Business news from Ukraine


In January-June 2021, ARX Insurance Company (Kyiv) paid out UAH 603 million of insurance indemnities to clients, which is 30% more than in 2020, of which 80.7% is vehicle insurance.
As reported on the company’s website, in the KASKO segment, payments over the first half of the year amounted to about UAH 425 million, which is 46% more than in the same period in 2020, OSAGO – more than UAH 62 million (more by 37%).
It is also noted that payments on voluntary medical insurance for the indicated six months amounted to more than UAH 89 million of insurance claims, which is 12% more than in 2020.
The company also reports that a large-scale project with Visa was launched in February 2021. Holders of VISA Platinum, Signature and Infinite premium cards received a free bonus – telemedicine consultations from ARX.
The company pays out about UAH 4 million to its clients every day. On average, the company pays more than UAH 100 million per month, the main categories remain KASKO, OSAGO and healthcare.
As reported, ARX has been operating in the insurance market for 26 years and has been the leader in KASKO insurance for the 12th year in a row. It ranked first among Ukrainian insurers in terms of net insurance premiums and net insurance payments for 2019. It is part of the international insurance holding Fairfax Financial Holdings Limited (Canada).

, , ,


INGO Insurance Company (Kyiv) in January-June 2021 collected more than UAH 966 million in insurance premiums, which is 26% more than in the same period in 2020.
According to the company, in the first half of this year, more than UAH 416.5 million were paid to customers, more than 92,000 insurance events were settled.
The formed insurance reserves of INGO as of June 30, 2021 amounted to more than UAH 1.226 billion, which is 13% more than on the same date a year earlier, the cost of highly liquid assets – UAH 1.929 billion.
The actual solvency margin is UAH 687.1 million, which exceeds the norm by UAH 390.3 million.
The company’s net worth is UAH 32.950 million (more by 5%), the charter capital is UAH 305.543 million.
INGO Insurance Company has more than 25 years of experience in the market. Since 2017, its main shareholder has been DCH business group of Oleksandr Yaroslavsky.
The company has 28 licenses for various types of compulsory and voluntary insurance, and provides insurance services to corporate and retail clients.
INGO is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), a member of the American Chamber of Commerce, the European Business Association and the International Chamber of Commerce.

, ,


The largest number of branches of insurance companies (per 100,000 population) is located in Kyiv – 115, Kherson region – 124 representative offices, Zaporizhia – 49, Mykolaiv – 36, Khmelnytsky – 33, Cherkasy – 31, Ternopil-30, Chernivtsi – 28, according to the website of the National Bank of Ukraine (NBU).
At the same time, it is emphasized that in these regions the representation of insurers is 12.2 per 100,000 population.
The NBU also notes that in another eight regions of Ukraine the presence of insurers is significant (2.48 per 100,000 population). These are Lviv region with 57 representations, Odesa – 57, Vinnytsia – 34, Zakarpattia – 31, Ivano-Frankivsk – 28, Chernihiv-22, Kirovohrad – 20.
The smallest concentration of insurers (1.97 per 100,000 population) the NBU notes in Dnipropetrovsk region – 61 representative offices, Kharkiv – 44, Donetsk – 43, Poltava – 27, Rivne – 21, Zhytomyr – 20, Sumy – 20.
As reported, according to the NBU, as of March 31, 2021, the total number of insurance companies in Ukraine was 208, while on the same date a year earlier – 225. In particular, 20 insurers specialize in life insurance.



Euroins Ukraine insurance company (Kyiv) in January-March 2021 attracted about UAH 165 million in insurance premiums, which is 88% more than in the same period in 2020.

According to the insurer’s press release, the main areas of the company’s work, as in 2020, remain car insurance and voluntary medical insurance – the most popular and demanded services on the conventional insurance market of Ukraine.

According to the company, premiums collected on compulsory motor third party liability insurance (OSAGO) for the first quarter amounted to UAH 47.4 million, which is 45% more than in the same period a year earlier, voluntary car insurance (KASKO) – UAH 23.2 million (a rise of 47%), and voluntary medical insurance – UAH 34 million (2.5 times more).

