About 200 inspections of potential insurance objects are carried out annually by the employees of INGO Insurance Company. This was stated by Andriy Semchenko, Head of Underwriting at INGO, during a webinar on preventing industrial risks organized by the National Research Institute of Industrial Safety and Labor Protection.
The expert notes that insurers pay attention to the location of the enterprise, in particular, due to the risk of an earthquake or flood. For example, the risk of an earthquake is real for Odesa region and the western part of Ukraine. The nature of the company's production processes is also assessed.
"We identify the vulnerabilities of the company where it can be damaged. However, it is not fires or other unfavorable events that cause more damage to the company, but the loss of the company's ability to operate and generate profit, i.e. a forced interruption in business operations," says Andriy Semchenko.
According to him, in addition to analyzing structural elements, production lines, fire safety equipment, and facility security, insurers also pay attention to working conditions at the enterprise. They assess the likelihood of situations in which employees may be harmed, check whether employees are instructed and understand how to act in the event of an emergency.
After the inspection, the insurance company provides information on the real state of the enterprise in terms of risk management, which helps to further develop.
"Our reports help business owners. Because often they do one thing on the ground and report on another to the management. There are situations when during the inspection we find problem areas that can be corrected and this will improve the condition of the enterprise. And sometimes we simply refuse to take the facility for insurance because of its extremely neglected condition. However, in a year or two, we may be approached again, and we can already see changes for the better. So our work was not in vain," says Andriy Semchenko.
INGO Insurance Company has been operating in the insurance market since 1994. It has 29 licenses for various types of compulsory and voluntary insurance, provides insurance services to corporate and retail clients. The company is one of the largest insurance organizations in Ukraine in terms of premiums, own assets and insurance claims.
In November 2021, the rating agency IBI-Rating affirmed the long-term credit rating of INGO Insurance Company on the national rating scale at uaAA, with an "evolving" outlook.