Insurance of risks associated with handling of land-based vehicles remains one of the key business areas for IC "NOVA".
In 2008, the total premium volume for motor insurance exceeded UAH 61 million, including UAH 50 for motor voluntary insurance (Own Damage and Civil Liability). All in all, beginning with 2006, the figure for motor voluntary insurance boosted 11 times. Claims paid amounted to UAH 41,742.54 thousand in respect of 7846 insured events.
During 2008, IC "NOVA" launched three new programs for motor insurance: "Economical", "Optimal", and "Ideal". "Economical" program provides car owners with a sufficient level of insurance protection from risks related to car handling. "Optimal" program is targeted at the widest group of car owners. According to its terms, the policy holder gets an opportunity to choose the most suitable variant of insurance protection by himself. Additional services of "Ideal" program are meant to meet the demands of the most hard-to-please policy owners.
Together with ILTA, the official importer of Peugeot cars in Ukraine, and OTP Bank, one of the leaders of Ukrainian financial sector, IC "NOVA" traditionally took part in an annual "Autoshow at Stolychnyi", which was held at "Autocenter at Stolychnyi". At the show the company announced an unprecedented promo campaign "Triple Gain" for owners of Peugeot cars.
During the year in review, IC "NOVA" became an insurance partner of the round table named "Activities of Leasing Companies at an Unstable Financial Market", organized by Ukrainian Association of Leasing Companies together with Kyiv National University of Commerce and Economy. The task of the round work table was to estimate the activities of leasing companies during the financial crisis while taking into consideration anticipated national measures for economy and leasing services market in Ukraine.
Motor premium volumes of IC "NOVA" rated it among TOP 30 insurance companies of Ukraine in Obligatory Motor Third Party Liability Insurance and Own Damage and Civil Liability Insurance (motor voluntary insurance), according to Insurance TOP magazine.
The corporate policy in motor insurance field was focused at working out the terms of auto risks insurance balancing the interests of the client and the insurer. The task was to analyze the main external factors influencing financial performance of motor insurance business, including:
- - tariff/deductible ratio for different auto price groups;
- - overall accident risks for different regions of Ukraine;
- - price increases for spare parts and repair work at service stations;
- - the relation between the number of traffic accidents, damage per accident and the driver's experience, his age, etc.
The results of the research were used for developing the balanced tariff policy for motor insurance in 2009. New insurance products were numerically evaluated for key factors (terms of insurance agreement) with direct interrelation of the cost and the quality. Now, depending on requests and finances of the client IC "NOVA" will offer a suitable insurance service for a reasonable price.
During 2009, the company plans to further increase motor insurance premium volume, while gradually reducing the share of motor risks in the company's portfolio at the cost of intensive growth in other key areas.
