Business news from Ukraine

TAS INSURANCE GROUP SEES 38% RISE IN PREMIUMS

The TAS insurance group in January-August 2018 attracted UAH 885.15 million in insurance premiums, which is 38.1% more than a year ago. According to a posting on the company’s website, over one third of premiums (34.94%) were from mandatory insurance of civil liability of vehicle owners (OSAGO) policies – UAH 309.26 million (72.7% up year-over-year). Some UAH 187.7 million was collected under Green Card policies (21.21% of total premiums) and 15.5% more than a year ago.
The share of voluntary car insurance (KASKO) was 16.81%. Some UAH 148.78 million was collected under these policies (66% more). Premiums under voluntary medical insurance policies grew by 22.7% year-over-year, to UAH 60.96 million (6.89% of total premiums). The company attracted UAH 32.75 million in premiums under property insurance policies and UAH 145.7 million under other insurance policies.
In January-August 2018, TAS paid UAH 348.66 million in claims, which is 53.6% more than a year ago.

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INSURANCE COMPANIES OF UKRAINE SEE PREMIUMS RISE BY 24% IN H1, 2018

The insurance companies of Ukraine in January-June 2018 collected net premiums for the amount of UAH 16.747 billion, which is 24% more than for the same period a year earlier, according to the website of the National Commission for the State Regulation of Financial Services Markets.
According to the regulator, the volume of gross insurance premiums collected by insurers for the period was UAH 23.425 billion (10.4% more).
The commission notes that an increase in gross insurance premiums was recorded for almost all types of insurance: auto insurance (KASKO, OSAGO, Green Card) by UAH 937 million, or 18.6%, life insurance by UAH 487.7 million, or 39.2%, credit insurance by UAH 442.8 million, or three times more, insurance of liability to third parties by UAH 419.7 million, or by 37.1%, insurance against accidents by UAH 316 million, or by 61%, property insurance by UAH 285.3 million, or 10%, medical insurance by UAH 263.8 million, or by 18.7%, medical costs insurance by UAH 139.6 million, or 34.7%, insurance against fire risks and risks of natural phenomena by UAH 105 million, or 5.2%.
The share of net insurance premiums in gross insurance premiums for the first half of 2018 increased by 7.8 percentage points from the same indicator of 2017 and amounted to 71.5%.
In January-June this year insurers paid UAH 5.863 billion in net insurance claim fees, which is 27% more than for the same period a year earlier. The level of net payments increased to 35% from 34.2%.

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UKRAINE’S INSURERS RAISE OSAGO PREMIUMS BY 21%

The insurance companies of Ukraine, the members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), in January-June 2018 increased collection of insurance premiums on compulsory insurance of vehicle owners’ civil liability (OSAGO) by 20.9% compared with the same period in 2017, to UAH 2.183 billion.
According to the MTIBU’s website, the number of OSAGO contracts for the six months increased by 4.4%, to 3.905 million. The total volume of insurance claim fees paid under internal insurance contracts, according to the MTIBU, increased by 16.2%, to UAH 1.066 billion. In particular UAH 158.2 million were paid using EU accident report forms, which is 44.1% more than in January-June 2017.
The bureau also recorded a reduction in the number of settled claims for insurance compensation – by 0.4%, to 67,700, of which 17,832 using EU accident report forms (an increase of 16.5%).
The MTIBU is the only association of insurers that carry out compulsory insurance of civil liability of land vehicles’ owners for harm caused to third parties. The members of the bureau are 56 insurance companies.

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EUROPEAN INSURANCE ALLIANCE INCREASES NET PREMIUMS BY 25% IN Q1 OF 2018

PrJSC European Insurance Alliance (Kyiv) in January-March 2018 collected UAH 40.348 million of net premiums, which is 25.8% more compared to the same period in 2017. According to a company report in the information disclosure system of the National Commission on Securities and the Stock Market, the volume of signed premiums was UAH 49.770 million (an increase of 11%). Premiums worth UAH 8.674 million were transferred to reinsurance against UAH 8.914 million for the same period of 2017 (2.7% down).
During this period insurance claim fee payments rose by 38.4%, to UAH 21.135 million. The net profit of the company for the first three months amounted to UAH 1.135 million, while for the same period a year earlier some UAH 790,000.
According to official reports, the administrative expenses of the company amounted to UAH 5.087 million, which is 3.8% less than in the three months of 2017. PrJSC European Insurance Alliance has been working in the insurance market since September 1994. There are 17 structural divisions in Kyiv and the regions of Ukraine.

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