Business news from Ukraine

EXPRESS INSURANCE SEES 20% RISE IN PREMIUMS IN JAN-SEPT

Express Insurance (Kyiv) insurance company collected UAH 306.4 million in insurance premiums in January-September 2020, which is 19.4% more than in the same period a year earlier, the insurer said in a press release.
The volume of compensations paid for this period increased 13.3%, to UAH 106.5 million. Some 79% of clients continued insurance contracts for the next period.
“We pay almost UAH 600,000 every day, observing the new requirements and standards of the market regulator,” Director of Express Insurance Tetiana Schuchieva, whose words are quoted in the press release, said.
In total, in January-September 2020, the company settled 3,544 insurance events under voluntary car insurance (KASCO) policies (a rise of 25.5% year-over-year) and 613 events under mandatory insurance of civil liability of vehicle owners (OSAGO) policies (a rise of 16.1%) with the payment of compensation.
The company’s insurance reserves as of September 30, 2020 grew by 31.4%, to UAH 226.8 million (a rise of 31.4%), assets – by 20%, to UAH 405.6 million, of which highly liquid assets accounted for 75%. Equity capital amounted to UAH 154.6 million, and the actual solvency margin reached UAH 154.3 million, which exceeds the standard indicator by 2.07 times.
Net profit in the first nine months of this year amounted to UAH 32.6 million (a rise of 28.2% year-over-year).
Express Insurance double liability company was founded in 2008 with the participation of the leader of the Ukrainian automobile market – the UkrAVTO Corporation. Most of the events under KASCO and OSAGO are processed according to the “one face to the customer” approach – at the dealer’s service center, without the need to visit the insurance company’s office.

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