Business news from Ukraine

Business news from Ukraine

TAS, ARKS, Unica, INGO and VUSO have become leaders of Ukrainian insurance market in terms of premiums collected in January-July 2024

Leaders of the insurance market of Ukraine on the collected premiums in January-July 2024 became insurance companies SG “TAS” (UAH 2,553 billion), “ARKS” (UAH 2,371 billion), “Unica” (UAH 2,329 billion), “INGO” (UAH 1,952 billion) and IC “VUSO” (UAH 1,732 billion), according to the website of the National Association of Insurers of Ukraine (NASU). It is noted that in comparison with 6M2024 IC “Unica” dropped to the third position from the second, and IC “ARKS” took its place; IC “USG” left the top five from the fifth position, allowing IC “VUSO” to enter the top 5.

There have been no changes in the top-5 in the market of compulsory motor third party liability insurance in terms of premiums collected and following the results of seven months the leaders are SG “TAS” (UAH 775,3 mln), “Oranta” (UAH 739,3 mln), “Knyazha VIG” (UAH 570,6 mln), “ROM” (UAH 360,4 mln) and “VUSO” (UAH 244,4 mln).

The leaders in the market of “Green Card” on collected premiums for the specified period are “TAS” (UAH 754,5 mln), “USG” (UAH 405,5 mln), “Knyazha VIG” (UAH 372,1 mln), “ROM” (UAH 310,5 mln) and “Oranta” (UAH 227 mln) (no changes).

There are also no changes in the CASCO market: as before, it is headed by IC “ARKS” (UAH 1.256 billion), “Arsenal Insurance” (UAH 1.034 billion), “Unica” (UAH 622.6 million), “VUSO” (UAH 531.3 million) and “USG” (UAH 495.1 million).

At the same time, there have been slight changes among the leaders in voluntary medical insurance: the leader, as well as earlier top-5 in this segment, is IC Unica (UAH 1,018 billion), followed by IC Universalna (UAH 560 million), IC INGO (UAH 422,7 million). IC “VUSO” (UAH 328,4 mln) has risen from the fifth position to the fourth, and “ARKS” (UAH 324,5 mln) has taken its place.

In July 2024 there were no changes in the leaders of the life insurance market. As before, the first position is occupied by IC “MetLife” (UAH 1.506 billion), IC “TAS” (UAH 388.4 million), “Grave Life” (UAH 311 million), “Unica Life” (UAH 230.9 million) and “ROM Life” (UAH 217.1 million).

As reported, as of the end of July 2024, 69 risk insurers operate in the insurance market of Ukraine, 12 specialize in life insurance, one – with a special status (“Export Credit Agency”, ECA).

 

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“Kyivvodokanal” and the Ministry of Environmental Protection of Ukraine are preparing for pollution coming along the Desna River to Kiev

PJSC Kyivvodokanal and the Ministry of Environmental Protection and Natural Resources of Ukraine are preparing for the pollution coming along the Desna River to Kyiv, which is forecast to reach Kyiv region on September 14-16, but treatment facilities should cope with it, said the Minister of Environmental Protection and Natural Resources Svetlana Hrynchuk.

“If initially Ukrgidrometcenter predicted that the pollution will reach the water intakes of Kievshchyna somewhere on September 10-11, now this forecast has already shifted to 14-16. It should also be said that pollution is not recorded in Kyiv region,” she said on the air of the Unified National Telethon on Wednesday.

The Minister added that now the Department sees an improvement in the situation, water treatment facilities of the water channel should cope with this type of pollution.

“Also installed additional nets, additional such physical barriers to prevent and dead fish, in order to additionally not polluted,” – said Grinchuk.

According to her, the pollution recorded in the areas of the Desna River in Chernihiv region is no longer as homogeneous as it was before, and is fixed point by point.

According to Hrynchuk, to help all living things in the river, in particular fish, aeration units have been installed. Three of them worked in the Chernihiv area. It was decided to install two more such systems additionally from September 10.

“That is, to date the situation is controlled, we carry out constant monitoring and (take – IF-U) those measures that can improve the situation,” – summarized Hrynchuk.

Croatian Prime Minister Plenkovic announces continuation of military support for Ukraine

Croatian Prime Minister Andrej Plenković has announced the continuation of military support for Ukraine, despite threats from Russia.

“When you have friends in need, you show your friendship, your solidarity and your support in full. This is what we do. This is what we will continue to do in the future, despite all the threats you might mention,” Plenkovic said at a press conference within the framework of the Crimean Platform in Kyiv on Wednesday, answering the question whether he was not afraid of threats from Russia while providing military support to Ukraine.

