UKRAINE: LIOU and the Association of Insurance Business team up to consolidate and develop the country's insurance market

9 January 2023 —
On December 22, 2022, the League of Insurance Organizations of Ukraine (LIOU) and the Insurance Business Association (ASB) signed a memorandum on creation of an association that will include 50 participating insurance companies, Forinsurer reports.

In the first 9 months of 2022, insurers-members of the LIOU and the ASB collected over UAH 4 billion (~EUR 0.11 billion) of GWP in total and paid out more than UAH 1 billion.

It is noted that one of the tasks of the new association is maximum consolidation of the national insurance market. Insurance companies, associations of market participants that protect the rights of consumers of insurance services, professional associations engaged in insurance-related activities (intermediaries, experts, etc.) can join the newly established association.

"The merge of our associations is, first of all, a powerful signal for all stakeholders that insurers have ambitions for development, because the potential is significant, but it is not used properly", emphasized Victor Berlin, President of the LIOU.

"For us, such a step is a transition to a new level of consolidation of national market participants. I am sure that by combining the efforts of the two oldest and largest insurance associations, we will be able to build an effective strategy and tactics for developing the insurance market, increasing its volume, and improving the quality of services provided to consumers", said Vyacheslav Chernyakhovsky, General Director of the Insurance Business Association.

* 1 EUR = 35.5611 UAH (September 30th, 2022)