UNIQA is the best insurer in Ukraine

29 November 2011 — Daniela GHETU
UNIQA is the best insurer in Ukraine
uniqa2"The League of the Best" International Economic Rating ranked UNIQA in the pole position on the Ukrainian market for non-life insurance products in 2011. UNIQA management was also awarded special honours: Yuriy Yefimov, CEO and Chairman of the Management Board, was awarded with the Ukraine's Medal of Honour and named "Leader of the Year 2011". UNIQA Chief Accountant Yuriy Kvasha was honoured with the "Professional Honour of Ukraine" medal. These awards are traditionally given to top managers that have distinguished themselves with particular professionalism in competition.

Yuriy Yefimov, CEO of UNIQA Insurance Company in Ukraine: "We are pleased about these awards, which prove UNIQA's dynamism and innovation potential. We are striving in Ukraine to constantly further develop our service and customer relationships, and we are constantly modernising our product landscape. Our business processes are distinguished by high efficiency and low costs, yet also guarantee the highest product development standards, from risk assessment to claims processing."

Wolfgang Kindl, CEO of UNIQA International AG, an independent foreign holding which controls the more than 40 international companies: "Even in difficult times, UNIQA has been able to rely on positive developments on the Ukrainian market in the medium and long term. In the regions in which we are expanding, we aren't focusing on quick profits; instead, we're concentrating on a sustainable position as a reliable partner. UNIQA stands for a guarantee of quality and a long-term orientation - and that's exactly what people sense. Especially in Ukraine, a market of 46 million people, we see a lot of opportunities for future growth."

UNIQA has been active in Ukraine since 2006 and has had excellent success ever since, both in terms of market share and premium growth. The market is defined by very tough competition. Insurance penetration in Ukraine, in comparison to other countries such as Germany (7%), Austria (6%) and the Czech Republic (4%), is significantly below the average, but it has climbed quickly since 2006, from 0.1% of GDP to 2% of GDP in 2010. This rapid growth demonstrates the enormous potential of the Ukrainian insurance market.

In the first half of 2011, UNIQA was able to attain a market share of 2.8% (up 0.3%), thereby taking fifth place out of over 100 insurance companies. Premium volume increased by 26 percentage points (market plus 13%). Given the seasonal course of business, we expect a placement in the top three at the end of the year. Particularly in the life insurance line, UNIQA was able to achieve a sensational plus of 116.5% (market average: up 50%). Already in the five years since its founding, UNIQA has been able to attain a market share of 8.3%, putting it in fourth place among life insurance companies. In the non-life sector, UNIQA also exceeded the market average (plus 12%) with premium growth of plus 18%. With a market share of almost 3%, this places UNIQA fifth among the insurance companies active on the Ukrainian market.

UNIQA is represented by two companies in Ukraine. The publicly listed UNIQA Insurance Company (Credo-Classic Insurance Companyuntil April 2010) was founded in 1994. The company exclusively sells property insurance products on the Ukrainian market, which is dominated by non-life business. Headquartered in Kiev, it is among the five largest insurance companies in the country. The second UNIQA company in Ukraine, UNIQA Life Insurance Company, was founded on 14 July 2006 and specialises in the Ukrainian life insurance business, where extremely strong growth potential is expected in the coming years.

"The League of the Best" International Economic Rating

"The League of the Best" International Economic Rating analyses 350,000 companies in Ukraine, assessing their core financial indicators and business development. The rating is based on official data from the "State Committee of Statistics of Ukraine" and follows the principles of transparency and objectivity. After collecting data for every sector, the results are aggregated into the list of top companies. This results in the ranking are collected from all of the top companies in Ukraine. The status of the "Enterprise of 2011" is confirmed by an audit report from "Euroconsulting".

More news and statistics about Ukrainian insurance market.

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