In addition, the company was able to ensure a high dynamics of premiums in other areas of activity. Thus, property insurance increased 4.6 times, insurance against fire risks – 2.5 times, against accidents – 2 times, third party liability insurance grew by 52%.

During the first quarter of this year, Euroins Ukraine paid out more than UAH 37 million to customers, which is 42% higher than in the first quarter of 2020. On average, the company pays its clients UAH 400,000 in compensations every day.

“In 2021, Euroins continues growing dynamically, strengthening its market positions. Our mid-term goal is to enter the top 10 of the leading insurance companies in Ukraine, and we are confidently moving towards this. To implement such ambitious plans, we are actively building up our team in all regions of Ukraine. We are developing digital insurance channels and partnership projects,” Board Chairman of Euroins Ukraine Yanko Nikolov said.

PJSC Euroins Ukraine has been operating in the Ukrainian market since 1992. It is a part of Euroins Insurance Group AD (Bulgaria).

The company has 22 licenses: 14 for voluntary and eight for compulsory types of insurance. The company specializes in motor, medical, property and cargo insurance for private and corporate clients. It has 19 offices throughout Ukraine. The company is a member of MTIBU.


Insurance company ARX Life (formerly AXA Life Insurance) collected UAH 259.6 million in insurance premiums in 2020, which is 45% more than a year earlier, the insurer said in a press release.
It is noted that, despite the crisis, 2020 was a successful year for ARX and ARX Life, the total amount of collected premiums of which amounted to UAH 2.94 billion, which is 17% higher than the results of 2019. The total profit of ARX and ARX Life amounted to UAH 325 million.
As reported, AXA Group (France) in February 2019 completed the transaction with Fairfax Financial Holdings Limited on the sale of its subsidiaries in Ukraine – PrJSC Insurance Company AXA Insurance and AXA Life Insurance. On July 1, 2019, AXA Insurance changed its name to ARX Insurance Company. AXA Life Insurance began operating under the ARX Life brand.
AXA Life Insurance was registered in July 2013. The volume of premiums collected in 2018 amounted to UAH 93 million, which is 57% higher than in 2017.

, ,


Insurance companies of Ukraine in 2020 paid profit tax to the state and local budgets in the amount of UAH 1.674 billion, which is UAH 334 million (24.5%) more than in the same period in 2019, and 51, 5% more than in 2018, Oleksandr Zaletov, the vice president of the League of Insurance Organizations of Ukraine (LIOU), has said.

According to him, as a result of the impact of the COVID-19 pandemic, a significant trend in 2020 was the revision of business strategies for almost all insurance companies without exception. The drop in sales for a number of types of insurance (Green Card, tourism, KASKO) encouraged insurers and insurance intermediaries to digitalize. To one degree or another, distance sales and settlement using Internet technologies have become the main strategic objectives of the digitalization of the Ukrainian insurance market. In fact, an indicator of the competitiveness and investment attractiveness of the insurer was the ability to remotely conclude or renegotiate an insurance contract, amend it, and provide documents to the insurer confirming the insured event.

According to Zaletov, unfortunately, the legal framework and technologies for remote servicing of insurance companies’ clients lag significantly behind the needs and need further reform. In addition, on the way of increasing the customer focus of insurers, the tasks of improving the legislative regulation of issues aimed at protecting the rights of consumers of insurance services and countering their discrimination in the field of insurance are of particular importance. In this regard, it should be noted that basing an insurance rate on a characteristic that cannot be changed is contrary to the ideals of the EU and fairness.

“The terms of insurance contracts must not be excessive, inadequate or unfairly discriminatory, for example, direct or indirect restriction of citizens’ rights on the basis of race, color, political, religious and other beliefs, gender, age, health status, disability, ethnic and social origin, property status, residence, linguistic or other characteristics,” he said.

According to Zaletov, other representatives of non-banking financial markets, primarily financial companies, lessors and pawnshops, are also steadily increasing tax payments. So in 2020 they paid profit tax in the amount of UAH 604 million to the state and local budgets, which is UAH 196 million (47.1%) more than in the same period of 2019, and 149.6% more than for 2018.