Ukraine
UKRAINE: ARX in the first quarter of 2023 expands its business by 27%
One of the leaders in the insurance sector of Ukraine, ARX ended 1Q2023 with an increase in many indicators. The amount of collected premiums reached UAH 781.6 million (+27%)/~EUR 19.56 million*, and paid claims - UAH 303.5 million, which is 12% more y-o-y, Forinsurer reports. The number of contracts concluded with the company increased by 116%.
17 May 2023UKRAINE: TAS notes the largest increase in 1Q in the Motor Hull segment
TAS insurance group, which is among the top 5 insurers in Ukraine, collected UAH 659.75 million in 1Q2023 (~EUR 16.51 million), which is 21.6% more than in the same period last year, Forinsirer reports.
17 May 2023UKRAINE: Terms of the competition for the MTIBU General Director position approved
The Presidium of the MTIBU approved the Procedure for organizing and holding a competition to determine candidates for the MTIBU General Director position, according to a press release from the MTIBU (Motor Transport Insurance Bureau of Ukraine).
11 May 2023UKRAINE: in 1Q2023 the MTIBU paid almost UAH 114 million to victims of road accidents
According to the results of the first quarter of 2023, MTIBU made 2.1 thousand payments from the Bureau's Victim Protection Fund for a total of UAH 113.9 million (~EUR 2.85 million).
20 April 2023UKRAINE: MTIBU General Director Vladimir SHEVCHENKO's powers terminated on April 10
On April 10, 2023, duties of the General Director of the Motor Transport Bureau of Ukraine were temporarily assigned to Elena KOVALEVA, Financial Director-Chief Accountant of MTIBU. Performance of all functions and ensuring the activities of the MTIBU is carried out as usual, according to a press release from the MTIBU (Motor Transport Bureau of Ukraine).
13 April 2023UKRAINE: ASKA and VUSO merger completed
At the general meeting of the VUSO and ASKA management on March 22, 2023, it was finally decided to merge ASKA insurance company to VUSO and continue to work under a single brand. At the same time, all assets and liabilities of ASKA are transferred to VUSO, Forinsurer reports.
13 April 2023STATISTICS: UKRAINE, FY2022: insurance business decreased significantly, with motor insurance occupying half of the market portfolio
Total GWP in 2022 decreased by about 19% to UAH 39.6 billion (EUR 1.01 billion), of which UAH 24.6 billion were received from individuals, according to the data published by the National Bank. Life insurance dropped by 17%, non-life - by 19%.
13 April 2023UKRAINE: licenses of INGOSSTRAKH and PROVIDNA for insurance activities canceled
The National Bank of Ukraine (NBU) has canceled the licenses for insurance activities of INGOSSTRAKH and PROVIDNA, Forinsurer writes with reference to the NBU report.
29 March 2023UKRAINE: in 4Q2022, the number of concluded MTPL contracts decreased, while GWP on them increased y-o-y
In the 4Q2022, the number of concluded MTPL contracts amounted to almost 2 million units, which is 13% less than in the same period in 2021. GWP on them reached UAH 2 billion, (~EUR 50.95 million) which is 6.2% more y-o-y, according to a press release from MTIBU (Motor Transport Bureau of Ukraine)
23 March 2023UKRAINE: in 2022 payments from the Victims Protection Fund decreased by almost 10%
At the end of 2022, MTIBU (Motor Transport Insurance Bureau of Ukraine) carried out 5.3 thousand payments from the Bureau's Victims Protection Fund totaling UAH 250.9 million (EUR 6.39 million). Compared to 2021, the number of payments decreased by 25.8%, and the amount decreased by 9.9%, the Bureau said in its press release.
15 March 2023UKRAINE: Total GWP of ARX and ARX Life for 2022 exceeded UAH 3 billion
Insurance companies ARX and ARX Life, which are among the top five leaders in the insurance market of Ukraine, summed up the results of 2022 and were able to achieve high profitability even during these times of maximum uncertainty.
15 March 2023National Association of Insurers of Ukraine joins Insurance Europe as associate member
The National Association of Insurers of Ukraine (NAIU) has joined Insurance Europe as an associate member, the European insurers' federation announced.
9 March 2023UKRAINE: MTPL market decreased by 2.6% in 2022
MTPL market in Ukraine in 2022 decreased by 2.6% y-o-y, amounting to just over UAH 7 billion (~EUR 0.17 billion), including UAH 4.8 billion (+19%) collected under electronic insurance contracts, Forinsurer reports with reference to the MTIBU (Motor Transport Insurance Bureau of Ukraine).
22 February 2023UKRAINE: business of Euroins Ukraine decreases by 20% in 2022
Euroins Ukraine, a subsidiary of the international insurance group Euroins Insurance Group (EIG), collected UAH 469.1 million (~EUR 11.95 million) in 2022, which is 20% less than in 2021, Forinsurer reports.
16 February 2023UKRAINE: The new MTPL law to improve protection for vehicle owners and become a step towards European insurance standards
On January 12, 2023, the Verkhovna Rada supported in the first reading the draft law "On Compulsory Insurance of Civil Liability of Motor Vehicle Owners", according to a press release from MTIBU (Motor Transport Insurance Bureau of Ukraine).
1 February 2023UKRAINE: MTIBU: satisfaction with the settlement procedure is the best for all three years in the annual survey history
The overall assessment of satisfaction with the settlement procedure was 9.4 points on a 10-point scale, which is the best indicator for all three years of the annual survey of victims of road accidents, according to a press release from MTIBU.
1 February 2023UKRAINE: INGO signed new obligatory agreements for 2023
Insurance company INGO, one of the top-10 market leaders in Ukraine, despite a decrease in the total number of reinsurers in the Ukrainian market, has signed new obligatory agreements for 2023 with the support of Western partners, Forinsurer writes.
26 January 2023UKRAINE: from January to November 2022, almost 40% of the TAS Group's paid claims fell on MTPL
TAS Insurance Group, which is among the top 5 market leaders in Ukraine, paid out a total of UAH 812.85 million (~EUR 21.29 million) in January-November 2022, including payments under Motor Hull insurance contracts of UAH 223.75 million. Thus, the share of MoD in the company's paid claims portfolio amounted to 27.53%, according to Forinsurer.
16 January 2023UKRAINE: LIOU and the Association of Insurance Business team up to consolidate and develop the country's insurance market
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.
9 January 2023UKRAINE: despite difficult working conditions, insurers ended 2022 with dignity
Despite some decrease in GWP, the leading insurance companies ended 2022 with dignity in the war conditions, according to the report of the National Bank of Ukraine (NBU). At the same time, 2023 will also be a difficult year, and insurers should prepare for new challenges already now, Forinsurer writes.
9 January 2023
