OREANDA-NEWS. August 4, 2011. Compared to the same period 2010, total payments collected on this type of insurance in 2011 rose by 57% amounting to UAH 5,052,187.

Over the first six months 2011, Allianz Ukraine Insurance Company has made 160 liability insurance agreements, of which 31 for the amount of over UAH 100 million each.

Third party liability insurance agreements account for 60 signed agreements. Premiums collected on this product amounted to UAH 2,159,867. In the portfolio structure, the percentage of this product was equal to 42.8%. A lot of premiums were collected on professional liability insurance: UAH 1,190,231 (23.6% of the portfolio). Premiums collected on third party and employer liability insurance amounted to UAH 689,162 (13.6% of the portfolio).

The percentage of voluntary liability insurance in the insurer’s portfolio was equal to 6%. In the first half-year 2011, the biggest average premium collected on third party liability and employer liability insurance amounted to UAH 344,581.

“Such growth dynamics of voluntary insurance is a reflection of the fact that Ukrainian business is increasingly musing over reputation and financial risks in case of doing damage to third parties. Our voluntary liability insurance portfolio used to consist mainly of agreements signed with western company subsidiaries. Their shareholders often require Ukrainian subsidiaries to insure liability for the quality of goods and services (manufacturers, hotel chains), professional liability (auditors, lawyers, architects) and employer liability. Nowadays, however, Ukrainian companies with high reputation are increasingly interested in this type of insurance and are making liability insurance agreements. This means that European culture of doing business is gradually being cultivated in our country and we are starting to treat our business organization more responsibly. Hopefully, this positive trend will last” – said Diana Tuz, Market Management Department Director at Allianz Ukraine Ins.Co.