Eurohold insured 65% of Ukraine's grain exports in 2022. One million Ukrainian refugees are insured by Eurohold.

11 May 2023 — Daniela GHETU
Euroins Insurance Group (EIG), owned by Eurohold Bulgaria AD, insured two-thirds of Ukraine's grain exports in 2022. EIG's Ukrainian subsidiary insured nearly 1,800 grain shipments, totaling USD 5 billion and accounting for 65% of the value of Ukraine's total grain exports, according to Statista.

In 2022, Ukraine exported grain worth USD 7.624 billion to these countries, according to Statista: Romania USD 1.27 billion, China USD 1.1 billion, Spain USD 0.98 billion, Turkey USD 0.87 billion, Poland USD 0.65 billion, Egypt USD 0.54 billion, Italy USD 0.4 billion, Hungary USD 0.4 billion, Netherlands USD 0.3 billion, other countries USD 1.6 billion.

EIG is a major player in marine insurance in Eastern Europe. Through its Ukrainian insurance company, the holding has established a unique link between Ukrainian food exporters and European insurers in Bulgaria and Romania.

Last year, almost 1,800 food shipments were insured, with a consolidated value of almost USD 5 billion. The feedstuffs insured by Eurohold are mainly wheat, soybeans, corn and crude sunflower oil. These shipments originated from the Ukrainian ports of Chornomorsk, Odesa and Pivdeniy, and also from the Romanian ports on the Danube, with destinations mainly in Europe and North Africa.

"After the outbreak of the war between Russia and Ukraine, the management of Eurohold made huge efforts to maintain the capacity to provide insurance coverage for such transports," the Group commented in a recent press release. "The other insurers in the market did not take the risks of working in a war zone, nor were they prepared to provide financial cover for these risks. The capacity that Eurohold was able to provide was essential to ensure the exports that were so important to the Ukrainian economy, for which, at this time, food exports are vital."

"Unfortunately, the revocation of the Euroins license in Romania has negatively affected Eurohold's ability to maintain the capacity as an insurer of Ukrainian shipping and even threatens exports from Ukraine, including for this year's new harvest," the Group emphasized in the press release.

Providing insurance coverage for the Ukrainian food exports was not the only way the Bulgarian group got involved in supporting the war efforts in Ukraine.

European Travel Insurer (ETI), another company owned in Ukraine by Eurohold Bulgaria AD, held about half of the travel insurance market before the war. As soon as the military invasion began, ETI allowed Ukrainian citizens refugees abroad to renew their insurance policies and buy new ones on the company's website. Thus, Ukrainian citizens were not left without protection in such a difficult period for them. Since the beginning of the Russian military aggression, more than 1 million Ukrainian emigrants who fled the war in Europe and around the world can use ETI policies as medical coverage in the countries where they found protection during the war.

Moreover, in a major crisis situation, the Ukrainian company owned by Eurohold organized the evacuation of orphans from boarding schools in the frontline regions and provided insurance policies for more than a thousand children during their stay in Turkey.