The reason for the changes was the euros' growth. The last time rates for the "Green card" policy for trips to Moldova and other countries was increased by Ukraine from 19 February 2015 by 11.3% from February 12 - by 42.7%.

The Kyiv-based insurer GLOBUS Vienna Insurance Group (VIG), reported for the financial year 2014, gross written premiums of UAH 120.7 million (about EUR 6.3 million), 26% more compared to FY2013. In the analyzed period, the Ukrainian insurer has concluded 317,000 insurance contracts, GLOBUS VIG said in a press release.

Due to a 58% devaluation of the local currency (UAH) against the euro by 58%, starting February 12, 2015, the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) will increase the tariffs for Green Card policies by 42.7%, according to www.forinsurer.com.

Canadian financial services holding FAIRFAX announced that it has entered into an agreement with QBE Management (Ireland) Limited and its Ukrainian partner to acquire QBE's insurance operations in Ukraine. According to the Toronto-based holding's press release, the transaction is subject to customary closing conditions, including various regulatory approvals and is expected to close by the second quarter of 2015.

Ukraine's financial service regulator Natskomfinuslug has said that insurance and reinsurance premiums received through brokers totaled 318 million Ukrainian hryvnia (USD 20 million) during January to September 2014, down 22% year on year, Forinsurer reports.

Taxation of insurance in Ukraine from January 1, 2015 will amount to an 18% profit tax, and a 3% income tax under agreements on taxable insurance activities. This is stipulated in the law on amendments to the Tax Code of Ukraine and certain Ukrainian laws on tax reform, which was posted on the website of the state's official publication Holos Ukrainy.

In December 2014, Kyiv-based UNIQA insurance company, in cooperation with Audatex Ukraine, introduced a mobile app for settling car insurance claims, reads the insurer's press release. AudaMobile app for iOS-based tablet devices will allow the modernization of a number of processes in settling car insurance claims, which in turn improves the quality of service for UNIQA clients. With this innovation, insurer's accident manager can settle a claim at the insured car, at the most convenient place for a client.

The concept of voluntary health insurance in Kyiv, developed by the League of Insurance Organizations of Ukraine (LIOU), is correlated with the strategic approaches that should become the basis of state policy in the sphere of financing the health care system, creating legal and economic conditions for organizing the market of compulsory and voluntary health insurance.

The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased the tariffs on Green Card policies by 19%, Hence, new rates for this type of motor insurance will be available starting November 19, 2014, according to www.forinsurer.com.

PJSC Krayina insurance company in October won a tender to provide services for the obligatory insurance of civil liability of vehicle owners, held by Pivdenna Railways. According to a press release from the insurer, the company's liability on the obligations undertaken is about UAH 175 million.

Ukrainian insurers have called on the president and the prime minister to resolve the crisis situation that has arisen on the reinsurance market due to the banks' blocking purchase of foreign currency by insurers to repay their obligations to non-resident insurers, according to participants in a press conference at Interfax-Ukraine.

Ukraine started getting insurance compensations in connection with the destruction from military operations in the Donbass (the so-called Donetsk and Lugansk People's Republics). Kazakhstan's insurance company Eurasia reports that Ukraine received the next compensation payment of Kazakhstan for the fire at one of the oldest Ukrainian metallurgical enterprises - Yenakievo Steel Works (YMP), located in the Donetsk region. Company's property suffered as a result of the fire in the cable tunnel. The property was reinsured in Kazakhstan. The insurance payment was about 5 million tenge.

Insurance company Krayina and the pharmaceutical company Pharmplanet stated the continuation of the strategic partnership, which began in 2012. Today Krayina insures the entire fleet of Pharmplanet as well as some of the other assets: premises and goods turnover. According to the contract of insurance transport total limit of liability of the insurer is more than UAH 3.4 mln. All cars of Pharmplanet are insured under Prestige program.

The National Bank of Ukraine has granted the first licence permitting a domestic insurer to post collateral in a bank outside of the Central and Eastern Europe (CEE) region. Ukrainian insurer Brokbusiness was given approval to post collateral directly into a designated Western bank as part of its retro reinsurance capacity provision.

Russia's second-largest bank, VTB, has lost around 26 billion roubles (USD 674 million) so far this year due to the Ukraine crisis, Russian news agencies quoted the bank's chief executive as saying on Monday. VTB's Andrei Kostin also said at a meeting with President Vladimir Putin that the bank's losses due to Ukraine could double by the end of the year, Interfax and RIA news agencies reported.

According to data published by the State Commission for Regulation of Financial Services Markets of Ukraine, cited by the local portal FORINSURER, in the 1st half of 2014, the outward reinsurance market of Ukraine decreased by 35.8%, to UAH 3.031 billion compared with UAH 4.718 billion in the 1st half of 2013. The decrease in outward reinsurance was maintained nearly in all types of insurance, except Green Card insurance and MTPL.

The Association Agreement between Ukraine and the European Union is without exaggeration the most ambitious package of agreements in the history of independent Ukraine, president of the League of Insurance Organizations of Ukraine (LIOU) Oleksandr Zaletov has said. "According to the document, Ukraine undertakes to start the gradual convergence of the national legislation on insurance with the standards of the corresponding EU regulations," he said.

Ukraine's financial services market regulator Natskomfinuslug has said that there were 400 insurers in the market as of the end of June, including 342 nonlife insurers, Forinsurer reports. This represents a 4% year-on-year decline in the number of insurers in the country.

Gross written premiums volume reported by the Ukrainian insurers in 1H2014 amounted to UAH 13.6 billion, 4.8% less y-o-y. Due to the 54.5 % depreciation of the local currency, Hryvnia, in relation with Euro, the figures denominated in European currency show a lower rate by 38.41%, to EUR 845.39 million.

Naftogazstrakh, the leader of the market of voluntary medical insurance (VMI) in Ukraine, may shut down its business by the end of this year in connection with the loss of its strategic partner Ukrzaliznytsia (Ukrainian Railway), three sources on the insurance market simultaneously informed Capital. The press service of Naftogazstrakh did not respond to the inquiry of Capital. Deputy General Director of the company Volodymyr Zeleniy, who manages VMI, refused to comment on the situation.