UKRAINE: ARX: despite growing paid claims in March, the average daily payments remain unchanged y-o-y

9 April 2020 — Marina MAGNAVAL
In March 2020, paid claims of ARX Insurance Company (formerly AXA Insurance) increased by 15% y-o-y, to almost UAH 89 million (~EUR 2.87 million), while the amount of average daily payments remained unchanged (about UAH 4 million), Forinsurer informed.

Amid the increasing pandemic paid claims, ARX noted that the number of calls they received in March by the medical assistance and contact center of ARX exceeded 40,000. At the same time, the insurer is using all available options (offline and online channels) to be in touch with its customers and most of the insurer's products were also made available online.

ARX was acquired by the Fairfax group in February 2019 and is one of the leading insurance companies in Ukraine offering both life and non-life insurance products. ARX has been operating on the insurance market for 25 years, the number of its customers being around 1 million. The company is based in Kyiv and is represented by 70 offices in all large cities of Ukraine.

2019 was a very good year for ARX and ARX Life. GWP increased by 24% y-o-y and total net profit reached UAH 116 million (~EUR 4.4 million). The rebranding of 2019 did not affect the leading positions of the company, whose number of clients last year grew by 20%.

"Profitability of our operations in 2019 reached a record level since 2007. ARX remains the leader in terms of paid claims and has a very high rating of customer satisfaction. For example, in motor insurance it is 92-93%, or 4.7 points out of 5 possible. In addition, for many years we've been the largest taxpayer among Ukrainian insurance companies. In 2020 we set a target to make every LoB, every product profitable. And of course, in 2020 we'll pay great attention to our favorite pursuit - innovations, and our portfolio of projects, new products and services will increase significantly", said Andrey PERETYAZHKO, Chairman of the Board of ARX.

EUR 1 = UAH 30.9617 (March 31st, 2020)
EUR 1 = UAH 26.422 (March 31st, 2019)

Share |