UKRAINE: 57 insurance companies and 7 insurance brokers left the market in 2019

26 February 2020 — Marina MAGNAVAL
In 2019, the National Commission for State Regulation of Financial Services Markets closed 27.5% more non-banking financial institutions than during 2018.

The measures for reducing the number of the weak or unreliable market participants from the financial and insurance sector led to the removal of 260 players at the whole sector level, according to Oleksandr ZALETOV, Member of the Commission.

In particular, in the insurance field, 57 insurance companies and 7 insurance brokers were excluded from the State Register of financial institutions. However, despite the still huge number of insurers, the biggest share of Ukrainian market GWP (98.1%) falls on 100 non-life companies.

The further development of this sector will be affected by the adoption of bills and regulatory acts within the frame of the Strategy for the development of the financial sector of Ukraine until 2025, aimed at strengthening financial stability, macroeconomic development and growth, financial market development and expanding financial inclusion, as well as introduction of innovations in financial sector, according to Interfax-Ukraine.
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