The municipal contracting specialized enterprise for repair and construction of roads in Kharkiv “Shlyakhrembud” on February 21 announced its intention to conclude a contract with IC “VUSO” (Kiev) for the purchase of services of compulsory insurance of civil liability (OSAGO).
According to the message in the system of electronic public procurement Prozorro, the expected cost of the purchase of services amounted to UAH 1.866 million, the company’s price offer of UAH 807,210 thousand.
The tender was also attended by insurance companies “Guardian” with the offer of UAH 807,211 thousand, “Oranta” – UAH 807,212 thousand, “Arsenal Insurance”- UAH 1,395 million, SG “TAS”- UAH 1,682 million.
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 the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
In January-September, VUSO Insurance Company (VUSO, Kyiv) collected about UAH 2.005 billion in insurance premiums, which is 78% more than in the same period in 2022 (UAH 1.126 billion).
According to the insurer’s press release, the improvement in the level of insurance premiums is observed in almost all areas, in particular, VHI by 3.4 times to UAH 391.8 million, travel insurance by 15% to UAH 74.9 million, hull insurance by 70% to UAH 497.4 million, MTPL by 26% to UAH 260.4 million. The total amount of insurance premiums under the Green Card for this period amounted to UAH 171.1 million.
The company also reports that it has paid UAH 679.9 million in nine months, which is 2.1 times more than the same period last year (UAH 324.4 million). In particular, payments under voluntary health insurance amounted to UAH 177.4 million (up 4.9 times), MTPL – UAH 116.6 million (+69%), hull insurance – UAH 189.8 million (+45.5%). The level of payments for the Green Card amounted to UAH 91.8 million, and for travel insurance – UAH 20.2 million.
During this time, the company also announced the launch of updated products, including Medical Concierge, Give Yourself a Life critical illness insurance, and Patriot 2.0 Unlimited hull insurance with military risk coverage.
VUSO Insurance Company was founded in 2001. The company currently has a financial strength rating of uaAA. It is represented in all regions of Ukraine. The company is a member of the MTIBU and the Ukrainian Insurance Fund, a party to the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
On September 8, PJSC Ukrhazvydobuvannya (Kyiv) announced its intention to enter into a contract with VUSO Insurance Company (Kyiv) for compulsory civil liability insurance of owners of land vehicles (CMTPL).
As reported in the system of electronic public procurement Prozorro, the company’s price offer was the lowest – UAH 1.099 mln against UAH 4.424 mln expected cost.
The tender was also attended by NJSIC ‘Oranta’ – UAH 1,143 mln and IC ‘Universalna’ – UAH 1,309 mln.
IC “VUSO” was founded in 2001. The company owns 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 the ITSBU and the FSA, a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
In January-June 2023, VUSO Insurance Company (Kyiv) collected UAH 1.188 billion in gross premiums, which is 79.8% more than in the same period of 2022, the rating agency Standard-Rating reported in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the information on the RA website, in particular, revenues from individuals increased by 65.08% to UAH 825.974 million, and from reinsurers – by 47.44% to UAH 12.863 million. Thus, the share of individuals in the insurer’s gross premiums in the first six months of 2023 amounted to 69.50%, and the share of reinsurers amounted to 1.08%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 7.10% to UAH 93.399 million compared to the same period in 2022. Due to the higher growth rate of gross written premiums compared to insurance payments sent to reinsurers, the reinsurer participation ratio in insurance premiums decreased by 5.34 p.p. to 7.86%.
The company’s net written premiums increased by 90.89% to UAH 1.095 billion, and earned premiums – by 82.25% to UAH 1.031 billion.
VUSO paid UAH 438.689 million to its clients in the first half of 2023, which is 99.34% higher than the volume of insurance payments and reimbursements for the same period in 2022. Thus, the level of payments increased by 3.61 percentage points to 36.91%.
In the first six months of 2023, despite a negative result from operating activities of UAH 9.6 million, the company received a net profit of UAH 1.580 million.
As of the reporting date, the company’s assets increased by 52.38% to UAH 1.544 billion, equity showed an increase of 51.42% to UAH 575.652 million, liabilities increased by 52.95% to UAH 978.531 million, cash and cash equivalents increased by 4.60% to UAH 458.628 million.
The RA also notes that as of the beginning of the second half of 2023, the company has formed a portfolio of investments in domestic government bonds in the amount of UAH 163.740 million, which increased the level of provision of the insurer with liquid assets, which together covered 63.60% of the company’s liabilities.
In addition, the balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 257.517 million, including UAH 192.244 million of additional guarantee premiums, which had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a participant of the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
From January 1 to June 30, 2023, VUSO Insurance Company (VUSO, Kyiv) received insurance premiums of UAH 1.188 billion, which is 79% more than in the same period in 2022.
According to the insurer’s press release, the largest revenues were for voluntary health insurance and exceeded the figures for the same period last year by 3.2 times – up to UAH 197.2 million, for the Green Card – by half, up to UAH 126.9 million, hull insurance – by 80.5%, up to UAH 301.8 million, MTPL – by 32.4%, up to UAH 159.5 million.
The total amount of travel insurance premiums for this period amounted to UAH 34.8 million.
The company also reports that in the first half of the year it paid UAH 438.7 million (+99%), including UAH 102.7 million (up 4.7 times) for voluntary health insurance, UAH 79 million (twice as much) for Green Card, UAH 78.1 million (+77.43%) for MTPL, and UAH 118.3 million (+31.7%) for hull insurance.
At the same time, the IC emphasized that along with its main activities, it actively provides volunteer support for Ukrainian defenders, purchasing the necessary equipment and vehicles to perform combat missions.
During the reporting period, there were changes in the company’s activities: at the end of March 2023, during the general meeting of VUSO and UASK ASKA, it was decided to join the insurance company ASKA to VUSO and continue to work under a single brand.
VUSO is a Ukrainian company established in 2001. It holds 50 licenses (30 for voluntary and 17 for compulsory insurance).
The company specializes in motor, health, and travel insurance for both corporate clients and individuals. It is a member of the MTIBU, the Nuclear Pool, a participant in the Direct Settlement project, and a member of the National Association of Insurers of Ukraine.
On August 12, the Department of the Security Service of Ukraine (SBU) announced its intention to conclude a contract with IC “VUSO” (Kiev) for compulsory insurance of civil liability of owners of land vehicles.
According to the data of the electronic public procurement system Prozorro, the company’s price offer amounted to UAH 508,238 thousand against the expected cost of purchasing services of UAH 1.369 million.
The tender was also attended by insurance companies “Salamandra”-522,5 thousand UAH, “Oranta”-690,2 thousand UAH, “Inter-Policy”-1,159 million UAH, “Arsenal Insurance”-1,226 million UAH.
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 the ITSBU and the FSA, a participant of the Agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
