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.
In January-June 2023, the insurance company “Knyazha Life Insurance Group” (Kyiv) collected UAH 29.3 million of insurance payments, which is 6.66% more than in the same period a year earlier.
This was reported on the website of the rating agency Standard-Rating, which affirmed the company’s financial strength rating/credit rating at uaAA+ in the first half of 2023.
According to the report, the volume of payments and reimbursements of the insurer for six months amounted to UAH 19.636 million, which is 3.27 times higher than the volume of payments for the same period in 2022. Thus, the level of payments increased by 45.21 p.p. to 67.13%.
In the first six months of 2023, the company’s acquisition expenses decreased by 16.84% to UAH 4,347 million compared to the same period in 2022.
In the first six months of 2023, the insurer’s net profit increased to UAH 7.444 million, assets – by 4.06% to UAH 771.825 million, equity – by 8.49% to UAH 123.387 million, liabilities – by 3.26% to UAH 648.438 million, while cash and cash equivalents decreased by 97.49% to UAH 1.320 million.
As of the beginning of the second half of 2023, the equity of Prince Life Insurance Group covered 19.03% of liabilities, and 0.2% of the company’s liabilities were covered by cash and cash equivalents.
At the same time, the RA notes that as of July 1, 2023, the insurance company has formed a portfolio of financial investments in the amount of UAH 729.759 million, including bank deposits (UAH 156.7 million), investments in government bonds (UAH 573.059 million).
RA emphasizes that a high level of external support for the company is provided by its shareholder, the international insurance group headquartered in Austria, Vienna Insurance Group Wiener Städtische Versicherung AG, which is represented by 50 companies in 30 countries and is the leader in the insurance market of Central and Eastern Europe.
On August 24, PJSC Ukrgasvydobuvannya (Kyiv) opened a tender for compulsory civil liability insurance of business entities for damage that may be caused by fires and accidents at high-risk facilities, including fire-hazardous facilities and facilities where economic activity may lead to environmental and sanitary-epidemiological accidents.
According to the Prozorro electronic public procurement system, the expected cost of the services is UAH 120,145 thousand, with the lowest price offer from Trnasmasmagistral Insurance Company at UAH 57,009 thousand.
The following insurance companies participated in the tender: Brokbusiness – UAH 58,260 thousand, Promstrakh – UAH 59,459 thousand, Universalna – UAH 59,744 thousand, Mega-Policy and VUSO – UAH 98,635 thousand each, and Krayina – UAH 118,9 thousand.
The companies are waiting for the final decision
INSURANCE, INSURANCE COMPANY, UKRGASVYDOBUVANNYA, Трансмагістраль
Prestige Insurance Company (Kyiv) plans to increase its authorized capital to UAH 49 million through an additional issue of shares worth UAH 27 million.
According to the information disclosure system of the National Securities and Stock Market Commission (NSSMC), this issue is on the agenda of the company’s shareholders’ meeting scheduled for August 30, 2023.
The company plans to place 27 thousand shares of the company with a par value of UAH 1 thousand.
At the same time, it is specified that the participants in the placement are the shareholders of IC Prestige PrJSC as of August 30, 2023: Yevhen Bridun, Ihor Bridun, Yuriy Myronchuk, and Svitlana Atamas.
As reported, Yevhen Breedun owns 88.01% of the company’s shares, and Ihor Breedun owns 9.986%.
Prestige Insurance Company was established in 2012. The company has 14 licenses for voluntary and 11 licenses for compulsory insurance.
The company completed the first quarter of this year with net written premiums of UAH 11.773 million, which is 3.6% less than in the same period a year earlier. Gross written premiums for the first quarter decreased by 18% to UAH 15.5 million, while ceded premiums to reinsurers increased by 4.3% to UAH 5.6 million.
In the first quarter of this year, the company paid out UAH 2.6 million (-19.1%). Administrative expenses increased to UAH 820 thousand (+16.5%), and sales expenses increased to UAH 8.238 million (+3.2%).
Financial result before tax amounted to UAH 476 thousand (-15.3%), net profit – UAH 15 thousand (-44.5%).
The authorized capital is UAH 22 million.
On August 23, the National Bank of Ukraine (NBU) fined Kashtan Insurance Company (Kyiv) UAH 34 thousand for providing the regulator with knowingly false information, according to the regulator’s website.
The insurance company must pay the fine within seven business days from the date of receipt of the NBU’s decision to impose the fine.
Kashtan Insurance Company was registered in June 2002. It offers clients insurance services in 20 types of voluntary and compulsory insurance.
As reported, on August 17, 2021, the NBU revoked the license of Kashtan Insurance Company to provide compulsory insurance of civil liability of owners of land vehicles at the request of the company.
In January-June 2023, the insurance company “Knyazha Vienna Insurance Group” (Kyiv) collected UAH 879.7 million of insurance payments, which is 69.8% more than in the same period a year earlier, according to the website of the rating agency “Standard Rating” in the information on the confirmation of the financial strength rating / credit rating of the insurer at the level of “uaAA+” for the specified period.
According to the RA website, during this period, the insurer’s revenues from individuals increased by 63.57% to UAH 616.2 million, and from reinsurers – by 205.44% to UAH 1,347 million. In the first half of 2023, the share of individuals in the company’s gross written premiums amounted to 70.04%, and the share of reinsurers – 0.15%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 71.15% to UAH 298.9 million compared to the same period in 2022. Thus, the ratio of participation of reinsurance companies in insurance premiums increased by 0.26 p.p. to 33.98%.
The company’s net written premiums increased by 69.19% to UAH 580.8 million, and earned premiums increased by 33.04% to UAH 504.3 million.
The volume of insurance payments and reimbursements made by the company in the first half of 2023 compared to the same period in 2022 increased by 53.53% to UAH 272.72 million. The payout ratio decreased by 3.30 p.p. to 31.00%.
In the first six months of 2023, the company received a net profit of UAH 17.324 million. Its assets increased by 19.11% to UAH 2.310 billion, equity increased by 4.83% to UAH 417.27 million, liabilities increased by 22.80% to UAH 1.892 billion, cash and cash equivalents decreased by 68.10% to UAH 51.532 million.
At the same time, the RA notes that as of July 1, 2023, the insurer made financial investments in the amount of UAH 914.8 million, which consisted of government bonds (UAH 663.7 million), as well as deposits in banks with a high credit rating (UAH 251.1 million).
PrJSC “IC “Knyazha Vienna Insurance Group” is a part of IFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria). The group also includes PrJSC IC Ukrainian Insurance Group – 100%, PrJSC IC Knyazha Life Vienne Insurance Group – 97.8%, LLC USG Consulting – 50.7%, LLC VIG Services Ukraine – 78.7%, LLC Assistance Company Ukrainian Assistance Service – 100%.
