Business news from Ukraine

UKRAINIAN INSURERS IN JAN-MARCH COLLECT NET PREMIUMS IN AMOUNT OF UAH 9.6 BLN

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%.

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MTIBU MEMBER INSURERS RAISE OSAGO PREMIUMS BY 18% IN TWO MONTHS OF 2019

Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-February 2019 increased collection of insurance premiums for compulsory insurance of motor vehicle owners’ civil liability (OSAGO) by 18.12% compared to the same period of 2018, to UAH 661.448 million. According to data posted on the MTIBU’s website, the number of OSAGO contracts in January-February rose by 7.06%, to 1.066 million.
The total amount of insurance claim fees paid on domestic insurance contracts for the two months grew by 8.5%, to UAH 393.3 million. In particular, UAH 73.116 million was paid using European accident report forms, which is 43.1% more than in January-February 2018.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 6.4%, to 22,500.

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TAS INSURER COLLECTS UAH 125 MLN PREMIUMS IN FEB

The TAS insurance group (Kyiv) in February 2019 collected UAH 125.59 million in insurance premiums, which is 59.3% more than a year ago.
According to a posting on the website of the company, 31.88%or UAH 40.04 million of premiums were collected with signing of compulsory insurance of vehicle owners’ civil liability (OSAGO) policies, which is 47.9% more than in February 2018.
The amount of Green Card policies sold grew by 68.7%, to UAH 35.8 million, or 28.51 of total premiums.
The share of voluntary car insurance (KASKO) was 17%: policies for UAH 21.35 million were signed, which is 51% more than a year ago.
The group collected UAH 12 million under property insurance policies, which is 9.55% of total premiums collected in February and three times more than a year ago.
TAS collected UAH 2.55 million under voluntary medical insurance contracts and UAH 13.85 million under other insurance contracts.
In February 2019, the group paid UAH 56.12 million in claims, which is 42.5% more than a year ago.

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INGO UKRAINE LIFE SEES 19% RISE IN PREMIUMS IN 2018

INGO Ukraine Life insurance company (Kyiv) collected UAH 30.3 million in insurance premiums in 2018, which is 19% more than in 2017, the company has said in a press release.
“The company consistently maintains the growth pace for premiums collected, retains a leading position in the corporate risk life insurance market, including through new contracts in the segment of not only foreign, but also local companies,” Director General Tetiana Ryzhova said.
The total amount of insurance payment paid by the company in claims for 2018 amounted to UAH 13.3 million, which is 12% higher compared to 2017.
Of these, UAH 4.551 million was paid in cases of death, UAH 3.048 million was paid for disability, UAH 3.178 million was paid to hospitalized and temporary incapacitated persons, and UAH 2.321 million was paid over diseases critical for life of insured persons.
In addition, in 2018, payments were also made on long term endowment insurance contracts for a total of UAH 193,000.
The indefinite life insurance license was obtained by JSC INGO Ukraine Life in November 2007. From April 26, 2013, the company represents the interests of GeneraliEmployeeBenefits (GEB) in Ukraine.

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UKRAINE’S INSURERS RAISE NET PREMIUMS BY 22%, GROSS PREMIUMS BY 11% IN 9M

Ukrainian insurance companies in January-September 2018 collected net premiums in the amount of UAH 25.388 billion, which is 22.1% more than in the same period of 2017, according to the website of the National Commission for the State Regulation of the Financial Services Market.
According to the regulator, gross insurance premiums collected by insurers for this period amounted to UAH 34.875 billion (11.1% up).
The share of net insurance premiums in gross insurance premiums for 9M 2018 increased by 6.6 p.p. compared to the same indicator of 2017 and amounted to 72.8%.
In January-September this year insurers paid out UAH 8.467 billion in net insurance claim fees, which is 18.3% more than in the same period a year earlier. The payout ratio decreased from 34.4% from 33.3%.
According to the regulator, gross insurance payments increased by 18.7%, to UAH 8.755 billion, the level of gross payments rose to 25.1% from 23.5%.
According to the commission, outgoing reinsurance operations for 9M 2018 decreased by 11.6%, to UAH 11.718 billion, in particular due to the decrease in domestic reinsurance by 10.5%, to UAH 9.487 billion, by non-resident reinsurers by 16.2%, to UAH 2.232 billion.

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UKRAINE’S INSURERS RAISE NET PREMIUMS BY 22%

Ukrainian insurance companies in January-September 2018 collected net premiums in the amount of UAH 25.388 billion, which is 22.1% more than in the same period of 2017, according to the website of the National Commission for the State Regulation of the Financial Services Market. According to the regulator, gross insurance premiums collected by insurers for this period amounted to UAH 34.875 billion (11.1% more).
The share of net insurance premiums in gross insurance premiums for the nine months of 2018 increased by 6.6 p.p. compared to the same indicator of 2017 and amounted to 72.8%.
In January-September of the current year, insurers paid out UAH 8.467 billion in net insurance claim fees, which is 18.3% more than in the same period a year earlier. The level of net payments decreased from 34.4% from 33.3%.
According to the regulator, gross insurance payments increased by 18.7%, to UAH 8.755 billion, the level of gross payments rose to 25.1% from 23.5%.
According to the commission, outgoing reinsurance operations for the nine months of 2018 decreased by 11.6%, to UAH 11.718 billion, in particular due to the decrease in domestic reinsurance by 10.5%, to UAH 9.487 billion, by non-resident reinsurers by 16.2%, to UAH 2.232 billion.

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