Business news from Ukraine

VUSO INSURER RAISES PREMIUM COLLECTION BY 40% IN 2018

VUSO insurance company (Kyiv) collected UAH 495.662 million of insurance premiums for January-September 2018, which is 40.13% more compared to the same period in 2017, the insurer said in a press release.
According to its data, the main gain compared with the same period last year was provided by voluntary medical insurance, auto insurance (KASKO and OSAGO), bank insurance for a total of UAH 358.71 million.
The most significant increase in premiums was recorded at the expense of KASKO program sales: for the nine months car owners purchased voluntary auto insurance contracts in the amount of UAH 129.456 million, which is 57.9% more than last year’s fees, OSAGO for UAH 107.631 million (21.84% more).
In addition, the company noted an increasing consumer interest in other types of insurance. In particular, the growth in voluntary medical insurance amounted to 34.07%, while those traveling abroad by 17%. At the same time, a significant share in the growth of sales for this type of insurance was that of online sales. The online insurance channel increased sales by 2.5 times.
The company also reports that during this period it paid customers UAH 143.641 million, which is 24.2% more than in the same period a year earlier.
VUSO insurance company has been working in the Ukrainian market since 2001. It owns 24 licenses: 16 for voluntary, and eight for compulsory insurance.

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PROVIDNA INSURER CUTS PREMIUM COLLECTION BY 5.8%, RAISES PAYMENTS BY 4.7% IN NINE MONTHS

Providna Insurance Company (Kyiv) for the first nine months of 2018 reduced collection of insurance premiums by 5.8% compared to the same period in 2017, to UAH 616.6 million.
According to the insurer’s website, for the specified period payments to customers amounted to UAH 362.2 million.
More than half of all collected premiums fell on voluntary medical insurance contracts, which amounted to UAH 342.6 million.
Insurance payments under voluntary medical insurance agreements for the nine months amounted to UAH 181.1 million. More than 146,400 insurance cases were settled.
To further improve the quality of customer service, the company opens up new medical assistance sites in the regions, continuing the implementation of the strategy to increase its presence in the Ukrainian market of voluntary medical insurance.
Providna Insurance Company has been working in the insurance market of Ukraine since 1995. It offers more than 80 insurance products on compulsory and voluntary types of insurance to individuals and legal entities.

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UKRAINIAN INSURANCE GROUP AND GLOBUS INSURER TO MERGE

Ukrainian Insurance Group and Globus Insurance Company (both based in Kyiv), that are members of Vienna Insurance Group, plan to complete the merger and become a single legal entity at the end of 2021, Head of Ukrainian Insurance Group Pavlo Nelha has said at a press conference.
“In fact, the process of merger, taking into account the peculiarities of Ukrainian legislation, is not fast, not easy, and we are ready for it. Our plan is to have one legal entity and unite the balance sheets of the insurance companies by the end of 2021,” he said.
He said that one of the reasons for such a long period of consolidation is different organizational forms of the companies as Ukrainian Insurance Group is a joint-stock company, while Globus is an additional liability company.
“To date, the stage of combining the networks and offices has already been completed. We approached the second stage – a legal merger of the two companies, in fact, the merger of the balance sheets,” Nelha noted.
Ukrainian Insurance Group has been operating in the market for over 18 years. It has 30 licenses for voluntary and compulsory types of insurance. The regional network has more than 80 offices throughout Ukraine. The company employs more than 500 people.
Globus insurer has been operating in the market for more than 24 years. It HAS 19 licenses for different types of insurance.

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AVERS INSURER TO BUY OUT 75% OF ITS SHARES

Shareholders of PRJSC Avers Insurance Company (Kyiv) at a meeting on July 20 decided to buy out 15,000 shares of the company (75%) for their further cancellation, according to the insurer’s official statement. An independent valuation of the shares determined their price at UAH 2.6 each with a nominal value of UAH 1,000.
The buyout of the shares will take place from September 23 to December 28, 2018.
According to the company, at the time of this decision, its shareholders were BASK Ltd. (22.85%), members of the supervisory board, Daniil Volynets (65%) and Serhiy Bilohortsev (5.15%).
PrJSC Avers was registered in 2007. It provides risk insurance services.
Its charter capital is UAH 20 million.

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NINE INSURERS LEAD IN TERMS OF PREMIUM COLLECTION IN UKRAINE’S REGIONS

Nine insurance companies led Insurance Top ranking in terms of collection of insurance premiums in Ukraine’s regions in January-March 2018. TAS Insurance Group became leader in ten regions.
According to the ranking, TAS Insurance Group in Volyn region (raised UAH 16.5 million and paid UAH 4.3 million), in Zhytomyr region (UAH 9.3 million and UAH 3.3 million respectively), in Ivano-Frankivsk region (UAH 10.2 million and UAH 4.2 million), in Kirovohrad region (UAH 6 million and UAH 1.5 million), in Luhansk region (UAH 2.1 million and UAH 614,000), in Mykolaiv region (UAH 11.8 million and UAH 3.4 million), in Sumy region (UAH 5.4 million and UAH 2.1 million), in Ternopil region (UAH 20.3 million and UAH 6.2 million), in Khmelnytsky region (UAH 7.6 million and UAH 1.6 million), in Cherkasy region (UAH 10 million and UAH 5 million).
Alliance Insurance Company led in Dnipropetrovsk region (raised UAH 105 million and paid UAH 21 million), Asko-Donbas Pivnichny – in Donetsk region (UAH 12.8 million and UAH 3.8 million respectively), Globus Insurance Company – in Zakarpattia and Chernivtsi regions (UAH 13 million and UAH 6 million; UAH 2.8 million and UAH 886,000), Credo Insurance Company – in Zaporizhia region (UAH 216.4 million and UAH 46 million), AXA Insurance – in Poltava and Kherson regions (raised UAH 15 million and UAH 7.6 million respectively), Oranta – in Chernihiv region (UAH 12 million and UAH 2.8 million), Kniazha Insurance Company – in Vinnytsia region (UAH 15 million and UAH 7 million).
PZU Ukraine raised the largest amounts in premium collection in January-March 2016 in Lviv region (raised UAH 27.2 million and paid UAH 30.6 million), Kharkiv region (UAH 6.8 million and UAH 5.2 million respectively), and Rivne region (UAH 5 million and UAH 2 million).
Arsenal Insurance led in terms of premium collection in Kyiv and Kyiv region (raised UAH 434 million and paid UAH 42 million). It was followed by AXA Insurance with UAH 264 million and Ukrainian Insurance Group with UAH 160 million.

UKRAINE’S STATE AIR TRAFFIC SERVICE AND BUSIN INSURER AGREE ON INSURANCE OF THREE PLANES

Ukraine’s State Air Traffic Services Enterprise (UkSATSE) and Busin Insurance Company (Kyiv) have concluded an agreement on compulsory aircraft insurance on June 27 (3 planes), according to information on the ProZorro portal. The bid was expected at UAH 3.127 million, Busin’s actual bid was UAH 2.920 million.
IC INGO whose bid was UAH 2.940 million also took part in the bidding.
UkSATSE was founded in 1992. The main mission of UkSATSE is to provide an efficient and safe air navigation services in the Ukrainian airspace and in the airspace over the high seas where the responsibility for providing air traffic services is delegated to Ukraine under the international agreements.
It services five areas of responsibility covering 774,569 km.

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