Ukrainian insurance companies in 2019 collected UAH 169.113 million in premiums under contracts signed via resident agents, which is 53.9% more compared with 2018 (UAH 109.837 million), the National Commission for Financial Service Markets Regulation has reported.
According to the regulator’s website, the number of contracts concluded through resident agents for the year increased 3.5 times, to 24,745.
Of the total amount of collected premiums, premiums from personal insurance amounted to UAH 116.558 million (1,996 contracts), UAH 31.9 million for property insurance (231), UAH 13.509 million for mandatory insurance (22,200), UAH 3.325 million life insurance (33), and UAH 3.997 million for liability insurance (279).
The amount of remuneration for the provision of such intermediary services last year increased 1.9%, to UAH 28.145 million.
According to the regulator, insurance payments received by nonresident insurers under insurance contracts amounted to UAH 9.774 million, which is 3.7 times more than in 2018. The remuneration for 36 concluded agreements amounted to UAH 771,000 (UAH 580,000 in 2018). At the same time, the regulator said that in 2019, payments under the above agreements were not made.
Nonresident reinsurers through brokers were given UAH 920.7 million for reinsurance under 258 contracts, which is 17% less than a year earlier (UAH 1.111 billion). At the same time, payments were made in the amount of UAH 146.316 million, which is 62% less than in 2018. The remuneration of brokers in 2019 amounted to UAH 34.618 million (a rise of 17.5%).
Oranta national joint-stock insurance company (Kyiv) in January-September 2019 collected gross insurance premiums for the amount of UAH 679.3 million, which is 17.9% more than a year ago.
The company said that in particular, premiums for voluntary car insurance over the period grew by 25.2%, to UAH 32 million, premiums on compulsory insurance of vehicle owners’ civil liability (OSAGO) – by 9.2%, to UAH 383.4 million, Green Card – by 45.2%, to UAH 121.3 million, property insurance – by 5.4%, to UAH 64.9 million, liability insurance – by 50.7%, to UAH 35 million and voluntary medical insurance – by 49.5%, to UAH 27.373 million.
According to the company, in January-September 2019, 1.553 million insurance contracts were concluded, which is 7.9% more than the same period a year earlier. In particular, the number of concluded voluntary medical insurance contracts increased 78%, mandatory car insurance – by 60.4%, Green Card – by 54.4%, cargo insurance – twice, and liability insurance – 62.8%.
Over the period, Oranta paid out UAH 238.8 million in claims to customers, which is 29.1% more than in the same period last year. The largest payments were made under OSAGO – UAH 168.4 million (a rise of 31.8%), Green Card – UAH 35.6 million (a rise of 11.2%), voluntary car insurance – UAH 16.2 million (a rise of 19.9%), property insurance – UAH 10.5 million (a rise of 60.6%), voluntary medical insurance – UAH 5.515 million (a rise of 92.9%).
The company also said that the level of payments for the reporting period amounted to 35.1%, while for this period a year earlier it was 32.1%.
Oranta is the legal successor of Ukrgosstrakh, founded on November 25, 1921. In 1993, Ukrgosstrakh was reorganized into OJSC Oranta.
Arsenal Insurance (Kyiv) for the six months of 2019 increased the volume of KASKO premiums by 33.6%, to UAH 383 million, according to a press release from the company.
“According to data of the Insurance TOP rating of insurers, the company showed the highest dynamics of growth in insurance premiums among the top five players (33.6%), as well as a high level of insurance payments (48.9%),” the press release said.
The company also reports that its share in the KASKO market exceeded 10% (the entire market collected UAH 3.77 billion).
The company insured more than 25,000 cars under KASKO contracts (7.33% of all cars insured under KASKO in Ukraine), including private car owners and corporate clients. OSAGO premiums grew by 7.4% and amounted to UAH 80.5 million.
It is also noted that for the first half of 2019, the insurer reimbursed for losses under KASKO insurance contracts to its customers in the amount of UAH 187.5 million, while OSAGO claim fee payments amounted to UAH 41.9 million.
Ukrainian insurance companies in January-June 2019 collected net premiums in the amount of UAH 20.121 billion, which is 20.1% more than in January-June 2018, according to the website of the National Commission for Financial Service Markets Regulation.
