On July 19 the National Commission for financial service market regulation approved the draft regulation on amending the Policy on reserves formation for risk insurance, which will toughen the technical reserves requirements for insurers, said the member of the Commission - Alexander ZALETOV, as informed INTERFAX-Ukraine.
The international rating agency Standard&Poors improved the long term national scale rating of Ukraine from "uaBBB-" to "uaBBB" due to review of rating criteria.
For the 1st quarter Ukrainian insurers generated UAH 11.6 billion of GWP (+6.63%) and paid UAH 3.17 billion of claims (+35.15%), according to the data, published by the National Commission for financial service market regulation.
For the period from January to April this year local insurers-member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased MTPL GWP, compared to the same period a year ago, by 17.2% to UAH 1.39 billion.
In Ukraine from February to June this year local insurers have sold around 15.7 thousand of electronic MTPL policies, according to the data of the Motor Insurance Bureau of Ukraine.
Q1 2018 shows that 100 local insurers accumulate 98.3% of the total market GWP. Total number of Ukrainian insurance companies as of the end of the 1st quarter - 292, at that 32 of them are life insurers and 260 - risk insurers.
TAS insurance group, included in TOP-10 of Ukraine, for 5 months this year generated premiums in the amount of UAH 524.82 million, which is 36.9% more than for the same period last year, says the group's report.
In Q1 2018 Ukrainian insurers with foreign capital generated GWP in the amount of UAH 6,783 billion (+35%), according to the member of the National Financial Services Committee Aleksandr ZALETOV.
National Financial Services Committee revoked all insurance licenses of insurer DOMINANTA, member of the committee Denis YASTREB said.
National Financial Services Committee of Ukraine in Q1 received 1,955 complaints from citizens (378 more than in the previous quarter). At that 77.7% of complaints were about insurance legislation non-compliance, as informed by the insurance news portal Forinsurer.
Bulgaria-based EUROINS Insurance Group (EIG) announced is acquiring ERV Ukraine, the travel insurance business of Germany-based ERGO, part of German global reinsurer MUNICH Re. "The two companies have signed purchase agreements. The deal is expected to be finalized after obtaining regulatory approvals".
Ukrainian insurance market in 2017 grew overall by 23.49%, while the non-life sector saw an above average performance, with GWP increasing by 25% in local currency, data published by the National Financial Services Commission of Ukraine show.