UKRAINE: from January to June GWP of ARSENAL Insurance increased by 15% y-o-y

For the first half of the year, GWP of ARSENAL Insurance increased by 15% y-o-y, Forinsurer reports. The key driver of the company's growth is motor insurance.

GWP of Motor Hull went up by 33.6%, to UAH 383.1 million (~EUR 12.87 million), and GWP of MTPL by 7.4%, to UAH 80.5 million (~EUR 2.7 million).

Insurer paid claims for the first six months amounted to UAH 263.1 million, 71% of which came from Motor Hull and 16% from MTPL.

The assets of ARSENAL Insurance at the end of June grew by 46.4% y-o-y, to UAH 1.96 billion, insurance reserves by 48.3% and exceeded UAH 1 billion. The actual solvency margin of the company is 28.3% higher than the standard requirements and increased by 7.6% y-o-y, Forinsurer wrote.

"ARSENAL Insurance is a company with 100% Ukrainian capital and is one of the TOP-3 insurers preferred by Ukrainians. The results of the first half year show that we continue to strengthen our market positions. Our portfolio is quite diversified. Voluntary insurance (Motor Hull, property, health and others) bring 91.4% of our total GWP, and compulsory insurance brings up to 8.6%. Our growth is based on personalized approach to customers, competent underwriting policy and balanced portfolio. This allows us not only to compete, but also to win from companies with foreign investments", said Sergey AVDEEV, Chairman of the Management Board of the company.

According to 1Q2019 results, ARSENAL Insurance took the leading position on the local market in terms of GWP (UAH 590.38 million/EUR 19.31 million) and had a market share of 4.8%.

*EUR 1 = UAH 29.7643 (01.07.2019)

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