INGO Insurance Company (Kyiv) in January-June 2020 collected more than UAH 766 million of insurance premiums, which is 2.3% more than in the same period a year earlier, according to a press release from the insurer.
It is noted that premiums for motor insurance amounted to more than UAH 341 million, personal insurance more than UAH 237 million, complex insurance (property and liability) more than UAH 155 million, special lines almost UAH 30 million, other types more than UAH 2.7 million.
The company reports on the continued high dynamics of annual growth in demand for health insurance. The current situation with COVID-19 has only increased the importance of health protection, so insurance premiums and voluntary medical insurance payments are steadily increasing even in the conditions of a “quarantine” economy. Monthly sales are growing by 20-25% compared to previous months, and up to 40% compared from 2019.
The decline in demand in the corporate segment of motor insurance from INGO began at the end of March and reached its peak in April (minus 45% compared to the same period in 2019). At the same time, in May and June the deferred demand worked and the indicators for KASKO recovered to the level of 2019. There was no reduction in business activities in the OSAGO segment.
Sales of Green Card insurance contracts and insurance of people traveling abroad have dropped significantly.
The company notes that due to changes in legislation on alternative energy, the volume of construction of new solar and wind plants has significantly decreased. The development of the industry, which was the driver of growth in property insurance in 2019, actually stopped. At the same time, there is a noticeable increase in infrastructure construction (roads, bridges).