According to an Interfax-Ukraine correspondent, the Croatian prime minister added that his country “is a NATO member, a member of the European Union, a country that knows when the right time comes to help our friends.”

“We will also support you in rebuilding your energy sector by providing you with the specific know-how that Croatia has in the field of demining. This is a huge task, and that is why we held the first International Conference of Heads of Mine Action last year in Croatia,” Plenković said.

“And, of course, what few countries can provide you with is the experience of our state prosecutors, our judges, our specialized police units in prosecuting war crimes,” he added.

The head of the Croatian government also noted that Croatia continues to accept refugees and war veterans from Ukraine for treatment and accommodation in its veterans’ centers, “and we will continue to do so, as well as to accept groups of Ukrainian children visiting Croatia.”

“We will continue to help you and assist you with military assistance, political assistance, our diplomatic initiatives, we are very happy to host you in Dubrovnik in early October, where we will hold a summit between Ukraine and the countries of Southeast Europe… You can count on Croatia in all the issues you face here today,” Plenkovic added.

As previously reported on the Croatian government’s website, during Plenkovic’s visit to Kyiv, a new package of bilateral assistance from Croatia to Ukraine was presented.

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European Commissioner for Energy says EU is ready to completely stop transit of Russian gas through Ukraine

European Commissioner for Energy Kadri Simson says the European Union is ready to completely stop the transit of Russian gas through the Ukrainian gas transportation system after the expiration of the current contract in December this year.

“When I spoke with my colleagues in Ukraine, I made it clear that we are preparing for a situation where the transit agreement between Ukraine and Russia will expire by the end of this December. We have found alternative supply routes, and the Member States or their companies that are still receiving gas from Russia have in fact been granted two additional years compared to other companies that Russia has decided to stop supplying to in 2022,” the European Commissioner said at a press conference in Brussels on Wednesday.

At the same time, Simson stated that Ukraine’s gas transportation infrastructure is also part of the EU’s infrastructure, as part of the European gas is stored in Ukraine’s storage facilities, “which provide us with additional capacity.”

“Ukraine is also a gas producer, so we have to make sure that their infrastructure still has value. But my message is very clear: there is no need to look for any new ways to continue trading with Gazprom. Alternative supplies are available, and we are engaging with affected member states to show them that alternative routes will deliver the volumes they need,” she elaborated.

Simson also referred to the words of Ukrainian President Volodymyr Zelenskyy, who said in late August that “Ukraine is not interested in extending the transit contract with Russia, and that European companies have the right to use Ukrainian infrastructure.”

According to the European Commissioner, her “main mission is to encourage companies that are still receiving Russian pipeline gas because they had contracts signed before the war to choose more predictable alternatives.”

Simson also cited figures showing that the share of Russian gas in EU imports fell from 45% in 2021 to 18% by June 2024, while imports from reliable partners such as Norway and the United States increased. In addition, the EU reduced gas demand by 138 billion cubic meters between August 2022 and May 2024.

“The EU reached its 90% winter gas storage target on August 19, 2024, well ahead of the November 1 deadline, and energy prices are more stable and remain well below the peak levels of the 2022 energy crisis,” she elaborated.

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New Director of Ukrainian Cultural Foundation Appointed

Anastasia Obraztsova, director of the Ukrainian Center for Cultural Research, has won the competition for the position of executive director of the Ukrainian Cultural Foundation (UCF). On Wednesday, the second stage of the competitive selection of the Foundation’s executive director took place, and according to the results of a secret ballot, Anastasia Obraztsova, director of the Ukrainian Center for Cultural Research, former head of the Directorate of Creative Industries of the Ministry of Culture and Strategic Communications of Ukraine, won the competition.

The UCF’s announcement states that the newly elected executive director will begin work after signing a contract with the Ministry of Culture.

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“Ukrnafta” earned UAH 10.6 bln in net profit

In January-June 2024, PJSC Ukrnafta received UAH 10.6 billion in net profit.
“The results were confirmed by the audit of Crowe Erfolg Ukraine, Crowe Audit & Accounting Ukraine,” the company said on Wednesday.
During this period, the company paid UAH 20.2 billion to the state budget in the form of taxes, duties, dividends on the state share and customs payments.
“In total, since the beginning of state management and the start of the new management at the end of 2022 and as of today, the company has received almost UAH 40 billion in profit,” said Sergiy Koretsky, Ukrnafta’s CEO.
“Ukrnafta is the largest oil producer in Ukraine and the operator of the national network of filling stations. In March 2024, the company took over the management of Glusco assets and operates 545 filling stations – 460 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, Ukrnafta has been issuing its own fuel coupons and NAFTA cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share. In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.

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