Despite the decrease in the total number of reinsurers continuing to work in the Ukrainian market, INGO insurance company managed to obtain support of Western partners and conclude new obligatory treaties for 2023.
To compensate for inflationary effects, "INGO" increased the total volume of the multi-risk obligatory program from UAH 1 billion to UAH 1.2 billion, the cargo insurance section from UAH 200 to 300 million and increased the level of own retention from 8 to 10 million hryvnias. At the same time, the company has the opportunity to use the full reinsurance capacity (UAH 1.2 billion) when co-insuring property on the Ukrainian market. Thus, in case of insuring the large risks, the insured or broker can collect the necessary capacity faster thanks to "INGO".
"INGO" reinsurers have international financial strength ratings of Standard & Poor's - not lower than A+ and A.M. Best A-. The reinsurance company SCOR (France) is the leader of the multi-risk obligatory program.
Under the multi-risk obligatory program, "INGO" has the opportunity to insure property and technical risks (including the construction and installation risks, special equipment), cargo, railway transport. Two other obligatory programs provide the reinsurance coverage for water transport and agricultural risks. The company also continues to insure the business interruption, common third-party liability, professional liability, employer's and product liability.
"INGO" insurance company retained the ability to accept risks in the inward reinsurance and plans to further develop this direction.
Despite the fact that most risks, related to the war and civil unrest, are currently excluded from the coverage of Ukrainian insurers, "INGO" is ready to offer such coverage in certain aspects. Namely: in the cargo section, the company has the option of insuring war risks in the Black Sea, excluding the list of certain zones determined by the Joint War Committee. This provides an opportunity to cover a significant volume of transportation within the "grain corridor", including the cargo flows from Ukrainian ports on the Danube.
In order to insure the larger number of cargo, INGO increased the reinsurance capacity in this segment from UAH 200 million to UAH 300 million in 2023. The company can also provide coverage of war risks in small volumes (2-4 million hryvnias) during the cargo transportation by land, but within its own retention.
About the company:
JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 29 licenses for different classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA) and International Chamber of Commerce (ICC). On June 29, 2022, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” at uaAA.
