INGO Insurance Company (Kyiv) collected insurance premiums in the amount of UAH 2.46 billion for 9 months of 2024, which is 23.5% more than in the same period last year, the company said in a statement.
It is noted that, according to experts of the National Association of Insurers of Ukraine (NASU), this corresponds to the average growth rate of the Ukrainian insurance market for the reporting period, which is 23%.
The company also reports that during the reporting period, there was an increase in demand for insurance products in the hull insurance segment (+25.3%), MTPL (+35.5%), property insurance (+47%), health insurance for those traveling abroad (+51.3%), and accident insurance (+25.7%). At the same time, both the number of clients and the volume of premiums increased in property and motor insurance.
It is also noted that revenues from individuals increased by 35% to UAH 735 million. At the same time, premiums in the corporate insurance segment increased by 19% to UAH 1.73 billion. According to the National Insurance Agency of Ukraine, INGO is the leader in this segment.
During the reporting period, INGO paid more than UAH 1.08 billion in indemnities, which is 32% more than last year. The largest amounts were paid under voluntary health insurance contracts – over UAH 419 million, hull insurance – UAH 328 million, property insurance – UAH 273 million. Over UAH 184 million was reimbursed for losses incurred by agricultural producers.
As of November 1, 2024, the company’s reserves increased by 11%, reaching almost UAH 2 billion, and equity increased by 16% to UAH 1.34 billion. At the same time, highly liquid assets amounted to UAH 3.02 billion, which is 3% more than last year.
During the reporting period, INGO increased the amount of taxes paid to the budgets of all levels by 23% to UAH 185 million.
By the end of 2024, INGO expects a further increase in insurance premiums due to market concentration and the introduction of new technologies. Particular attention will be paid to the digitalization of processes to improve customer service, the statement said.
INGO Insurance Company JSC holds licenses for 18 classes of insurance and has been providing insurance services to both individuals and companies for 30 years. Its network includes 25 branches, 5 offices and 9 customer service centers operating in all regions of the country. The company is one of the largest insurance companies in Ukraine in terms of premiums, own assets and insurance claims.
Since 2017, the main shareholder is the Ukrainian business group DCH.
In 2024, Ingo Insurance Company (Kyiv) paid a record UAH 231 million in insurance indemnities to 97% of farmers participating in the MeteoZahyst program from the representative office of the leading agrochemical company Syngenta Ukraine due to the extremely dry and hot season, the company’s press service reports.
According to the report, this figure is 10 times higher than the indemnity in the 2023 season and the highest compensation rate for the entire period of the program’s operation since 2016.
The insurance company noted that climate change continues to pose significant challenges for agriculture, as evidenced by crop damage caused by severe drought and heat in Ukrainian farms in the 2024 season. The implemented index insurance program from Syngenta in partnership with Ingo allowed 349 farms to partially reduce losses from adverse weather conditions.
“This season, MeteoZahyst’s coverage has expanded by 88% to 502,000 hectares. Due to unfavorable weather conditions, the amount of compensation increased 10 times, and the average level of compensation amounted to 52%. We support Ukrainian farmers, even in the frontline areas, with agro-technological innovations, services and unique financial products. When purchasing Syngenta products, each customer has the opportunity to apply for participation in our insurance program free of charge,” said Roman Khrypko, Head of Financial Programs and Insurance Solutions at Syngenta.
The company noted that the main crops covered by insurance payments in the 2024 season were corn and sunflower with a total area of 335 thousand hectares and a compensation amount of UAH 225 million. Agricultural producers have insured sunflower and corn crops in 1039 applications, including 1033 applications with 99% indemnification and 386 with 100% indemnification.
According to Khrypko, almost 50% of the total compensation amount was paid to farms in Kharkiv, Luhansk, Zaporizhzhia, Dnipro, Kherson and Mykolaiv regions.
“Thanks to our cooperation with Syngenta and the use of advanced index-based insurance methods, we are able to clearly record risks such as drought and provide farmers with effective tools to minimize losses. Losses are automatically triggered when weather indices exceed predefined thresholds. Therefore, farmers receive insurance compensation faster than in the case of conventional loss settlement,” said Ruslan Zymovets, Head of Agricultural Insurance at Ingo.
“In the 2024 season, MeteoZahyst offered insurance for sunflower, grain, corn and rapeseed crops against three weather risks: drought, heat and rain. The key period of the program’s operation is the flowering and grain filling phases.
Currently, the program authors are finalizing the terms of MeteoProtection 2025 to further support farmers.
Syngenta AG (Syngenta) is a Swiss company, one of the leaders in the production of plant protection products and seeds. The company was formed in November 2000 as a result of the merger of the agricultural divisions of Novartis AG and AstraZeneca Plc.
The company is headquartered in Basel, Switzerland. More than 28 thousand employees of the company work in 90 countries.
Ingo has almost 30 years of experience in the market. Since 2017, the main shareholder of the company is the Ukrainian business group DCH. The company is one of the largest insurance organizations in Ukraine in terms of premiums, own assets and insurance claims.
It holds 29 licenses for various types of compulsory and voluntary insurance and provides insurance services to corporate and retail clients.
“Ingo is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC). On September 21, 2023, the rating agency IBI-rating confirmed the long-term credit rating of JSC IC “Ingo” on the national rating scale at uaAA.
