Fire at Korolivsky Smak: the insurer compensated for record losses
26 July 2025 22:12
INGO Insurance Company has finally completed the process of compensation for losses after the high-profile fire at the production facilities of Viktor & K in Kirovograd region. The total indemnity amounted to UAH 81.4 million. This is one of the largest insurance payments in the industrial insurance sector in recent times.
This was reported by "Komersant Ukrainian" with reference to INGO Insurance Company.
Viktor & K is known to Ukrainian consumers for the popular Korolivsky Smak brand, which produces mayonnaise, ketchup, sauces and oils. During the fire that occurred in the winter of 2024 in the village of Vlasivka in Kirovohrad region, the fire completely destroyed the oil press shop, the finished goods warehouse and all the technological equipment inside. The buildings are beyond repair after the fire.
According to law enforcement officials, the fire was caused by an arson attack by an unidentified person. The criminal case is still ongoing, and there are no results of the investigation yet. According to the insurance company, the loss settlement process was particularly difficult due to the extent of the damage and the need for an accurate and professional assessment.
“The peculiarity of this case was the significant damage to the facility, which required a thorough and professional approach to assessing the damage,” said Oleksandr Kolpakov, Head of Property Loss Settlement at INGO. “We engaged experienced experts who analyzed all aspects of the situation in detail. It was crucial for us not only to make high-quality calculations, but also to explain to the client every stage of the settlement process openly, ensuring transparency and clarity of the decisions made,” said Oleksandr Kolpakov.
According to the expert, the full amount of compensation was paid to the company on July 1. Out of UAH 81.4 million paid out, more than UAH 64 million was for buildings and almost UAH 17 million for equipment. This insurance event is one of the largest in the industry in recent years. According to insurance market experts, such precedents are important because they confirm the ability of insurance to support business in difficult conditions.
Reference: JSC Insurance Company INGO holds licenses for 18 classes of insurance and has been providing insurance services to both individuals and companies for over 30 years. Since 2017, the main shareholder is the Ukrainian business group DCH. INGO Insurance Company is one of the largest insurance companies in Ukraine in terms of premiums, own assets and insurance claims. Its network includes 25 branches, 5 offices and 9 customer service centers operating in all regions of the country. INGO fully complies with the NBU requirements for transparency of ownership structure, compliance with solvency, capital adequacy and risk management standards, and maintains a high business reputation of its owners and management. The company is a full member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), the American Chamber of Commerce (ACC), the European Business Association (EBA), the National Association of Insurers of Ukraine (NASU), the League of Insurance Organizations of Ukraine (LIOU) and the International Chamber of Commerce (ICC). on June 19, 2025, Fitch updated the company’s long-term credit rating at uaAA and financial strength rating at uaAA.ifr, both with an “evolving” outlook.