According to the regulator, the volume of gross insurance premiums collected by insurers for this period amounted to UAH 27.291 billion (16.5% more than in 2018).
The commission notes that the increase in gross insurance premiums was recorded in almost all types of insurance: in voluntary car insurance (KASKO), compulsory vehicle owners’ civil liability (OSAGO) and Green Card by UAH 1.26 billion, or by 21.1%, medical insurance by UAH 711.3 million, or by 42.5%, insurance against fire risks and natural hazards by UAH 662.1 million, or 31.2%, property insurance by UAH 422.5 million, or by 13.4%, life insurance by UAH 358 million, or 20.7%, medical expenses insurance by UAH 354.2 million, or 65.3%, and aviation insurance by UAH 164 million or 63.8%.
The share of net insurance premiums in gross insurance premiums for the first six months of 2019 was 73.7%, which is 2.2 percentage points more compared to the same period of 2018.
In January-June 2019, insurers paid UAH 6.527 billion in net payments in claims, which is 11.3% more than a year ago. The level of net payments fell from 35% to 32.4%.
According to the regulator, gross payments in claims grew by 49.8%, to UAH 6.668 billion. The level of payments fell from 25.9% to 24.4%.
A high level of gross payments in claims registered in car insurance (11.1% up), medical insurance (29.1% up) and medical expenses insurance (25%).
INGO Ukraine insurance company (Kyiv) in January-June 2019 collected UAH 750 million in insurance premiums, which is 35% more than a year ago, the company’s press service has reported.
According to the company, premiums for vehicle insurance amounted to UAH 388 million, for property and liability – more than UAH 157 million, for personal types of insurance – more than UAH 165 million, and for special types – more than UAH 37 million.
The company showed the highest dynamics in premiums under voluntary fire and natural disaster insurance policies (a rise of 138%), voluntary medical insurance (a rise of 85%), voluntary and compulsory motor liability insurance (a rise of 64%) and voluntary property insurance (a rise of 63%).
As of June 30, 2019, the size of acceptable assets, taking into account the criteria of liquidity, profitability and quality, amounted to UAH 1.937 million (a rise of 12%). The actual solvency margin reached UAH 593.5 million, which exceeds the standard indicator by UAH 368.7 million.
In January-June 2019, the company paid UAH 311.5 million (a rise of 18.4%) as its obligations to customers and settled more than 66,000 insurance events. Formed reserves for payments by June 30 amounted to UAH 202.4 million.
Over the period, the company concluded more than 132,000 insurance contracts, of which more than 101,000 with individuals and more than 31,000 with legal entities.
INGO Ukraine has 25 years of experience in the market. Since 2017, the Ukrainian business group DCH of Oleksandr Yaroslavsky has been the main shareholder of the company.
The company has 28 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail customers.
Ukrainian insurance companies in January-March 2019 collected net premiums in the amount of UAH 9.673 billion, which is 19.1% more than in January-March 2018, according to the website of the National Commission for Financial Service Markets Regulation.
According to the regulator, the volume of gross insurance premiums collected by insurers for this period amounted to UAH 13.331 billion (14.7% more).
The commission notes that the increase in gross insurance premiums was recorded in almost all types of insurance: in voluntary car insurance (KASKO), compulsory vehicle owners’ civil liability (OSAGO) and Green Card by UAH 670 million, or by 24.9%, medical insurance by UAH 443 million, or by 49%, insurance against fire risks and natural hazards by UAH 421 million, or 35.5%, property insurance by UAH 284.5 million, or by 16.3%, life insurance by UAH 195 million, or 23.6%, medical expenses insurance by UAH 183.4 million, or 74%, and aviation insurance by UAH 72.9 million or 90%.
The share of net insurance premiums in gross insurance premiums for Q1 2019 was 72.6%, which is 2.7 percentage points more compared to Q1 2018.
In January-March 2019, insurers paid UAH 3.249 billion in net payments in claims, which is 4.8% more than a year ago. The level of net payments fell from 38.2% to 33.6%.
Gross payments in claims grew by 4.5%, to UAH 3.311 billion. The level of payments fell from 27.3% to 24.8%.