Kyiv-based insurance company Arsenal Insurance collected over UAH 1 billion in insurance premiums in January-June 2019, which was 15% up year-over-year, according to a press release issued by the insurer.
The number of contracts concluded over the period under review reached 440,000, which is 12.74% more than in the same period of 2018.
The company also reports that it has achieved the most significant results in its priority segment of car insurance. Sales of voluntary car insurance (KASKO) policies increased by 33.6%, to UAH 383.1 million. About 7,300 private car owners and 4,000 corporate clients used KASKO services. Compulsory vehicle owners’ civil liability (OSAGO) premiums increased by 7.4%, to UAH 80.5 million.
“Arsenal Insurance, a company with 100% Ukrainian capital, is among the TOP 3 insurers popular with Ukrainians. Our portfolio is quite diversified. Voluntary types of insurance (KASKO, property insurance, medical insurance for groups and other types) account for 91.4% of the total premiums, mandatory types account for 8.6%,” the press release quoted Chairman of the company’s Board Serhiy Avdeyev as saying.
The company also reports that it continues to actively develop digital insurance – an organic increase in online sales was 50%. Among the products that customers bought through the site are OSAGO, travel insurance and express insurance of property.
In the first half of 2019, Arsenal Insurance handled UAH 263.1 million in insurance claim payments. Of these, payments on KASKO policy events accounted for 71% (UAH 187.5 million); the share of payments on OSAGO policy events was 16% (UAH 41.9 million).
In addition, the company settled a number of large losses of property belonging to corporate clients, in particular, UAH 8.3 million in insurance compensation for a grain dryer destroyed in a fire at an agricultural enterprise’s site and UAH 32 million for a loss related to the theft of seeds and crop protection chemicals at a warehouse.
The company also notes that its daily insurance claim payments exceed UAH 2 million on the average. The share of reimbursements compensated by reinsurers in the first half of 2019 was 13.3%.
The company’s assets as of June 30, 2019, amounted to UAH 1.964 billion, which is 46.4% more than in the same period of 2018. The amount of cash and cash equivalents is UAH 468.3 million (18% up). Insurance reserves for the first half of the year increased by 48.3%, to over UAH 1.140 billion.
The company’s actual solvency margin is UAH 344.8 million (7.6% up) and exceeds the standard level by 28.3%.
IC Arsenal Insurance is the successor of IC Arsenal-Dnipro, operating in Ukraine since 2005. It has retail outlets in all regional centers and some major cities in the country.
Its partners are leading European reinsurers, namely HannoverRe, Polish Reinsurance Company, SCOR SE, Gen.
Kyiv-based insurance company Unives in January-March 2019 attracted UAH 10.298 million of premiums, which is 33.8% less than during the same period in 2018, according to the Expert-Rating agency, which affirmed the company’s financial strength rating at uaA+ on the national scale.
According to the agency, part of insurance premiums owned by reinsurers rose by 1.7 percentage points and accounted for 4.17% in the structure of insurance premiums.
Insurance claim fee payments halved as compared with Q1, 2018 to 82.2% of premiums.
The assets of the insurer from March 31, 2018 to March 31, 2019 decreased by 15.73%, to UAH 114.3 million. Gross liabilities of the company for the same period dropped by 25.48%, to UAH 41.46 million, and its net worth by 8.95%, to UAH 72.88 million. As a result, the overage of the company’s liabilities by net worth increased by 31.91 percentage points and on March 31, 2019 stood at 175.77%, which indicates that the insurer maintains a very high level of capital stock.
TAS Insurance Group in May 2019 collected UAH 133 million of insurance premiums, which is 32.3% more than in May last year, according to the insurer’s website.
OSAGO occupied the largest share of the insurer’s revenues in May with 38.69% and UAH 51.46 million of premiums attracted, which is 23.2% more than the figure for the fifth month of 2018.
The volume of revenues on Green Card policies, in turn, increased by 64.7%, to UAH 33.13 million of premiums in May, which is 24.91% of the total premiums for the month. KASKO ranked third in the revenue portfolio of TAS group with a share of 18%: some UAH 23.95 million of premiums were collected under land transport insurance contracts during the fifth month of the current year, which is 40.5% more than in the reporting period of 2018.
TAS Insurance Group in May raised UAH 3.81 million in premiums under property insurance contracts, UAH 3.13 million under voluntary medical insurance contracts, while revenues from other insurance contracts amounted to UAH 17.53 million.
In May, TAS Insurance Group paid UAH 58.69 million in insurance claim fees, which is 12.6% more than the amount paid by the company for the fifth month of last year.
Arsenal Insurance (Kyiv) in 2018 collected insurance premiums in the amount of UAH 1.886 billion, which is 19% more than a year earlier, according to a press release from the insurer.
Voluntary types of insurance, including KASKO, property insurance, collective medical insurance and other types account for 76% of the total premiums, mandatory types for 24% of the company’s total sales. This portfolio structure allows the insurer not only to occupy a significant market share, but also to generate profit: last year it amounted to UAH 22.6 million and grew by 2.8 times compared with 2017, the report says.
The company also reports that it achieved the most significant results in the auto segment: about 13,000 car owners and 6,500 corporate clients used KASKO services from Arsenal Insurance in 2018.
“Over 36% of our gross premiums last year accounted for KASKO. Our company was growing very actively in this sector, increasing sales for the year by 32%. This is the best dynamics among the top market players, and we are sincerely glad that more and more car owners trust their protection to our brand,” Serhiy Avdeyev, the board chairman of the company, said.
Arsenal Insurance is the successor of Arsenal-Dnipro insurer, operating in Ukraine since 2005. It is represented in all regional centers and some large cities of the country.
PrJSC Ukrainian Agro-Insurance Company (Kyiv) in the first nine months of 2018 increased premium collection by 46.04%, to UAH 20.616 million, the Standard-Rating agency has reported, affirming the company’s financial stability rating at the level of “uaAA” on the national scale.
The agency notes, when updating the rating, it based on the results of the analysis of the company’s activities for the specified period.
Net premiums of the company grew by 17.78%, to UAH 14.1 million, earned premiums by 6.88%, to UAH 12.169 million.
The share of individuals in the company’s portfolio is 1.06%.
Insurance premiums to insurers tripled to UAH 6.548 million. Return on sales was 33.8%, while in the first nine months of 2017 some 41.21%.
Agricultural insurance accounts for 65.51% in the insurance portfolio of the company, auto insurance for 19.41%, and medical insurance for 9.27%.
Ukrainian Agro-Insurance Company has been operating in the country’s market since 1995.
AXA Insurance (Kyiv) in January-June collected more than UAH 915.6 million in gross insurance premiums, which is 14% or UAH 115 million more than for the same period in 2017, according to the press release of the insurer.
The total volume of insurance claim fee payments for this period was UAH 455 million, which is 17% more than in 2017 (UAH 390 million).
According to the press release, in the six months of 2018 the volume of premiums on KASKO was UAH 522 million, showing an increase of 10%. At the same time, 66% of premiums or UAH 346 million are due to contracts concluded with individuals.
According to the programs of voluntary medical insurance (the company is included in the top three of the market leaders) for six months of this year, AXA collected UAH 138 million of premiums (a 32% increase), undertaking obligations on more than 346,000 contracts. In the first half of 2018, voluntary health insurance programs for individuals were successfully launched.
AXA Insurance belongs to AXA Group (France). It is represented in the Ukrainian insurance market since 2007. The company employs more than 780 people and 1,220 agents throughout Ukraine.