INGO Insurance Company (Kyiv), based on the results of the Meteorological Protection index insurance program from Syngenta, paid compensation to farmers in the season of 2024 for a total amount of UAH 231 million, which is ten times more than a year earlier.
This is the highest compensation rate since the program was launched in 2016. 97% of the farmers who joined the program in the 2024 season received record insurance indemnities due to the extremely dry and hot season during the flowering and grain filling periods. The program allowed 349 farms to partially reduce losses from adverse weather conditions, the company said in a statement.
“This season, Meteorological Protection coverage has expanded by 88% to 502 thousand hectares. Due to unfavorable weather conditions, the amount of compensation increased tenfold, and the average compensation rate was 52%. We support Ukrainian farmers with agro-technological innovations, services and unique financial products even in the frontline areas,” says Roman Khrypko, Head of Financial Programs and Insurance Solutions at Syngenta.
It is emphasized that almost 50% of the total compensation amount was paid to farms in Kharkiv, Luhansk, Zaporizhzhia, Dnipro, Kherson and Mykolaiv regions.
The main crops covered by insurance payments in the 2024 season are corn and sunflower with a total area of 335 thousand hectares and a compensation amount of UAH 225 million. Agricultural producers have insured sunflower and corn crops in 1039 applications, including 1033 applications with 99% indemnity and 386 with 100% indemnity.
The Meteorological Protection program covers the entire territory of Ukraine. In the 2024 season, Meteorological Protection offered insurance for sunflower, grain, corn and rapeseed crops against three weather risks: drought, heat and rain. The key period of the program is the flowering and grain filling phases. The terms of the program for 2025 are currently being agreed upon to further support agricultural producers.
At the center of the Meteorological Protection mechanism is an index, a special indicator that characterizes the impact of the intensity of a particular risk on crop yields. The threshold value of this index characterizes the occurrence of an insured event and corresponds to a critical yield loss for an agricultural producer, which is determined during the development of the insurance product. The index should show very accurately how a certain risk affects crop yields, and this mainly depends on the quality of the insurance product development, namely the data, mathematical model, etc. Within the program, the meteorological data point for fixing the index is a 6×8 km area, which is considered to be a perfectly acceptable area for heat or drought insurance, as these weather events cover a relatively large area.
Syngenta is a part of the Syngenta Group, one of the world’s largest agricultural technology developers with about 60 thousand employees. The company operates in more than 100 countries and works closely with producers and partners to achieve its four sustainable development priorities.
Over 22 years of operation in Ukraine, the company has built a team of agricultural experts, strong partnerships with scientific institutions, governmental and non-governmental organizations, and continues to invest in the development of business infrastructure.
INGO Insurance Company (Kiev) has launched a new insurance product, specially designed to protect children from accidents, including coverage of consequences of military operations.
According to the insurer’s information, the policy is available for children from 1 to 17 years old. It covers risks of injuries, disability and even fatal accidents, with the possibility of receiving the sum insured from UAH 100 thousand.
The policy is valid on the territory of the whole world, except for zones of active hostilities and border territories with the aggressor country. Parents can choose when the insurance will be relevant: round the clock, during school or kindergarten or during sports and training.
INGO Insurance Company JSC has been providing insurance services for 30 years. Since 2017, the main shareholder is the Ukrainian business group DCH.
On June 13, the state enterprise Antonov (Kiev) announced its intention to conclude a contract with ASK INGO (Kiev) for services of compulsory aviation insurance of civil aviation and liability insurance. As reported in the Prozorro e-procurement system, the price offer of ASK INGO amounted to UAH 2.976 mln, with an expected value of EUR 5.607 mln.
The second bidder was IC “Universalna” with a price offer of 3.348 million euros.
As reported, the tender was announced for insurance of liability of developers, manufacturers of civil aviation equipment, maintenance organizations authorized to conduct test flights, for damage caused to third parties; insurance of liability of educational institution when performing training flights for damage caused to third parties; insurance of crew members of aircraft and other aviation personnel; insurance of persons entitled to be on board the aircraft on legal grounds
The tender was also announced for civil aviation risk insurance services (insurance classes 1, 5, 11): aircraft insurance, insurance of aviation carrier’s liability for damage caused to passengers, baggage, cargo and mail; insurance of liability of commercial civil aircraft operator for damage caused to third parties.
INGO Insurance Company JSC has been providing insurance services for 30 years. Since 2017, the main shareholder is the Ukrainian business group DCH.
INGO Insurance Company (Kyiv) has introduced a new service – an interactive medical map for insured persons, which allows the company’s clients to find information about medical institutions in their region or any other place.
According to the insurer’s website, the interactive map shows the location of medical facilities, diagnostic centers, dentists, laboratories and health centers.
The service allows you to select the nearest medical facility using geolocation, add favorite facilities for further quick access, and filter by facility name, type and location.
Along with the map, the website has updated the downloadable file of the medical facilities database, which includes data by department level. Instead of being divided by insurance risks and types of medical care, all information is now presented on one sheet. Risks have a price level from 1 to 4, where 1 is the cheapest (or available to all when covering the corresponding risk), and level 4 is the most expensive.
“INGO is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NAIU) and the International Chamber of Commerce (ICC).
