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14 april 2023
4 min.

INGO insurance company provided financial guarantees for payment of customs paymentss of Ukrainian exporters

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During 6 months of "customs visa-free" operation, INGO insurance company provided financial guarantees for payment of customs paymentss of Ukrainian exporters in the amount of 2.45 billion hryvnias
 

As the official Guarantor in the common transit system NCTS (New Computerized Transit System) during October 2022 - March 2023 under the general guarantees of INGO insurance company more than 1,750 declarations amounting to over UAH 2.45 billion were issued. According to the State Customs Service of Ukraine, a total of 1,904 declarations were issued during this period.

According to INGO’s data, the Ukrainian entrepreneurs issued declarations for export to 28 European countries. Among them, the goods were most often sent to Germany (222), Poland (188), Lithuania (157), Italy (129), Hungary (119) and Turkey (104). The average time for closing the transit procedure was 4 days.

"More and more exporters and carriers are experiencing the benefits of using the Convention on the Common Transit Procedure. Previously, they were forced to issue a T1 document at the border, but now they can issue a shipment from customs on the territory of Ukraine and not waste extra time", Serhiy Sydorchuk said, Deputy Head of INGO's Corporate Insurance Division. - "In addition, the price is an important factor for Ukrainian entrepreneurs. Currently, the cost of issuing a T1 and obtaining a guarantee at the border is higher than ordering this service from residents of Ukraine. In addition, we cover a whole block of important issues for traders and carriers, including the transport operator liability insurance and cargo insurance services."

He also noted that many entrepreneurs agreed with the customs office to increase the reference amounts of their general guarantees, which made it possible to process more transit operations for larger amounts of customs payments at the same time.

We remind you that the common transit procedure (CCTP) is based on the NCTS technology, which connects the customs services of the countries participating in the Convention (36 participants), allowing the exchange of customs data. NCTS makes it possible to establish an exchange of information between all transit participants (customs authorities, subject of the procedure, the guarantor) about all stages of customs clearance of goods using the electronic messages in real time and to increase the effectiveness of the application of risk analysis mechanism.

Ukrainian traders who use NCTS have a number of advantages, including a reduction in the logistics costs, a reduction in the time of customs formalities, and even a reduction in the size of the basic guarantee amount.

 

About the company:
JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 29 licenses for different classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA), National Association of Insurers of Ukraine (NAIU) and International Chamber of Commerce (ICC). On June 29, 2022, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” at uaAA.