Business news from Ukraine

ARSENAL INSURANCE SEES 15% RISE IN PREMIUM COLLECTION IN H1

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.

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