At the end of July, Ukrainian insurers received claims of UAH 97.38 million (EUR 5.5 million.) for insured losses in regions affected by anti-terrorist operations. Insurers have already paid more than UAH 12 million (EUR 685,000). The total claims could reach UAH 300 million (EUR 17 million), reports Forinsurer.com.

Insurers in Ukraine have paid more than 12 million Ukrainian hryvnias (USD 991,440) in claims for insured losses in regions affected by anti-terrorist operations, the Ukrainian Insurance Federation said.

The growing likelihood of terrorist attacks in Ukraine means there is a need to develop terrorism risk insurance and seek to reinsure such risks, Director of Dominanta insurance company Oleksiy Rumiantsev has said.

The tragic loss of civilian airliner, Malaysia Airlines Flight 17, has left the world reeling. And while it may seem insensitive in the aftermath of so much loss, insurance brokers are left stumped too—given that officials now believe the jet was "blown out of the sky," who will be left to pay for the loss of the plane?

Allianz SE is the lead hull and liability reinsurer on a Malaysia Airlines passenger jet that was shot down over eastern Ukraine. The aircraft's value is about USD 97.3 million, London-based insurance broker Aon Plc, which tracks the market for aviation coverage, said yesterday in a report. Atrium Underwriting Group Ltd. was the leader for war coverage, which could pay claims if the damage is tied to terrorism, Aon said.

Kyiv-based Allianz Ukraine insurance company has renewed its "Be Healthy" insurance program, which provides financial support to clients if they suffer a severe illness or a serious accident, according to the insurer's press release.

Insurers in Ukraine ceded risks worth 1.27 billion Ukrainian hryvnias ($115.9 million) to reinsurance during the first quarter of 2014, down significantly from UAH 3.52 billion ($321.2 million) in the first quarter of 2013, Forinsurer reports.

"By the end of 2014, 7-10% of the Ukrainian insurance companies, involved in doubtful transactions via reinsurance, will leave the market," the Head of the National Commission for Financial Service Markets Regulation of Ukraine, Maksym POLIAKOV, quoted by Interfax. He also said that, currently, only 20% of the market capital is represented by real funds, while 50% are bills of exchange and shares.

Donetsk airport, which was damaged in the fight against separatists, and the Druzhba (Friendship) Arena, which has been damaged by fire, were insured by Kyiv-based Zlahoda insurance company, Interfax-Ukraine news agency learned from insurance market.

A.M. Best has removed the status of under review with negative implications and downgraded the financial strength rating to C+ (Marginal) from C++ (Marginal) and issuer credit rating to "b-" from "b+" of Lemma Insurance Company (Lemma) (Ukraine). The outlook assigned to both ratings is negative. Concurrently, A.M. Best has withdrawn the ratings.

The Ukraine Nuclear Insurance Pool has signed a new contract with state-owned nuclear enterprise NNEGC Energoatom for the period from Apr. 29 2014 to Apr. 28 2015, reports Forinsurer. The contract involves civil liability insurance for nuclear damage during the period. Terms and conditions in the new contract were largely similar to the old one and the contract amount is reported to be 150 million SDRs (special drawing rights).

The difficult situation in Crimea has determined several insurance companies - members of the important groups, such as AXA or VIG and local companies as TEKOM, VUSO and PERVAYA - to cease their activity in the peninsula.

In 2013 Ukraine insurance market's premium production totaled UAH 28.6 billion (EUR 2.5 billion), 33.26% more in local currency comparing with 2012, according to the figures presented by the local financial authority and Insurance Top Magazine. Claims paid by the insurance companies in the same period have decreased to UAH 4.6 billion, 9.69% less y-o-y.

The market for non-resident reinsurers in Ukraine has stabilized over the recent years, said Alexander Zaletov, chief editor of industry publication Insurance Top. Reinsurance risks covered by non-resident reinsurers totaled 1.63 billion Ukrainian hryvnia (USD 197.9 million) in 2013, up 26.5% year on year, Forinsurer reported. Property insurance made up around 42.7% of these contracts, followed by credit and financial risks (12.1%) and third party liability (11.9%).

Vienna Insurance Group posted double-digit premium growth in Ukraine in the first two months of the year despite the country's political tensions with Russia, the Austrian group said in a statement.

The Ukrainian agriculture insurance sector saw some significant changes in 2013, including the development and progress of an insurance pool, Forinsurer reports. Agriculture insurance premium volume recorded by insurers totaled 135.4 million Ukrainian hryvnia (USD 16.4 million) during the year, marking a slight growth. As of March 2014, 16 companies have been provided with the license to offer agriculture insurance in the country.

In 2013, insurance company Allianz Ukraine increased premiums collections by 28% y/y to UAH 176.8mn (USD 17.68mn) compared to UAH 138mn collected in 2012, the company has announced. Auto insurance accounts for largest share of premiums collected (up by 82.9% y/y), followed by marine insurance, railways air transport and cargo (+58.2%) and voluntary liability insurance (30.4%). Property insurance claims take up the largest share in the payments (29.1%), followed by auto insurance (22%) and personal insurance (excluding life insurance) (21.4%).

The political unrest in Ukraine has prompted Russia's Ingosstrakh Insurance Co. to reduce operations of its Ukrainian subsidiary INGO Ukraine Insurance Co., Alexander Grigoriev, president of the insurance group, said. Mr. Grigoriev said "the Ukrainian company is no more insuring against risks of riots and terrorism, though we had this practice before," ITAR-TASS reported.

Due to the difficult political situation in Ukraine and upcoming presidential elections which are planned for May 25, 2014, AgroInsurance International decided to portpone the conference date to September-October 2014. The exact date will be announced by the end of May 2014.

Yesterday, the Austrian insurance group published the 2013 results. Last year, Uniqa could double the net income. UNIQA increased its preliminary profit on ordinary activities (EBT) by 49.7 per cent to 305.6 million euros (2012: 204.2 million euros). Consolidated net profit (after taxes and minority interests) increased by 123.0 per cent to 283.4 million euros (2012: 127.1 million euros). Based on these figures, the Management Board will propose to the Supervisory Board and the Annual General Meeting the distribution of a dividend of 35 cents per share for the 2013 financial year (2012: 25 cents).