fbpx

Insurance Indemnity Payment for more than UAH 164 MLN as the Result of Effective Cooperation Between Aon Ukraine and PZU Ukraine

08/ 09/ 2020
  Within the partnership project between the insurance company PZU Ukraine and the largest insurance broker in Ukraine Aon Ukraine the risk of African swine fever (ASF) in the amount of over UAH 164 million was covered in June 2020. The partnership and trusting relations existing between two companies since 1992 enabled to pay the exclusive insurance indemnity promptly despite the COVID-19 quarantine regime. The insured event occurred in August 2019 when all pig livestock of this farm was destroyed on the request of State authorities as a result of the diagnosed virus (ASF). The risks covered as a result of the insured event occurred included the forced slaughter of more than 99 000 pigs upon the order of the State Administration of Veterinary Medicine and the debris removal extension. The payment was agreed by the Insurance Company after the estimation of loss amount and the acknowledgement that the pig farm strictly followed safety regulations according to the European norms. «In order to be a reliable partner in crisis situations over the decades, we clearly understand the responsibility of insurance company obligations. We have a well-balanced and responsible attitude to the company’s financial metrics and therefore every year our company is audited by the auditor from the Big four. We provide a stable growth of the company’s portfolio. Our clients know that PZU Ukraine is reliable insurance support and the European level of service» - Marek Babicki, Board Member of PZU Ukraine, commented. In the insured event Aon Ukraine communicated with the reinsurance market and the insurance company to promptly handle the loss, as well as to agree on the amount of loss and reinsurance indemnity. According to Oleksii Grinchenko, Aon Ukraine CEO, this case is unique in Ukraine. In our country, the owners of pig farms are still quite skeptical and distrustful of the possibility of covering the ASF risk, despite the fact that since 2012 in Ukraine the cases of this disease are being registered annually (according to the STOP ASF project, 12 ASF cases have been registered only for the first half of 2020). With great experience in agricultural insurance, Aon Ukraine is always ready to cooperate with Ukrainian agricultural producers and has an active practice of the pig insurance placing. Due to the access to international reinsurance markets, our company is able to provide the unique insurance coverage, a striking example of which is this claim handling with the direct participation of the reinsurance market of Great Britain, - Oleksii Grinchenko noticed. About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Aon in Ukraine has over 25 years of work experience in the Ukrainian market. Aon is the largest insurance and reinsurance broker in Ukraine, with a presence in 3 cities - Kyiv, Lviv and Odesa. The company provides services to over 400 clients in Ukraine. About PZU Ukraine: PZU Ukraine Company is a part of Non-banking financial group PZU Ukraine and part of Polish financial group – PZU. Company is in TOP-5 of Ukrainian insurance companies. Our mission is to provide simple and effective insurance support with European level of service, which will guarantee both clients’ safety and easy use of insurance service with PZU Ukraine.  It has been our mission for more than 26 years.

Within the partnership project between the insurance company PZU Ukraine and the largest insurance broker in Ukraine Aon Ukraine the risk of African swine fever (ASF) in the amount of over UAH 164 million was covered in June 2020. The partnership and trusting relations existing between two companies since 1992 enabled to pay the exclusive insurance indemnity promptly despite the COVID-19 quarantine regime.

The insured event occurred in August 2019 when all pig livestock of this farm was destroyed on the request of State authorities as a result of the diagnosed virus (ASF). The risks covered as a result of the insured event occurred included the forced slaughter of more than 99 000 pigs upon the order of the State Administration of Veterinary Medicine and the debris removal extension. The payment was agreed by the Insurance Company after the estimation of loss amount and the acknowledgement that the pig farm strictly followed safety regulations according to the European norms.

«In order to be a reliable partner in crisis situations over the decades, we clearly understand the responsibility of insurance company obligations. We have a well-balanced and responsible attitude to the company’s financial metrics and therefore every year our company is audited by the auditor from the Big four. We provide a stable growth of the company’s portfolio. Our clients know that PZU Ukraine is reliable insurance support and the European level of service» Marek Babicki, Board Member of PZU Ukraine, commented.

In the insured event Aon Ukraine communicated with the reinsurance market and the insurance company to promptly handle the loss, as well as to agree on the amount of loss and reinsurance indemnity. According to Oleksii Grinchenko, Aon Ukraine CEO, this case is unique in Ukraine.

“In our country, the owners of pig farms are still quite skeptical and distrustful of the possibility of covering the ASF risk, despite the fact that since 2012 in Ukraine the cases of this disease are being registered annually (according to the STOP ASF project, 12 ASF cases have been registered only for the first half of 2020). With great experience in agricultural insurance, Aon Ukraine is always ready to cooperate with Ukrainian agricultural producers and has an active practice of the pig insurance placing. Due to the access to international reinsurance markets, our company is able to provide the unique insurance coverage, a striking example of which is this claim handling with the direct participation of the reinsurance market of Great Britain”, – Oleksii Grinchenko noticed.

About Aon

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Aon in Ukraine has over 25 years of work experience in the Ukrainian market. Aon is the largest insurance and reinsurance broker in Ukraine, with a presence in 3 cities – Kyiv, Lviv and Odesa. The company provides services to over 400 clients in Ukraine.

About PZU Ukraine:

PZU Ukraine Company is a part of Non-banking financial group PZU Ukraine and part of Polish financial group – PZU. Company is in TOP-5 of Ukrainian insurance companies.

Our mission is to provide simple and effective insurance support with European level of service, which will guarantee both clients’ safety and easy use of insurance service with PZU Ukraine.  It has been our mission for more than 26 years.

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Start
in the Telegram bot
Read articles. Share in social networks
0 Shares

Spelling error report

The following text will be sent to our editors: