Business news from Ukraine

1.030 MLN ELECTRONIC OSAGO INSURANCE CONTRACTS SIGNED IN UKRAINE

Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) as of October 31, 2019 had signed almost 1.030 million electronic OSAGO insurance contracts, the website of the bureau reports. According to the report, the total amount of premiums under such agreements exceeded UAH 757.3 million.
To date, OSAGO agreements in an electronic form are signed by 42 MTIBU member insurers.
Monthly, the number of electronic contracts is growing by 12-28%.
The leader in the number of electronic contracts is PZU Ukraine with 175,500 contracts worth UAH 147.8 million.
The share of top ten insurers in the number of signed electronic contracts in the total number of electronic policies is almost 74%, which is 6% less than the same indicator at the end of the first half of this year.
Electronic policies were introduced in February 2018 and became one of the first steps in the system of digitalization and the creation of a single digital OSAGO environment, which is defined as one of the priorities for the development of the industry and the work of the bureau.

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CONTRACTS WORTH $500 MLN SIGNED BETWEEN UKRAINE AND BELARUS

Ukrainian President Volodymyr Zelensky has hailed the strengthening of Ukraine-Belarus relations at both central and regional levels, as well as that of ties between certain businesses in the two counties.
“A forum like this strengthens the partnership between our countries in all spheres. And, which is highly important, this is not only at the level of capitals – Kyiv and Minsk – but also at the level of our regions and individual businesses,” Zelensky said at the 2nd Forum of Regions of Ukraine and Belarus in Ukraine’s Zhytomyr on Friday.
Commercial contracts valued at $500 million have been signed during the forum, he said.

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NUMBER OF GREEN CARD INTERNATIONAL INSURANCE CONTRACTS IN UKRAINE UP BY 48% IN H1, 2019

The number of Green Card international insurance contracts signed by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased by 48.2% in January-June 2019 compared with January-June 2018, to 501,449.
According to the MTIBU’s website, the amount of accrued insurance premiums for this period rose by 37.53% compared to the same period last year, to UAH 883.538 million.
At the same time, the amount of compensation paid on claims grew by 14.88%, to EUR 6.869 million, while the number of claims paid decreased by 2.26%, to 2,550.
The MTIBU is the only association of insurers that carry out compulsory insurance of vehicle owners’ civil liability for damage caused to third parties. Its members are 51 insurance companies, including ten full bureau members having the right to sign Green Card agreements.

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NUMBER OF GREEN CARD INSURANCE CONTRACTS IN UKRAINE UP BY 50%

The number of Green Card international insurance contracts signed by the companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased by 50.3% in January-May 2019 compared with January-May 2018, to 299,531.
According to the MTIBU’s website, the amount of accrued insurance premiums for this period rose by 39.06% compared to the same period last year, to UAH 737.1 million.
At the same time, the amount of compensation paid under the claims grew by 0.44%, to EUR 4.779 million.
The number of settled claims fell by 1.04%, to 2,098.

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NUMBER OF GREEN CARD INSURANCE CONTRACTS IN UKRAINE UP BY 13%

The number of Green Card international insurance contracts signed by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January 2019 increased by 12.79% compared to January 2018, to 61,104.
According to the website of the MTIBU, the amount of accrued insurance premiums for January 2019 rose by 14.55% compared to the same month last year, to UAH 147.164 million.
At the same time, the amount of claim fee payments decreased by 55.15%, to EUR417,036.
The number of paid claims was down by 48.37%, to 222.

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UKRAINIAN GRAIN FARMERS CANNOT TIMELY EXECUTE CONTRACTS FOR EXPORTS DUE TO LACK OF UKRZALIZNYTSIA’S LOCOMOTIVES

Ukrainian grain farmers cannot timely execute contracts for exports of products due to a shortage of locomotives at Ukrzaliznytsia, the Ukrainian Agribusiness Club has reported. “The main problem of PJSC Ukrzaliznytsia, which impedes the efficient transportation of grain, is a shortage of locomotives. Due to a lack of traction, wagons stand idle at stations and elevators, while the turnover of cars of Ukrzaliznytsia’s Transport Logistics Center has increased from five to 11 days over the last two years, private to 13 days,” the report says.
According to the association, delays in the transportation of grain crops lead to a breach of export contracts, while transportation rates are declining, and gross production is rising. According to the union, only 500 out of 2,500 Ukrzaliznytsia locomotives work, while the overhauls of many of them were carried out in the 1990s.
At the same time, the association noted an increase in the number of grain wagons in the country: about 11,500 cars are owned by Ukrzaliznytsia, about 10,000 are private.
According to the Ukrainian Agribusiness Club, it’s not worth expecting a speedy improvement in the situation with rail transportation because of a lack of funds at Ukrzaliznytsia for the purchase of locomotives in the near future.

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