Property Insurance remains one of strategic priorities for IC "NOVA". The corporate portfolio includes both individual and standard insurance programs for retail and corporate sector.
Due to the company's active policy at the market, sales volumes have increased significantly for cargo insurance and property insurance, including disruption of production, civil liability, building and construction risks. In 2008, total gained premium volume for the sector increased by 1.25.
Methodological basis for dealing with corporate sector has been successfully formed: new insurance programs are launched; new underwriting approaches are established. The company expanded its network of insurance and non-insurance agents (leasing firms, construction companies, etc.), pushed up sales in retail sector, in small and middle business segment.
A wide range of insurance programs for various target groups and categories was complemented with a dozen of new products. New standard form contracts were approved that take into consideration current market tendencies and practices. The company has revised corporate methodology of underwriting, has simplified the process of contract approvement. As a result, terms of signing contracts for complex and individual insurance programs reduced significantly. During 2008, the company's experts continued to develop and improve products for complex risks insurance (disruption of economical activity, risks of mortgage crediting). Now we are able to offer exclusive individual programs to our clients, to extent partnering with insurance and non-insurance agents.
In 2008, IC "NOVA" paid special attention to professional education of the employees. Corporate experts got an opportunity to increase their professional level with trainings in leading foreign insurance and reinsurance companies.
The company plans to double the share of property insurance in the corporate portfolio, to continue developing and launching individual and non-standard insurance programs that match the level of leading insurance markets. Entry-level programs for property insurance and civil liability insurance are under way, which are completely new for Ukrainian insurance market.
