One of the leaders of Ukrainian market of motor insurance - financial group insurance tradition - not withstood the crisis and the rapid growth of insurance premiums. Yesterday Gosfinuslug deprived the insurer of all licenses that, in the absence of money is fraught with the liquidation of the company, said market participants. But even in this case, the clients' Insurance traditions are not guaranteed payments under contracts. However, the bankruptcy of large insurers should not be massive, as many of them have the support of foreign shareholders.
first major victim of the economic crisis on the Ukrainian insurance market has become a company tradition of Insurance. Yesterday, State Commission on Regulation of Financial Services Markets by the inspection department suspended 20 licenses of voluntary insurance, and 9 - compulsory issued CJSC Financial Group (FG) Insurance tradition. Head of commission Viktor Suslov calls not answered, a department director of the interim administration of financial and credit institutions Galyna Tretyakova said: We have to do so was enough reason. The press service told the reasons for the decision: the non-insurance payments, failure to comply with obligations within the contract period, the failure of a penalty for delay of the failure, denial of payment in a different period than a contract.
Mobile Chapter supervisory board and the principal owner of FG Insurance traditions Dmitry Goncharov worked yesterday when forwarding to the secretary, who was unable to associate with him. In early June, in an interview with the newspaper Delo Mr. Gontcharov reported that FG Insurance traditions in the capital of UAH 50 million at the end of 2008 was 20 million UAH of losses. According to him, waiting for insurance payments was 1.5 thousand customers, of the 800 employees laid off 300, a call-center in the UK earlier this year eliminated. We are looking for money to pay clients, - while encouraging Dmitry Goncharov.
Established in 2002, FG Insurance traditions are actively working in retail. At the end of 2008 it took in the rating Forinsurer public insurance companies, 22 th place on the Prize (183.4 million UAH). However, the rating on the basis of I quarter of this year, the company has available.
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her license, market participants were expecting a long time. According to the director of insurance broker Dedal Gabidulina Ibrahim, the first delay in the payments began in December 2008. The company insured expensive cars, and a large weight in the structure of premiums they took insurance, - he adds. The rating avtoKASKO Insurance tradition occupied 10 th place with a portfolio of awards in the UAH 141.4 million (an increase of 2.7 times). Concentration on the insurance was very high - 77% of the portfolio.
Problems arose from the company due to low tariffs, high commissions and high costs, said Chairman of the UK Ukrainian Insurance Group Paul Nelga. They very quickly developed, with alot of advertising. Attracts funds were not on the formation of reserves, and spent on current needs. If it were not for the crisis and reduced insurance premiums, then nothing would not happen - he said. Problems of the Financial Group does not advertise - Insurance tradition of paying contributions to the Motor (Transport) Insurance Bureau (MTIBU), membership of which enables the company to engage in OSGPO.
There were complaints - said President Vladimir MTIBU Romanishin - but no more than the others.
The legislation gives the chance to return the license FG. We will negotiate with the shareholders, managers, seek business recovery plan. We can ask for an audit or recommend to shareholders to change management. Gosfinuslug interest that the company regained its financial solvency. They must fulfill obligations to clients, - said Mrs. Tretyakova. But insurers do not believe such a scenario. The insurance tradition do not have foreign shareholders - the company in 2008 tried to sell 10% stake to foreign investor.
Among the consultants then called IR Dragon Capital. But yesterday, in the IR reported that there were negotiations on behalf of the Insurance traditions and prospects of attracting foreign capital, shareholders rated as low. Foreign investors will not buy the company in a state of bankruptcy, in addition to the damaged image.
now in the insurance market, virtually all are looking for funds, because there are problems with payment, but the leaders want to increase their market share, using the crisis , - said Vice President of Investment Banking Department of the IR Dragon Capital Maxim Nefodov. Purchaser may give and high unprofitableness company. The problem is that they work on high commissions. They were going to win the market by high commissions, agents, banks and bank employees - for insurance, they will reach 50-60%, - says Chairman of the SU TAS Dmitry Gritsuta .- Plus dumping tariffs - the company at all costs trying to collect the market. As far as I know, from January 1, they have not paid a penny of insurance recoveries. Most likely, there will be a question of elimination.
Following the suspension of licenses insurer may not enter into new contracts, but is obliged to comply with their obligations under all agreements entered into before the revocation of licenses, explains partner law firm Astapov Lawyers Oleg Malsky. If the company does so, the claim that the person who has not returned the payment, you can start bankruptcy proceedings, - said the lawyer.
Market participants believe that the situation in what turned out to FG Insurance traditions will be rare, because many insurers are supported by foreign shareholders, and have low costs. Of the top 10 markets avtoKASKO foreign investors by the first 7 companies, and from 8 to 10, took the SU TAS, Veksel and Insurance tradition. We are the owner of the Austrian company, and they claim to reserves for international, rather than Ukrainian standards, - explained Paul Nelga. Among other reasons - a more stringent risk management.
Our commission is only 15%. And insurance takes 40% of the portfolio, and at the expense of other types of insurance payments are aligned, - said Mr. Gritsuta. We're not unreasonable policy on Tariffs and commissions. Our obligations are covered with the money for more than 120%, - said Nelga. The traditions of Insurance on the basis of 2008 from UAH 192.7 million of assets in cash was 9.8 million UAH. In the October 2008 Insurance traditions were planning to start a campaign for the insurance of bank deposits. Later, Dmitry Goncharov admitted that FG has suffered from investments in real estate and securities.
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