INGO Insurance Company (Kyiv) is expanding its war risk protection by enabling small and medium-sized businesses to receive compensation for losses if the insured facility suffers as a result of air attacks or sabotage on Ukrainian territory located no closer than 100 km from the contact line.
According to the insurer’s website, it is already possible to insure facilities worth UAH 20 million against military risks.
To receive an insurance payment, the affected company will need to provide a standard list of documents and a written statement to law enforcement agencies regarding a criminal offense under Article 438 of the Criminal Code of Ukraine “Violation of the Laws and Customs of War” and a copy of the extract from the URPI under the same article.
At the same time, the company notes that in international practice, the risk of war is classified as force majeure and exceptions, according to which insurance payments are not made in a typical property contract. A separate insurance coverage is required to protect against war.
“The world has never seen a war with such intensity of shelling and scale of destruction in the 21st century. That is why reinsurers have not yet expressed a clear desire to insure property war risks from Ukraine, although negotiations are ongoing,” said Andrey Semchenko, director of the underwriting department at INGO Insurance Company.
He emphasized that even in such circumstances, INGO can offer businesses a favorable insurance offer, as it has the necessary competencies and ability to assess risks in a war on the basis of its own statistics.
According to Semchenko, the company already provides protection against war risks in other types of insurance, such as cargo transportation insurance (both sea and land), hull insurance, medical insurance, accident insurance, crop insurance, residential insurance, etc., and plans to further expand this list.
INGO Insurance Company has over 25 years of experience in the market.
Since 2017, the company’s major shareholder has been the Ukrainian business group DCH of Aleksandr Yaroslavsky.
Farmers with more than 1,500 hectares of winter crops can insure their crops against war risks with a limit of indemnity from UAH 500 thousand to UAH 2 million in INGO Insurance Company until December 15, the company said in a statement.
“In the world practice, war risks are always included in the list of standard exclusions, and losses are not compensated,” the press release quotes INGO’s Director of Corporate Insurance Serhiy Krivosheev as saying. – “However, now in Ukraine we are ready to revise the rules to create more opportunities for farmers. We understand that not only the economic condition of the agricultural sector, but also many others depend on their success.”
Thus, INGO Insurance Company has expanded its standard winter crops insurance program, which provides protection against negative weather factors (extremely low temperature, ice crust, damping, drought, etc.), to include coverage of crop damage risks resulting from events that were a direct or indirect consequence of military operations.
The company assumes that this will “help agricultural enterprises maintain financial stability.”
It is noted that only winter crops of more than 1500 hectares, which are grown industrially and are located in the unoccupied territory or no closer than 50 km from the combat zone or the state border with Belarus and Russia, can be insured against military risks.
In the event of an insured event, INGO will compensate for the costs of sowing and growing crops damaged or destroyed as a result of military operations, including maneuvers, movement of equipment, construction of defensive structures, and demining costs.
“The company assumes reimbursement of such costs depending on the volume of insured crops with a limit of UAH 500 to 2 million,” the statement said.
According to it, the settlement of insured events for further compensation is carried out according to the standard procedure within 15 days from the date of submission of the necessary documents. A document confirming the fact of occurrence of such an event under military risks should be obtained from the military-civilian administration, the State Emergency Service or the National Police.
INGO Insurance Company has 30 years of experience in the market. Since 2017, the company’s main shareholder has been the Ukrainian business group DCH of Alexander Yaroslavsky.
The company holds 29 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail clients, and is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
According to the National Bank, as of the middle of this year, INGO Insurance Company was the eighth largest in the market in terms of assets (UAH 3.28 billion). Its net earned insurance premiums for the first half of the year amounted to UAH 971.4 million, insurance payments and reimbursements – UAH 545.6 million, net profit – UAH 152.0 million.
INGo Insurance Company (Kiev) expanded its possibilities for apartment insurance by increasing the range of dangerous situations, such as damage to windows, balconies and loggias as well as military risks that were traditionally not included in property insurance programs for citizens, according to a press release from the insurer.
As noted, individuals who buy a property insurance policy can now be confident in protecting their property even in difficult wartime conditions.
“Such causes of destruction of buildings as shells, missiles, mines, balloons, etc., and consequences of explosions – broken glass and other damage to real estate – have always belonged to the list of exceptions, which exempted insurers from paying compensation to victims. However, now that the country is in martial law, we have decided to give people the opportunity to protect their property from these risks as well,” says director of retail business of the company Nikolai Matika, who is quoted by the press service.
