INGO Insurance Company (Kyiv) in January-June 2020 collected more than UAH 766 million of insurance premiums, which is 2.3% more than in the same period a year earlier, according to a press release from the insurer.
It is noted that premiums for motor insurance amounted to more than UAH 341 million, personal insurance more than UAH 237 million, complex insurance (property and liability) more than UAH 155 million, special lines almost UAH 30 million, other types more than UAH 2.7 million.
The company reports on the continued high dynamics of annual growth in demand for health insurance. The current situation with COVID-19 has only increased the importance of health protection, so insurance premiums and voluntary medical insurance payments are steadily increasing even in the conditions of a “quarantine” economy. Monthly sales are growing by 20-25% compared to previous months, and up to 40% compared from 2019.
The decline in demand in the corporate segment of motor insurance from INGO began at the end of March and reached its peak in April (minus 45% compared to the same period in 2019). At the same time, in May and June the deferred demand worked and the indicators for KASKO recovered to the level of 2019. There was no reduction in business activities in the OSAGO segment.
Sales of Green Card insurance contracts and insurance of people traveling abroad have dropped significantly.
The company notes that due to changes in legislation on alternative energy, the volume of construction of new solar and wind plants has significantly decreased. The development of the industry, which was the driver of growth in property insurance in 2019, actually stopped. At the same time, there is a noticeable increase in infrastructure construction (roads, bridges).
PrJSC Insurance company VUSO (Kyiv) in January-June 2020 collected UAH 454.027 million of gross premiums, which is 2.52% more than in the same period in 2019, the rating agency Standard-Rating reports, confirming the company’s financial strength rating at “uaAA” on the national scale, based on the analysis of the company’s performance for the first half of 2020.
According to the agency report on its website, income from individuals increased by 23.53%, to UAH 323.406 million, and from reinsurers, on the contrary, decreased by 56.64%, to UAH 24.531 million. Thus, the share of individuals in gross premiums increased to 71.23%, while the share of reinsurers decreased to 5.40%, while individuals continue to prevail in the insurer’s client portfolio.
Insurance premiums sent to reinsurers for the first half of 2020 compared to the same period in 2019 decreased by 2.81%, from UAH 185.871 million to UAH 180.644 million. As a result, the coefficient of dependence on reinsurance companies decreased from 41.97% to 39.79%, or 2.18 percentage points.
The insurer’s business activity indicators in the period under review showed a growing trend: net premiums increased by 6.38%, to UAH 273.383 million, and premiums earned by 39.34%, to UAH 330.473 million.
For the six months of 2020 VUSO paid out to its clients UAH 16.846 million of insurance compensations, which is 35.57% more than the volume of payments for the same period in 2019. At the same time, the level of payments increased from 27.62% to 36.53%, or by 8.91 percentage points.
The company’s assets as of June 31 increased by 8.92%, to UAH 693.585 million.
Brokbusiness insurance company (Kyiv) in January-September 2019 collected UAH 159.4 million in gross premiums, which is 9.59% less than in the same period a year earlier, according to Expert-Rating agency that confirmed the company’s financial stability rating at “uaAA-“according to the national scale.
According to the agency, at the same time, part of insurance premiums owned by reinsurers almost doubled, to UAH 16.5 million, which accounted for 10.35% of gross premiums.
For the three quarters of 2019, the company made insurance claim fee payments in the amount of UAH 70.170 million. The insurer’s payment level increased by 6.12 percentage points, to 44.02%.
By September 30, 2019 the assets of Brokbusiness decreased by 0.37%, to UAH 222.7 million, net worth by 4.82%, to UAH 94.840 million, gross liabilities decreased by 3.91%, to UAH 127.850 million. As a result, the coverage of the insurer’s liabilities by net worth for this period increased by 6.18 percentage points, to 74.18%.
Cash and cash equivalents on the company’s accounts amounted to UAH 70.840 million, which is 16.85% less than at the end of the third quarter of the year before.
In the nine months, Brokbusiness posted a net loss of UAH 10.4 million, while in the nine months of 2018 the figure was UAH 16.7 million.
Ukrainian insurance companies in January-June 2019 collected UAH 106.5 million of premiums under insurance contracts signed through resident intermediaries, which is 70.8% more compared to the same period a year earlier (UAH 62.322 million), according to the website of the National Commission for the State Regulation of the Financial Services Market. The number of contracts concluded through resident intermediaries for January-June grew by 7.3 times, to 18,937.
Remuneration for the provision of such intermediary services for the specified period grew almost 3.5-fold, to UAH 14.19 million.
According to the commission, nonresident reinsurers through brokers received UAH 347.071 million for reinsurance under 112 contracts, while in the first half of last year, UAH 630 million under 152 contracts was transferred. Payments were made in the amount of UAH 35.762 million (UAH 196.7 million in the first half of 2018). The remuneration of brokers amounted to UAH 11.360 million (a fall of 20%).
In January-June 2019, insurance companies of Ukraine collected net premiums in the amount of UAH 20.121 billion, which is 20.1% more than for the same period in 2018, the gross insurance premiums collected by insurers for the specified period amounted to UAH 27.291 billion (a 16.5% increase compared to the first half of 2018).
According to the regulator, the total number of insurance companies in Ukraine as of June 30, 2019 decreased by 42 and amounts to 249, including 26 life insurance companies.
Kyiv-based Globus ALC through January-June 2019 collected UAH 241 million in insurance premiums that is 16% more than over the same period a year ago.
As the company said on its website, through six months of 2019 it signed 23,621 insurance agreements and paid UAH 44.3 million in claims.
As of June 30, 2019, charter capital of Globus was UAH 69.40 million, assets totaled UAH 541.1 million, insurance reserves made up for UAH 389.7 million.
Globus Additional Liability Insurance Society was established in 1994. Since 1994, it has been a member of the League of Insurance Organizations of Ukraine (LIOU), an associated member of the Motor Transport Insurance Bureau of Ukraine (MTIBU) since 1999, a full member of the MTIBU since 2005, a member of Ukrainian League of Industrialists and Entrepreneurs of Ukraine (ULIE) since 2003.
Globus is a part of Austria’s Vienna Insurance Group.
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.