Business news from Ukraine

DYNAMICS OF BALANCE OF PAYMENTS OF UKRAINE (USD MLN)

Dynamics of balance of payments of Ukraine (USD mln)

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SURPLUS OF UKRAINE’S CONSOLIDATED BALANCE OF PAYMENTS IN JUNE TOTALS $1.2 BLN

Ukraine saw a $1.2 billion surplus of a consolidated balance of payments in June 2019 compared with a $750 million deficit in May, a $45 million deficit in April, a $652 million surplus in March 2019 and a $23 million surplus in June 2018.
“The surplus of the consolidated balance of payments amounted to $1.2 billion (it was $23 million in June 2018). This allowed us to simultaneously increase international reserves (by $1.1 billion) and pay off debt to the International Monetary Fund ($158 million),” the central bank said in a statement on its website.

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MTIBU CUTS PAYMENTS FOR UNINSURED VEHICLES BY 2.1%

The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-June 2019 paid UAH 54.6 million to the owners of uninsured vehicles (which caused a road accident, without having a valid OSAGO policy), which is 2.1% less than in the same period a year earlier.
According to the bureau, the share of such payments in the total number was almost 47.6% (1,568 payments), in the total amount of payments some 57.9%.
The MTIBU also reports that in the first half of the year it made 3,297 payments from guarantee funds, which is 3.3 more than in the six months of 2018, for a total amount of over UAH 94.3 million (17.7% more).
Another significant item of payments is payments for drivers of preferential categories, whose share in January-June 2019 was 15% in terms of quantity and 15.5% in terms of the amount of payments. During the first half of 2019, the MTIBU made 494 payments for such drivers for a total of almost UAH 14.7 million. Compared to the first half of 2018, the number of payments remained almost unchanged (0.4% more), the amount rose by 7.7%.

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EXPO INSURANCE SEES 42% RISE IN NET PREMIUMS, 30-FOLD RISE IN PAYMENTS IN Q1 2019

EXPO Insurance (Kyiv) in January-March 2019 collected UAH 7.021 million in net premiums, which is 42.86% more than a year ago, Standard-Rating has said in a document affirming the national credit rating of the company at “uaAA.”
According to the agency, in the first quarter of 2019, the company made UAH 24.078 million of insurance payments in claims, which is almost 30 times higher than the same indicator for the first quarter of 2018.
The level of payments amounted to 592.84%. Such a high rate of payments, the agency said, is associated with the specifics of the insurer’s activity in insuring major risks, in particular, aviation insurance for civil aviation.
In January-March 2019, the volume of gross premiums collected by the insurer amounted to more than UAH 4.062 million, which is 22.35% less compared to the same period last year. Income from individuals decreased 8%, to UAH 1.191 million, from reinsurers increased 74.22%, to UAH 252,000. Insurance payments sent to reinsurers in the first quarter amounted to UAH 2.959 million, and premiums earned increased 44.35%, to UAH 5.807 million.
Despite the negative financial result from operating activities, the company ended the first three months of the year with profit of UAH 381,000.
As of March 31, EXPO Insurance assets decreased 32.39%, to UAH 75.494 million, net worth increased 1.19%, to UAH 32.224 million, liabilities decreased 45.79%, to UAH 43.270 million, and liquid assets 8.91%, to UAH 11.659 million.
At the same time, Standard-Rating said that at the beginning of the second quarter of 2019, the company had a good level of capitalization (74.47%): 26.94% of its liabilities were covered by liquid assets in the form of cash and cash equivalents.

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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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