It is specified that insurance coverage applies to both movable and immovable property of the apartment (decoration, repairs, engineering and other communications, furniture, appliances and other equipment, etc.), and liability to neighbors (or other persons).
It is possible to insure apartments that are located in a residential building that has been commissioned, upon completion of repair and reconstruction works in the premises. The insurance amount can be chosen at your discretion and varies from UAH 250 thousand up to UAH 2 mln. Besides, losses, which are the result of “war risks”, will be compensated according to the terms of the contract within the insured sum without additional sublimits.
According to the press service, you can get an insurance policy “Apartment Express” for a short term from one month – or for a standard period of one year. Insured can be individuals and legal entities – owners or tenants. There is no need to carry out a preliminary inspection to conclude an agreement and insignificant losses – up to 30 thousand UAH – are regulated by a simplified procedure that requires minimum documents.
JSC “Insurance company “INGO” has more than 25 years of experience in the market.
Since 2017, the main shareholder of the company is the Ukrainian business group DCH Oleksandr Iaroslavskyi.
The company is included in the list of the largest insurance organizations of Ukraine in terms of premiums, the size of its own assets and the amount of claims paid. It has 29 licenses for different 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) of the National Association of Insurers of Ukraine (NASU) and the International Chamber of Commerce (ICC).
Dobrobut Medical Network in partnership with INGO Insurance Company launched a project of voluntary health insurance program “Dobropolis”.
As it is said in the press release of “Dobrobut”, the program will operate in acute conditions and will cover stroke, acute myocardial infarction, acute coronary syndrome, acute inflammation of gall bladder, acute inflammation of pancreas, trauma and fractures, appendicitis, kidney and liver colic, exacerbation of some chronic diseases.
Dobrobut Medical Network is one of the largest private medical networks in Ukraine. The network includes 17 medical centers in Kiev and Kiev region, an emergency service, dentistry and pharmacy. Network medical centers provide services to children and adults in more than 75 medical fields. Annually experts of “Dobrobut” carry out more than 7 thousand operations. The network has over 2,800 employees.
The network collaborates with a number of international charities Direct Relief International, Children of War Foundation, International Medical Corps and University of Miami Global Institute as well as the Dobrobut Charitable Foundation founded by the clinic.
Since the start of the full-scale war, the Dobrobut Foundation has provided medical assistance to Ukrainians for more than 16 million hryvnias.
JSC “Insurance company “INGO” has more than 25 years of experience in the market. Since 2017, the main shareholder of the company is the Ukrainian business group DCH Oleksandr Iaroslavskyi.
The company enters the list of the largest insurance organizations in Ukraine in terms of premiums, the size of its own assets and the amount of claims paid. It has 29 licenses for different types of compulsory and voluntary insurance and provides insurance services to corporate and retail clients.
It 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 (NASU) and the International Chamber of Commerce (ICC).
INGO Insurance Company provided 17% more medical services in August than in July, according to the website of the insurer.
It is also noted that the intensity of seeking medical care in August increased to 1.3 thousand per day.
In August, the company paid the insured UAH 25 million for all these services and medicines against UAH 17.8 million in July. Most of all, the IC paid for medical consultations (+21%), medicines (+22%), and instrumental diagnostics (+23). At the same time, dental care and payments for ophthalmology decreased by 3% and 8%, respectively. In addition, payments for hospitalization services (+13%) and fortification (+68%) increased.
“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) and the International Chamber of Commerce (ICC).
INGO Insurance Company (Kyiv) in January-June 2021 collected more than UAH 966 million in insurance premiums, which is 26% more than in the same period in 2020.
According to the company, in the first half of this year, more than UAH 416.5 million were paid to customers, more than 92,000 insurance events were settled.
The formed insurance reserves of INGO as of June 30, 2021 amounted to more than UAH 1.226 billion, which is 13% more than on the same date a year earlier, the cost of highly liquid assets – UAH 1.929 billion.
The actual solvency margin is UAH 687.1 million, which exceeds the norm by UAH 390.3 million.
The company’s net worth is UAH 32.950 million (more by 5%), the charter capital is UAH 305.543 million.
INGO Insurance Company has more than 25 years of experience in the market. Since 2017, its main shareholder has been DCH business group of Oleksandr Yaroslavsky.
The company has 28 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, the European Business Association and the International Chamber of Commerce.
