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.
European Travel Insurance (Kyiv) in January-September 2019 increased the number of insured tourists by 45% compared to the same period in 2018, to 1.375 million people, the insurer said in a press release.
According to its data, the total amount of premiums collected for this period in 2019 increased by 47% compared to the same period in 2018, and amounted to UAH 248 million, while over the nine months of 2018 the company collected premiums in the amount of UAH 169 million.
The company’s net profit for this period after paying taxes under the IFRS system amounted to UAH 48.740 million.
According to the press release, for the nine months of 2019 the company registered 13,306 insurance cases in the amount of UAH 79 million with tourists abroad and 141 insurance events for UAH 269,000 in Ukraine. In total, during this period of the year, 16 major insurance events worth more than UAH 300,000 each were recorded, and the total amount of payments on them exceeded UAH 8.2 million.
According to the company, for the nine months of 2019, the majority of appeals were received from Turkey (35%, or 4,640 cases), Egypt (21%, or 2,823 cases), and Bulgaria (6%, or 833 cases).
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.
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.
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 48.99% in January-March 2019 compared with January-March 2018, to 212,616.
According to the MTIBU’s website, the amount of accrued insurance premiums for this period rose by 39.87% compared to the same period last year, to UAH 453.5 million.
At the same time, the amount of compensation paid under the claims decreased by 12.41%, to EUR 2.473 million.
The number of paid claims fell by 8.49%, to 1,229.
Ernst & Young is waiting for a spike in proposals to insure cybersecurity risks in Ukraine in 2019, according to a study by Ernst & Young Global Limited posted by the Ukrainian representative office of the company.
“The high level of damage to business from cybercrime around the world encourages companies to look for ways to manage these risks from the outside. One of the available options is to insure cyber risks, so similar offers from insurance companies are the expected trend of 2019 in Ukraine,” Senior Manager of information technology and IT risk management department of EY in Ukraine Dmytro Lazuchenkov said.
According to EY Global Information Security Survey 2018–2019, Ukrainian businesses are still characterized by the active migration of large Enterprise IT solutions to cloud services and the performance of business-critical operations in public “clouds.”
In a highly competitive environment, cloud solution providers are trying to reduce costs by reducing investment in technical tools and staff skills that are necessary to ensure the security of a cloud solution. This leads to the fact that cloud environments are becoming more susceptible to attacks by cybercriminals,” the company said in a press release.
EY said that the state-run institutions of Ukraine also should not forget about countering cyber threats.
According to EY Global Information Security Survey 2018-2019, vulnerabilities with the most increased risk exposure over the past 12 months were careless/unaware employees (34%), Outdated security controls (26%), unauthorized access (13%), and related to cloud-computing use (10%).
Most organizations (82%) are not sure if they successfully identify cybersecurity incidents. Among organizations suffered from incidents over the past 12 months, less than one third (31%) say that the incident was revealed by the cybersecurity service of the company.
EY said that 60% of organizations say that the person directly responsible for information security is not a board member. Only 18% of organizations say that information security fully influences business strategy plans on a regular basis.