BUSIN Insurance Company thanks to their domestic partners for the timely and proper execution of their duties according to the reinsurance treaties. Our long-term reliable partners such as PZU Ukraine, Omega, ASKA, TAS, UTICO, Kremen have paid in full despite the economic crisis their shares of indemnities for aircraft hull of the helicopter Ka-32T crashed in Turkey on June 18, 2009.
This loss payment is an example of insurers’ international integration from different countries in the settlement of large losses (as some part of the risk was reinsured according to the treaties on Lloyd's market). That is why the perfect execution of Ukrainian insurers’ duties is the best evidence of their solvency and financial stability for the international insurance market.

The top management of BUSIN JSIC took part in the Annual General Meeting of International Union of Aviation Insurers (IUAI).
The 75th Anniversary Annual General Meeting of International Union of Aviation Insurers (IUAI) was held in Beijing (China) at the beginning of June. BUSIN JSIC's Chairman of the Board, Mrs. Larisa Nepochatova and Executive Director, Mr. Dennis Ovchinnikov took part in the Meeting.
The authoritative representatives of insurance companies from 25 countries discussed the following current aspects of aviation insurance: volume and prospects of the aviation insurance market development, insurance and claims management in time of global economic crisis. Those participating in the conference were presented to reports from IUAI's top managers, experts, lawyers and leading aviation underwriters regarding this topic as well as the range of corresponding decisions were adopted.
IUAI (International Union of Aviation Insurers) was founded in 1934 in London with the purpose of coordination of the interests of International Aviation and Space Insurance markets' members. IUAI closely collaborates with International Air Transport Association (IATA), Joint Aviation Authorities (JAA), International Civil Aviation Organization (ICAO), representatives of aviation authorities, supervision departments on insurance activity.
BUSIN JSIC is the member of IUAI since year 2003.

The increasing of stability rating to BUSIN JSIC.
Expert Rating RA increased stability rating to BUSIN JSIC to “ŕa” grade (“uaAA” grade on national scale). Such grade stability rating means that company has very high probability to resist impact of negative factors.
The amount of gross premiums has increased in 2008 by 31,28%. and amounted UAH 53 million. At the same time the reinsurers’ share in total premiums has decreased from 77% in 2007 to 74,5% in 2008.
In year 2008 the amount of made net income exceeded the similar indicator 7,77 times in 2007 and reached UAH 18 million, return on equity amounted 40,22%.

BUSIN JSIC summed up results of the year 2008.
BUSIN JSIC held its Annual Meeting of Shareholders on February, 20. Financial results of the year 2008, new directions of the company’s development were discussed.
As at January, 1 2009 the company’s assets amounted UAH 72 386 thousand. Liquid structure of assets confirms solvency and availability to meet commitments in time of financial crisis (53% of company’s assets are currency or equivalent).
BUSIN JSIC remains leader in aviation risks insurance in Ukraine (80 % of the company insurance portfolio). Development strategy for the year 2008 was focused on the diversification of the company insurance portfolio and almost 20% of BUSIN’s insurance services were provided in field of motor, property and financial insurance as well as in liability insurance within company’s work in Ukrainian Nuclear Insurance Pool (UNIP).
The total amount of claims paid in the year 2008 is UAH 2 617 thousand including UAH 1 124 thousand paid for the propellers’ damage of helicopter Ka-32T.
The company’s net profit after the result of the year 2008 amounted UAH 18 641 thousand. Taxes and duties were paid on the amount of more than UAH 7 800 thousand.
International audit of the year 2008 activity was performed by BDO Balance Audit according to International Financial Reporting Standards (IFRS).

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