UKRAINE: ALLIANZ UKRAINE leaves the motor insurance segment

31 March 2015 — Olesea ADONEV
The general meeting of the Motor Insurance Bureau of Ukraine excludes ALLIANZ Ukraine (Kiev) from a member of the Bureau on the basis of statements made by the Company. The insurer is obliged to fulfill the obligations under previously signed contracts. Moreover, in 2014 the share of MPTL insurance in the insurer's portfolio totaled 2.21%, according to FORINSURER.

In October 2014, according to an official press release of the Group, "ALLIANZ Ukraine has decided to focus its business on commercial and international business lines. These business lines include property, liability and cargo insurance in the segment of large corporate clients. In retail business, ALLIANZ Ukraine will review its regional presence in the country and concentrate its commercial and international business in Kyiv. ALLIANZ has been present in Ukraine since 2005 in commercial and international business lines, building strong ties to customers and gaining an important position in the market. According to an Insurance Top rating ALLIANZ Ukraine remains one of the leading players in the corporate segment, being among the top 10 companies for several years in the row. As a part of ALLIANZ Group the company offers high-quality reinsurance coverage through ALLIANZ SE, high financial strength, stability, European business practices and professional underwriting that is especially important for corporate clients facing diversified large-scale risks".

"Our corporate strength in Ukraine lies in commercial and international business lines," comments Garry ANDREASYAN, Chief Executive Officer of ALLIANZ Ukraine.

"Thus, we have decided to concentrate our business on these lines, where we can service our clients best by giving them access to the expertise of a large international insurance group", added Garry ANDREASYAN.

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