Rating of insurance companies in 2024
The key factor for the successful development of the insurance system is customer confidence. To achieve this goal, it is very important that the insurance market operates transparently, has a proper legal framework and effective systems for monitoring the activities of all its participants. Unfortunately, information about the activities of Ukrainian insurance companies is not sufficiently open, and the current regulatory framework and control mechanisms need to be improved. Under these conditions, it is difficult for an ordinary person wishing to purchase insurance to navigate among the many offers on the market and choose the optimal ratio between the reliability of an insurance organization and the cost of its services.
Why do we need a rating of Ukrainian insurers?
Taking into account the needs of the market, a new product has been developed to help assess the reliability of insurers - the rating of Ukrainian insurance companies. The information for assessing and analyzing the reputation of an organization is taken from the data of the professional rating of InsuranceTop and the Motor (Transport) Insurance Bureau of Ukraine, as well as real customer reviews. The selection system takes into account the main performance indicators of insurance companies: the quality of service in the event of an insured event, the level of payments provided, etc. The final lists are created specifically for clients to raise their awareness of the reliability of insurers and facilitate the final choice when signing contracts.
The rating of insurance companies in Ukraine is an independent assessment by specialized analytical organizations of the ability and willingness to fulfill obligations to pay insurance claims or repay accumulated amounts. To assign a position in the list, an in-depth analysis is conducted, taking into account the degree of care the company takes for its customers.
This product is popular because, in the absence of information from external sources, the insured often relies on the insurer's advertising materials when choosing an insurer. However, this is not enough, especially during the financial crisis, when it is extremely important to have independent information from experts about the reliability of the organization.
What are the criteria for rating insurers?
Insurance companies in Ukraine are evaluated according to a specially developed scale that is focused on policyholders, making it as clear as possible. Only insurance companies operating in the Ukrainian market are compared when determining the reliability rating.
This rating is primarily needed by potential policyholders - it will help them choose the best insurance companies in Ukraine for their primary insurance or renewal of an existing policy.
There are several factors that experts recommend taking into account when assessing the reliability of an insurance company.
One of them is financial stability. This means that the organization's own funds correspond to its obligations to customers. This includes the company's readiness to make prompt and current insurance payments. In other words, the ratio of earned money to total expenses.
The next important factor is how efficiently the insurance organization conducts its operations, i.e. whether it makes a profit, whether its capital and insurance are profitable. Does it invest in other projects? Does it have many clients? Are they satisfied with the amount of payments? Is material damage quickly compensated to victims?
These factors show how successful and reliable a company is. But it is not always possible for an ordinary citizen to have access to such information. And even if they have it, not everyone will be able to understand it. Therefore, it is best to pay attention to the positions of Ukrainian insurance companies in the rating.
VUSO Insurance Company is in the top 5 insurance companies in Ukraine
One of the organizations that confidently belongs to the group of insurance companies in Ukraine is our VUSO Insurance Company, which has been operating in the market for 23 years. If you look at the rating of the top 10 insurers in Ukraine, you will see that VUSO ranks 5th in comprehensive and MTPL insurance, and fourth in Green Card insurance. The fifth position is also in the section “Voluntary health insurance”. In the categories of Travel Insurance and Property Insurance, the company is in second place.
In 2023, the company took the third position in the category “Motor Insurer of the Year in comprehensive insurance" in the "TOP-100: Ratings of the Best". And in 2024, VUSO became the “Best Corporate Partner”. And these are only the latest achievements of our organization in the ratings.