Business news from Ukraine

Insurer “VUSO” has launched updated mobile application

The insurance company “VUSO” has launched an updated version of the mobile application, with access to medical policies, adding the possibility for customers to make an independent appointment with a doctor and confirm the appointment independently, according to the insurer’s press release.

In addition, the company’s clients will now be able to quickly find detailed information about their insurance contract, as well as call an ambulance through the app.

In the future, VUSO plans to expand the app’s functionality and add other options. The application development team is already working on remote request for reimbursement, reflection and management of policies of relatives and friends, display of the whole history of applications to the insurance company.

IC “VUSO” was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance. It is represented in all regions of Ukraine. It is a member of ITSBU and UFS, a participant of Direct Loss Settlement Agreement and a member of Nuclear Insurance Pool.

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National Bank has fined insurer Kyivska Rus

The National Bank of Ukraine (NBU) has fined PJSC IC Kyivska Rus (Kyiv) UAH 391,000 for violating financial monitoring requirements.
According to the regulator’s website, the fine was imposed for improper fulfillment of the institution’s obligation to timely and fully provide information and/or documents, copies of documents or extracts from documents necessary to supervise the prevention and counteraction to the National Bank’s requests. As well as for the submission to the National Bank of reports on prevention and counteraction with errors
As Ukrainian News earlier reported, on May 8 the National Bank of Ukraine (NBU) applied to Kyivska Rus IC a sanction in the form of a temporary suspension of license to provide financial services in insurance due to failure to report for the first half of 2022 and for 2022, as well as the actuarial report for 2022.
The company also did not submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, did not provide information and documents as required by the NBU.
The insurer has been set a deadline up to June 8, 2023 for elimination of violations.
Private JSC “IC “Kyivska Rus” performs activity in voluntary and obligatory types of insurance, other than life insurance.
According to the accounts of the insurer for nine months of 2022 the amount of insurance payments totaled 85,4 mln UAH of which 76,9 mln UAH were paid out by reinsurers. The insurer made no payments during the above period.

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Rating agency Rurik withdrew ratings of insurer “Grandvis”

June 23 the Rating Committee of National Rating Agency “Rurik” has withdrawn the ratings of PrJSC IC “Grandvis” (Chernihiv), according to the website of RA.
The report explains that the rating is withdrawn due to the fact that the borrower fails to provide the necessary information to update the rating or for other reasons.
As earlier reported, on March 7, 2023 RA “Rurik” has confirmed a long-term credit rating of the borrower at the level uaAА of investment category with the “in development” outlook.
Analyzing the results of the company’s activity in 2022, the agency considered as positive the high indices of the company’s liquidity. Thus, the ratio of quick liquidity as of January 1, 2023 amounted to 952% while the recommended 60%. Also the RA noted a high margin of solvency of asset quality, a sufficient level of financial autonomy of the insurer, since the coverage level of assets and insurance reserves by shareholders’ equity amounted to 85% and 1109%, respectively.
The negative factors include low diversification of the company’s insurance portfolio by types of insurance. According to the results of 2022 three largest types of insurance corresponded to 81% of insurance payments, which, as stated, indicates a high dependence of the company on the key areas of insurance activity, its significant costs, given a high specific weight of administrative expenses.
IC Grandvis has been working in insurance market since 1995. It specializes on risk kinds of insurance.
The authorized capital of the company is UAH 14,3 m.

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Insurer “Inter-Policy” will increase authorized capital

PJSC IC “Inter-Policy” (Kiev) plans to increase the authorized capital by 14.160 million UAH (87.5%) by increasing the nominal value of the shares from 300 UAH to 560 UAH per share , according to the agenda of the shareholders meeting scheduled for August 3, 2023, according to the NKTSBFR system.
It is also noted that the issue will be carried out at the expense of sending to the share capital part of the share premium, received in 2016 in the total amount of 14.160 million UAH.
As it was reported, IC “Inter-Policy” was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, branches and representative offices in all major regional centers of the country.
Authorized capital UAH 16,182 mln.


“Expert-Rating” has withdrawn rating from insurer “Alfa Insurance”

On June 21, 2023 Rating Committee of Expert-Rating RA has decided to withdraw the financial stability (reliability) rating of the insurer Alfa Insurance PJSC (Kyiv), according to the website of RA.
As it was reported, the rating committee of RA “Expert-Rating” has decided on December 23, 2022 to suspend the rating of the company, noting that it may be restored if the license of the company has been renewed.
Earlier, on December, 5 of 2022, the National Bank of Ukraine has applied to PrJSC IC “Alfa Insurance” a measure of influence in the form of temporary suspension of the license to provide financial services.
The NBU also noted that these measures were applied in connection with the company’s non-compliance with the requirements of the Regulation on licensing and registration of financial service providers and the conditions of their activities to provide financial services …, namely the requirements for business reputation of financial service providers. The company must eliminate the violations by December 5, 2023.
Later, the Motor (Transport) Insurance Bureau of Ukraine reported on its website that due to the temporary suspension of IC “Alfa Insurance” license for compulsory insurance of civil liability of owners of vehicles (MTPL), it lost the right to enter into new contracts.
As it was reported, IC “Alfa Insurance” was founded in 2000. It offers a universal portfolio of services, including comprehensive programs for protection of business interests and a wide range of insurance products for individuals

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“Expert-Rating” has withdrawn rating of insurer Krajina

June 12 Expert-Rating rating agency decided to withdraw the financial stability rating of insurer PJSC Insurance Company Krajina (Kiev), according to the website of RA.
It is also noted that the reason for this decision is the termination of the contract.
As earlier reported, Expert Rating RA updated rating of IC Krajina at the level uaAA+ according to the national scale for the first quarter of 2023.
According to the agency, the proportion of insurance premiums of the company, owned by reinsurers, has grown by 32,2%, and their share in the structure of gross premiums has increased by 2,32 p.p., up to 4,32%.
The company has carried out UAH 1 mln of insurance payments for the first quarter of 2023, or by 32,01% less than in the same period last year, but the ratio between payments and gross premiums has grown by 5,33 p.p., to 53,49%.
Shareholders’ equity of the company has decreased by 10,38%, to UAH 139,43 mln, and gross liabilities have decreased by 3,06% down to UAH 175,91 mln, cash and cash equivalents have decreased by 5,32%, to UAH 58,82 mln, and the level of the insurer’s liabilities, as of 30 March, 2023 has not changed significantly and, as of the beginning of the Q2 2023, has amounted to 33,44%.
Herewith the RA notes, that as of the reporting date the insurer has formed a portfolio of current financial investments in government bonds in the amount of UAH 31,296 mln that has positively influenced the provision of liquid assets. In the aggregate, liquid assets (cash and OVGZ) covered 51,23% of liabilities of the insurer.
IC Krajina has been working in the insurance market of Ukraine since 1994. It has licenses for 23 types of insurance. The regional network of the insurer consists of 98 objects throughout the country.

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