Eurohold Insured 65% of Ukraine's Grain Export in 2022 through EIG

Kiev, 15 May 2023 – Euroins Insurance Group (EIG), part of Eurohold Bulgaria AD and one of the leading independent insurance groups in Eastern Europe, has insured nearly two-thirds of Ukraine's total grain exports in 2022, company's data showed. In this way, the insurance group has contributed largely to the efforts of the Ukrainian state to export part of its grain harvest thus providing valuable support to the local economy and businesses during the ongoing military conflict with Russia.

EIG, owner of Euroins Ukraine and European Travel Insurance (ETI) Ukraine, is a key player in maritime cargo insurance in Eastern Europe. Maritime cargo insurance is a critical component of global trade, providing protection for goods in transit across the world. In the context of the military conflict with Russia, this coverage is particularly essential, as it allows Ukrainian businesses to safely ship goods abroad and maintain important trade relationships, generating vital revenue for the local economy. The holding has established a unique link between Ukrainian food exporters and European insurers in Bulgaria and Romania.

Last year, EIG insured approx. 1,800 grain shipments at the amount of USD 5 billion, representing 65% of the overall value of Ukraine’s grain export. According to Statista, in 2022, Ukraine exported grain worth USD 7.624 billion to the following countries: Romania (USD 1.27 billion), China (USD 1.1 billion), Spain (USD 0.98 billion), Turkey USD 0.87 billion, Poland USD 0.65 billion, Egypt (USD 0.54 billion), Italy (USD 0.4 billion), Hungary (USD 0.4 billion), Netherlands (USD 0.3billion), other countries (USD 1.6 billion). In Ukraine, Eurohold’s insurance group has insured mainly deliveries of wheat, soybeans, corn and crude sunflower oil.

The Ukrainian shipments, covered by EIG, originated from the Ukrainian ports of Chornomorsk, Odessa and Pivdeniy, and also from the Romanian ports on the Danube river with destinations mainly in Europe and North Africa. After the outbreak of the military conflict with Russia, Eurohold’s management has put huge efforts to maintain the capacity to provide insurance coverage for such shipments. Most of the other insurers in the market have escaped the risk of operating in a war zone.

In addition to the maritime cargo insurance policies, EIG, through its Ukrainian subsidiary European Travel Insurer (ETI), has established leading positions in travel insurance for Ukrainian citizens across the years, issuing the bulk of the travel insurance policies on the local market.

By the time the military invasion started, ETI had provided the Ukrainian refugees fleeing the country with the opportunity to renew their insurance policies remotely via the company's website. In this way, Ukrainian citizens had been ensured with insurance and medical coverage abroad.

Eurohold Bulgaria AD

Eurohold Bulgaria AD is a leading energy and financial group operating in Central, Eastern and Southeastern Europe. It is listed on the Bulgarian and Warsaw Stock Exchange. Eurohold owns Euroins Insurance Group AD (EIG), one of the largest insurance groups in the region. EIG provides a full range of insurance products, serves over 4 million customers in 12 countries and has over 3,000 employees. Eurohold is owner of Electrohold, a leading energy group in Bulgaria that owns the largest power distributor, supplier and trader in the country, has 3000 employees and serves more than 3 million consumers.

www.eurohold.bg; www.eig.bg; www.electrohold.bg