UKRAINE: VUSO expands its business by 79% in the first half of the year

6 September 2023 — Marina MAGNAVAL
According to the 1H results, VUSO insurance company (one of the top 10 insurers in the country) collected premiums in the amount of UAH 1.18 billion (EUR 29.71 million), which is 79% more y-o-y in local currency, Forinsurer writes citing the National Bank data.

Over the past six months, the company has significantly increased GWP in the following key LoB: voluntary health insurance - an increase of 235.11%, Green Card - an increase of 100%, MoD - an increase of 80.51%, MTPL - an increase of 32.41%. At the same time, the rapid growth in voluntary health insurance is due to the company's increased presence in the corporate insurance segment on the Ukrainian market.

Despite the unstable situation in the country’s economy, VUSO continues to fulfill its obligations to customers and makes insurance payments. In 1H2023, the company paid out UAH 438.7 million, including for the following: voluntary health insurance - UAH 102.7 million (+364.68%), Green Card - UAH 79 million (+100%), MTPL - UAH 78.1 million (+77.43%), MoD – UAH 118.3 million (+31.7%).

Also, during the reporting period there were many important changes. At the end of March 2023, it was decided to join the ASKA insurance company to VUSO and continue working under a single brand. In April, VUSO won an award in the category "Best insurance companies in the field of voluntary health insurance and travel insurance" in the TOP-100 rating. The company also received an award from FinAwards 2023 for the best wartime insurance product (CASCO Patriot), and Andrey Artyukhov, Chairman of the Board, was recognized as the best CEO of an insurance company.

VUSO was founded in 2001. During its activity, the insurer received the uaAA financial stability rating. The company specializes in motor insurance, health, and travel insurance for both corporate clients and individuals. VUSO is a member of the MTIBU, the Nuclear Pool, a participant in the Direct Settlement project, and a member of the National Association of Insurers of Ukraine.

* 1 EUR = 40.0006 UAH (June 30th, 2023)