Ukraine
UKRAINE: NBU plans to transform the insurance market to meet international practices
The current legislation of the Ukrainian insurance market leaves it far behind when compared to other European countries. Its insurance penetration degree is roughly around 1.3%, while in Europe the average sits at a solid 5%. At the same time, the Ukrainian market saw a stable annual growth of about 20% in the latest years, according to the Lexology portal.
28 May 2020UKRAINE: total number of paid claims to victims of traffic accidents increased by 10.3% y-o-y in the first quarter
In the first quarter of 2020, the total number of concluded MTPL contracts reached almost 1.8 million units, which represents an increase of 0.5% y-o-y. At the same time, the corresponding GWP amounted to UAH 1.3 billion (~EUR 43 million, +20% y-o-y), as the Motor (Transport) Insurance Bureau (MTIBU) reports.
27 May 2020UKRAINE: from July 1, the National Bank will be ready to become the regulator of the non-banking services market
The National Bank of Ukraine (NBU) continues its preparations for the transfer of regulatory functions of non-banking financial services market from the National Financial Services Commission, to become effective on July 1, 2020, Forinsurer reports.
19 May 2020UKRAINE: MTPL market remained stable amid increasing GWP in the first quarter
Despite the difficult working conditions associated with the pandemic, the MTPL market of Ukraine remained stable in the first quarter of 2020. Total number of contracts concluded in this period exceeded by 0.5% the level of 1Q2019, as the Motor (Transport) Insurance Bureau (MTIBU) reports.
14 May 2020UKRAINE: 78% of all ARX claims were paid to individuals for the first three months of 2020
GWP of ARX company for 1Q2020 increased by 19% y-o-y and reached about UAH 626 million (~EUR 20.7 million). The portfolio was dominated by motor insurance (49%), health insurance (23%) and property insurance (15%), Forinsurer reports.
13 May 2020UKRAINE: Insurers' total operating expenses amounted to 50% GWP at the end of 2019
In 2019, Ukrainian insurers costs for conclusion and prolongation of insurance contracts increased by 54%, the expenses for agent remuneration growing by 72%, Forinsurer reports based on the data of the National Financial Services Commission.
7 May 2020UKRAINE: TAS 1Q2020 paid claims exceeded 43% of its GWP, the largest part coming from motor insurance lines
For the first quarter of 2020, the GWP of Ukrainian TAS insurance group increased by 20.2% y-o-y. The total amount of GWP reached UAH 478.21 million (~EUR 15.8 million*), Forinsurer reports.
28 April 2020STATISTICS: UKRAINE, FY2019: life sector grew by more than 18% y-o-y
At the end of 2019 the Ukrainian insurance market saw an increase of 7.36% year-on-year, to UAH 53 billion, while in European currency its growth was almost 29% thanks to a more favorable rate compared to 2018*, to a little over EUR 2 billion threshold.
23 April 2020UKRAINE: the largest portion in reinsurance was taken by property class in 2019
According to the structure of risk reinsurance in Ukraine by non-residents at the end of 2019, the most premiums were paid to Germany (22.3%) and Austria (19.4%), as the data of the National Commission for Financial Service Markets Regulation of Ukraine show.
21 April 2020UKRAINE: Motor Hull GWP surpassed MTPL GWP by UAH 3 billion in 2019
In 2019, motor insurance on the Ukrainian market (MTPL, Motor Hull and Green Card summed) increased by 16.5% y-o-y, to UAH 15.1 billion (~EUR 0.57 billion), Forinsurer reports.
16 April 2020UKRAINE: INGO Ukraine rebrands as part of its digitalization strategy
From April this year, INGO Ukraine insurance company, one of the TOP-10 local market leaders, will operate under the name INGO. The company will also change its logo and corporate identity, as the insurer informed in its press release.
9 April 2020UKRAINE: ARX: despite growing paid claims in March, the average daily payments remain unchanged y-o-y
In March 2020, paid claims of ARX Insurance Company (formerly AXA Insurance) increased by 15% y-o-y, to almost UAH 89 million (~EUR 2.87 million), while the amount of average daily payments remained unchanged (about UAH 4 million), Forinsurer informed.
9 April 2020UKRAINE: 24 MTPL insurers received the highest rating from MTIBU in 4Q2019
In 4Q2019 the speed of claim settlement and the quality of MTPL insurers' work improved, according to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
8 April 2020UKRAINE: insurers take special measures to maintain full operation during the quarantine
Based on the government decision, work of business entities in the country was prohibited from March 17 to April 3. Insurance companies were included into the list of exceptions and can fulfill their obligations in full, Forinsurer reported.
2 April 2020UKRAINE: Green Card GWP grew by almost 27% y-o-y in 2019
Total number of Green Card policies in 2019 reached 1.08 million units (+43.6% y-o-y). GWP of the segment increased by 26.8%, to UAH 1.63 billion (~EUR 61.7 million) vs. UAH 1.29 billion (~EUR 40.7 million) in 2018, according to the report of the Motor Transport Bureau of Ukraine (MTIBU).
19 March 2020UKRAINE: MTIBU Innovative hub started selection of insurance start-ups
In November 2019, MTIBU announced the creation of an innovative hub to support the development and promote technological startups for road safety. The MTIBU team of experts will analyze the proposed innovative solutions.
11 March 2020UKRAINE: total number of concluded MTPL contracts in 2019 was a record during activity of MTIBU
GWP of insurers-members of the Motor (transport) Insurance Bureau of Ukraine (MTIBU) in 2019 increased by 13.46% y-o-y, to UAH 5.1 billion (EUR 0.19 billion), according to the MTIBU Director General Volodymyr SHEVCHENKO.
5 March 2020UKRAINE: captive insurance companies as a transformation model on the market
Ukrainian insurance market will start working in accordance with the "split" law from January 1, 2021, said Alexander BEVZ, Director of the National Bank's licensing department, at the VI International Carpathian Insurance Conference.
5 March 2020UKRAINE: 57 insurance companies and 7 insurance brokers left the market in 2019
In 2019, the National Commission for State Regulation of Financial Services Markets closed 27.5% more non-banking financial institutions than during 2018.
26 February 2020UKRAINE: claims paid to road traffic accidents victims from MTIBU guarantee funds increased by more than 30% y-o-y in 2019
According to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), in 2019 over UAH 212 million (~EUR 8 million) were paid to road traffic accidents victims from the MTIBU guarantee funds. The total number of claims paid increased by 20.1%, while their amount went up 30.2%.
18 February 2020
