Business news from Ukraine

Business news from Ukraine

“Ukrainian Fire Insurance Company” in 2024 reduced payments to clients

PJSC “Ukrainian Fire Insurance Company” (UFCI) in 2024 attracted insurance payments totaling UAH 559 mln, which is 17% higher than in 2023, as reported on the website of the Rating Agency IBI-Rating in the information on confirmation of the long-term credit rating of the company at the level of “uaAA”, forecast “in development”.

According to RA data, the strategic types of insurance for the company are transport insurance (MTPL, CASCO and other motor liability) – 50% of premiums, as well as medical and health insurance (9% and 7% respectively). Channels of sales of the insurer are well diversified that promotes stable dynamics of receipts of insurance payments, RA indicated.

Last year, UPIC made insurance payments in the amount of UAH 139.8 mln, which is 7.6% less than in 2023. The company’s profit amounted to UAH 15.8 mln against UAH 22.6 mln in 2023.

It is reported that the agency for analytical research for the purpose of updating the rating of the company used materials of UPIC, in particular, financial statements for 2022-2024 and other necessary internal information, as well as data from open sources, which RA considers reliable.

RA has attributed to positive factors of the insurer’s activity a significant stock of assets, which can be represented by insurance reserves on deposits in banking institutions (in particular state-owned) with credit ratings corresponding to high investment level according to the national rating scale.

PJSC UPIC has been operating in the insurance market since 1992. The majority shareholder and the Chairman of the Supervisory Board is Alexander Mikhailov.

The insurer is a member of the Motor (Transport) Insurance Bureau of Ukraine and works with 25 risks within 18 classes of insurance.

 

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IC “INGO” has increased payments to clients by one third this year

Insurance company “INGO” (Kiev) for 9 months of 2024 collected insurance premiums in the amount of UAH 2.46 billion, which is 23.5% more than in the same period last year, the company reports. It is noted that according to experts of the National Association of Insurers of Ukraine (NAU), this corresponds to the average growth rate of the insurance market of Ukraine 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 segment of hull insurance (+25.3%), MTPL (+35.5%), property insurance (+47%), health insurance traveling abroad (+51.3%), accident insurance (+25.7%). At the same time, both the number of clients and the volume of premiums increased in property and auto insurance.
It is also noted that receipts from individuals have increased by 35% to UAH 735 mln. At the same time, premiums in the segment of insurance of legal entities increased by 19% and amounted to UAH 1.73 billion. According to NASU data, INGO is the leader in this segment.
During the reporting period INGO paid more than UAH 1.08 bln of indemnities, which is 32% more than last year’s figures. The largest amounts were reimbursed under contracts of voluntary health insurance – more than UAH 419 mln, CASCO – UAH 328 mln, property insurance – UAH 273 mln. More than UAH 184 mln has been indemnified for losses of agricultural producers.
Reserves of the company as of November 1, 2024 have grown by 11%, reaching almost UAH 2 billion, shareholders’ equity has grown by 16%, up to UAH 1.34 billion. At the same time, highly liquid assets amount to UAH 3,02 bln, that is by 3% more than last year’s indicator.
During the reporting period IC INGO increased the amount of paid taxes to the budgets of all levels by 23% to UAH 185 mln.
Until the end of 2024 INGO expects further increase in insurance premiums due to market concentration and introduction of new technologies. Particular attention will be paid to digitalization of processes to improve customer service, the report says.
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 outlets and 9 customer service centers operating in all regions of the country. The company is among the largest insurance companies in Ukraine in terms of premiums, the size of its own assets and the amount of insurance claims paid. Since 2017, the main shareholder is the Ukrainian business group DCH.

 

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