaps are welcome to apply to the Bank and receive financing at a reduced interest rate,” she emphasized.
The USAID Project “Invest for Business Resilience” increases the supply of financing for businesses by working with a wide range of financial intermediaries, including banks, leasing, insurance companies and others, who raise funds and channel them into effective investments. “We help to unlock access to financial products for MSMEs on acceptable terms to support their businesses. As part of our joint program with OTP Bank, we facilitate access to affordable factoring financing, as this tool has been successfully used in Europe and other parts of the world. It improves business cash flow and frees up funds associated with unpaid invoices. The Business Resilience Investment Project expects to increase the number of factoring transactions and will continue to support the development of the factoring market in Ukraine,” said Yulia Vitka, Acting Chief of Party of the USAID Business Resilience Investment Project.
To learn more about SME factoring financing under the joint program of OTP Bank and USAID, as well as to apply for the service, please follow the link.
Implementing rule of law, securing investment and property rights, and establishing a level playing field are among the 10 Priorities for Ukraine’s Post-War Economic Recovery developed by the experts of the American Chamber of Commerce in Ukraine (AmCham Ukraine).
Protection of investors’ rights is at the top of AmCham Ukraine’s agenda, particularly since the onset of the full-fledged invasion when business continuity, economic security, high-quality job creation, and furthering Ukraine’s ongoing resilience is truly a national security priority. This is important now to achieve victory, as well as to set the stage for the biggest economic opportunity since WWII. This will only increase and gain momentum in the months and years ahead thanks to the companies that believe in Ukraine, continue to operate and invest despite Russia’s full-scale war.
Since May 2020, AmCham has provided steadfast support for the establishment of the Office for Protection of Investors’ Rights, led by Oleksiy Boniuk, within the Office of the Prosecutor General (PGO) of Ukraine, spearheaded by Dmytro Verbytskyi, Deputy Prosecutor General. It is imperative that during this period of reform, investors committed to Ukraine may be assured of the country’s commitment to fairness, transparency, a level playing field, and protection of investor rights. Alongside AmCham President Andy Hunder’s efforts, AmCham Ukraine leadership – Chair of AmCham Ukraine Board of Directors, Lenna Koszarny, AmCham Vice President Tetyana Prokopchuk, and AmCham members met with representatives of the Prosecutor General’s Office to review the results achieved since the launch of joint work and identify key priorities for 2024 regarding the protection of investors’ rights.
The key metrics since the beginning of AmCham’s cooperation with the Office for the Protection of Investors’ Rights within the PGO are the following:
“We are determined to take concrete steps and actions so that business in Ukraine works at full capacity, contributes to Ukraine’s ongoing resilience and development, and provides resources for the country’s brave defenders to continue their heroic defense of Ukraine. We are ready to continue to provide a fair, transparent and professional platform to address cases raised by companies committed to openness, transparency, and rule of law, in the format of constructive discussion and evaluation of underlying facts,” stated Dmytro Verbytskyi, Deputy Prosecutor General.
“Ukraine continues on its path of transformation in rule of law, fairness, transparency, and level playing field, ascending twelve places in the 2023 edition of Transparency International’s annual Corruption Perceptions Index – one of the best achievements globally. In addition, in March 2023, for the first time since modern-day Ukraine’s independence in 1991, the country was removed from the list of states where structural changes are taking place that destroy anti-corruption or those where the state of anti-corruption is deemed «globally unsatisfactory» by The Council of Europe Anti-Corruption Body, the Group of States against Corruption (GRECO). Throughout this crucial process of reform, it is imperative that the country’s law-abiding top taxpayers – many of whom are among our 600+ members who have invested over $50 billion in Ukraine – have a platform to turn to in instances where they believe protection of their rights as investors is at issue. We appreciate the cooperation with Mr. Verbytskyi, Mr. Boniuk, and their teams, and the strong results achieved”, said Lenna Koszarny, Chair, AmCham Ukraine Board of Directors.
“After the Department for Investment Protection of the Office of the Prosecutor General began to lead the pre-trial investigation in the criminal case regarding the ACP complaint, there has been a marked improvement in the prospect of bringing to criminal responsibility the beneficial owners of GNT, who illegally dissipated $200 million of assets from the group that borrowed $100 million from US creditors. This department is key to demonstrating Ukraine’s ability to protect investors’ rights”, commented John Patton, Managing Director of London Office, Argentem Creek Partners.
A notable and very successful example of the cooperation of AmCham’s member companies and experts with the Prosecutor General’s Office is the joint work to reduce the scope, nature, and extent of businesses operating in the shadow economy. Specifically, success has been achieved in the field of prevention and the fight against the falsification of medicines in Ukraine. Since 2019 and until today, the Prosecutor General’s Office, in cooperation with the AmCham, has been effectively coordinating the efforts of pre-trial investigation agencies aimed at identifying, investigating, and submitting to the court case materials related to the sale to patients in Ukraine and abroad of falsified oncological, antiviral drugs, drugs for the treatment of rare diseases. At this time, the materials of 2 massive pre-trial investigations have been submitted to the court, according to which those accused of falsification face life imprisonment. Currently, pre-trial investigation is underway in 4 other cases.
AmCham Ukraine values strong cooperation and ongoing dialogue with the PGO and the Office for the Protection of Investors’ Rights and is in the process of expanding this dialogue to other enforcement agencies in Ukraine.
According to the AmCham survey, investors see business expansion as Ukraine’s greatest post-war investment opportunity, but security and rule of law are key.
About the American Chamber of Commerce in Ukraine:
The American Chamber of Commerce is Ukraine’s leading international business association that has been serving 600+ members in Ukraine since 1992, delivering the shared voice of best-in-class US, international, and Ukrainian companies, who invested over $50 billion in Ukraine and remain committed to the country.
