UKRAINE: 15% growth in assets in 1H2012 and stagnant GWP

19 September 2012 — Oleg DORONCEANU,
UKRAINE: 15% growth in assets in 1H2012 and stagnant GWP
viktor_berlinUkrainian insurers' assets grew by 15% in 1H2012, to EUR 4.9 billion, while the overall growth rate of the share capital was of 4.4% (EUR 1.4 billion) and technical reserves decreased by 1.8% (EUR 1.1 billion), stated Viktor BERLIN, Member of National Commission for State Regulation of Ukrainian Financial Services Markets at the Yalta International Finance Forum 2012.

Ukrainian insurers reported gross written premiums of EUR 961 million in 1H2012, a figure almost equal to the 1H2011 one, which was of EUR 960.2 million. Meanwhile, on the claims side, the 1H2012 figure is 21% higher as compared to 1H2011, as paid claims amounted in the first half of the current year to EUR 260.7 million while in the corresponding period of 2011 it was EUR 215.8 million.

According to Viktor BERLIN, the overall volume of premiums ceded to reinsurance decreased by 66.7% in 1H2012, as compared with 1H2011.

As of June 30, 2012 in the Ukrainian market there were 443 registered insurers, of which 380 operating in the non-life and 63 on the life insurance segment, while the insurance intermediation market was represented by 62 companies. In the reported period, the number of companies with foreign capital was 116, representing 26.2% of the total number of companies in the field.