“Arsenal Insurance” is entering the market of aviation insurance in UkraineDate: 27.01.2016. Section: Insurance News, Ukraine
National Commission for State Regulation of Financial Services Markets issued the insurance company “Arsenal Insurance” three new perpetual license for insurance activity. This is stated in the disposal of National Commission №58 from 12.01.2016 year.
Since January 12, the insurer has received the right to conduct compulsory Civil aviation insurance, voluntary insurance of liability of owners of air transport (including carrier liability), as well as the license for the insurance of air transport (air hull insurance).
According to data of National commission volume of obligatory aviation insurance market in Ukraine for 9 months of 2015 amounted to 389.7 million. UAH. or (10.4% of the portfolio obligatory types) and voluntary insurance of air hull insurance and air liability – 14.9 million. UAH. and 8.5 mln. UAH. respectively. “Aviation insurance market is quite specific and narrow, but we see a niche for ourselves. We have several major potential customers in principle and encouraged us to obtain these licenses. This state-owned enterprises. The next step, we plan to participate in public procurement. I believe that the appearance of the aviation insurance market another player will result in a qualitative improvement of quotations. We have always advocated transparent business and as the main instrument of competition we see an honest approach to the formation of prices for the customer, especially if it is a state-owned enterprise customers “- says Sergey Avdeev, Chief Executive Officer of the company.
Obtaining new licenses will allow the company “Arsenal Insurance” to enter the national market for aviation insurance and offer carriers and owners of fleets competitive conditions and reliable insurance and reinsurance coverage. The company said it planned to reinsure these risks through the mediation of the Lloyd’s brokers and European and Lloyd’s reinsurance market.
According to Sergey Avdeev, with the arrival of the new Commission will significantly simplify the process of obtaining licenses, despite the fact that the procedure of their issue has not changed. – “New licenses have been received by us in the shortest possible time in accordance with current regulations. Therefore, we, like the other participants in the insurance market, welcome the positive developments in relation to the regulator to the insurers, “- said Sergey Avdeev.
Today the company has 28 licenses for voluntary and obligatory types of insurance, as well as plans to continue to expand its range of services in promising areas.