Property insurance is a direction which includes the list of services for insurance of property, cargoes, against construction and assembly risks and third-party liability both for physical and legal bodies. Following the results of 2010, IC "NOVA" has won the II All-Ukrainian competition "The Leader of the insurance market - 2010" in nomination "The Leader of the insurance market to work with corporate clients in a non-life insurance (property insurance)", that says about successful activity of the company in this direction.
In 2010 the types of property insurance were developed in the context of general market trends. Due to a serious approach to work, and also quality underwriting, the company managed to keep volumes of the business and well-balanced insurance portfolio. Characteristics of underwriting - selectivity and individual approach to risks: reasonably and in balanced manner working with potentially dangerous risks, the company strives to grow at target segments of the market. Reliable reinsurance protection of property risks of such leading world partners as SCOR (France), Partner Re (Switzerland), Korean Re, (Korea) and Unity Re (Russia) also promoted to hold the steady positions. For the accounting period the total amount of premiums has reached UAH 5,543.6 thousand, indemnities – UAH 3,718.2 thousand. Main features of the property insurance kinds development in 2010 can be noted. Insurance of collateralized property of legal entities was in demand. The trend of return of insurants which precedently were forced to refuse insurance services owing to financial problems was observed. Due to improvement of situation in their business, they managed to recover the insurance protection. Positive development of property insurance was in many respects affected by effective joint activity in this direction with brokers who represent interests of the international corporations and missions of foreign companies in Ukraine. Among partners-brokers of IC "NOVA" - Willis, DP "MAI Insurance Agents" and other reputable operators of the market. As for property of physical persons, active growth was not observed in this direction. First of all, it can be explained by retrenchment of bank lending in a segment of pledge and mortgage. Proposed by IC "NOVA" list of services of property insurance covers various variants of insurance coverage of property risks. In 2010 the company worked a lot on actualization of insurance products. So, programs of insurance of railway transportation, special-purpose equipment (construction, agricultural), tender guarantees, indemnity against liability (transportation carriers, forwarding agents, bookkeepers), insurance of property transferred in leasing and others were updated. Developing programs on property insurance, the company strives to present in them both standard and additional services. Therefore a key problem is creation of complex products for all target groups that each client depending on his needs could choose conditions which are most suitable for him. There are special tariff offers for clients with whom the long-term relations were established. In strategic plans of the company - to continue development of this direction. In view of country’s exit from financial and economic instability, IC "NOVA" plans to give special attention to insurance of physical persons property. Retail field is considered in the company as promising segment of the market. Care for the property, third party liability – ordinary event for citizen of European country. The understanding of importance of such protection will come to Ukrainians gradually, with increase of insurance culture.
