Today have started in Ukraine the works of the 12th edition of the International Yalta Finance Forum. Already a tradition for leaders in insurance and reinsurance in Central and Eastern Europe, the Forum will host three days of discussions concerning the main aspects of the insurance markets' development in Ukraine and the surrounding countries. PRIMM Publications are supporting the event as Media Partner.

In Ukraine today, seven insurance companies - members of the Presidium of the motor (transport) Insurance Bureau (MTIBU) wrote a statement of withdrawal from the governing body, reports Kommersant-Ukraine. The Bureau of MOTOR with 27 April included representatives of insurance companies, SK Providna, Aska, Oranta, European insurance aliance, status, Creed. IC Universal took the place on the podium just two days ago, instead of a bygone Ukrainian Insurance Group.

On May 22 Ukraine's parliament passed in its first reading the law on insurance, ForUm correspondent reports. According to Party of Regions MP Vitaly Khomutynnik, head of the financial and banking parliamentary committee, the given document serves to improve the protection of consumers' rights in the sphere of insurance services.

Ukraine's parliament at first reading on Tuesday adopted a bill on amendments to the law "On insurance" (new version), which was initiated by head of the subcommittee for controls and legal provision of the financial services market of the Verkhovna Rada Committee on Finance, Banking, Tax and Customs Policy, Andriy Pinchuk (Regions Party faction).

Gross written premium volume reported by the Ukrainian insurers in 2011 amounted UAH 14.33 billion, 9.70% up as compared to 2010, in nominal terms. Due to the 3% appreciation of the local currency, Hryvnia, in relation with Euro, the figures denominated in European currency show an even higher growth rate, of 12.63%, to EUR 1.39 billion.

Ukrainian Premier Mykola Azarov has ordered Agricultural Policy and Food Ministry and the Finance Ministry of Ukraine to work out a mechanism to stimulate landowners to insure agricultural production against risks.

Prime Minister of Ukraine Mykola Azarov instructed the Agrarian Policy and Food Ministry and the Finance Ministry to develop mechanisms for stimulation of farmers' economies for compulsory insurance of sowed crops.The government head has said at the Cabinet meeting today.

The draft law "On amendments to the Ukrainian law on insurance" (new version) will be improved before its first reading in parliament, President of the League of Insurance Organizations (LIOU) Natalia Hudyma said after the conference at the National Commission for the Regulation of the Financial Services Markets on March 19.

In Ukraine the new stage of struggle for available funds of population is about to start. By different estimations, people keep their cash "in stockings" from $10 to 20 bln. So commercial banks and insurance companies are ready to get into an argument for such titbit. Recently they have presented, according to their opinion, an irreplaceable and competitive product - life insurance. But the officials who are responsible for this sector of business, assert, that insurers' customers can lose their money put up in policies.

This was told at a press conference by the president of Motor (Transport) Insurance Bureau of Ukraine (MTIBU) Volodymyr Romanyshyn.

EUROPA Group one of the largest insurers in Poland, has expanded its business in Ukraine and has founded two insurance companies: EUROPA Life and EUROPA UA. The main goal of EUROPA Group is selling life and risk insurance products in bancassurance system through a partnership with IDEEA Bank. Therefore, IDEEA Bank will become a platform for selling products by EUROPA Group's member companies, writes the Kommersant website.

ACE announced on Thursday, 19th that it has opened a representative office in Kiev, as the latest step in its expansion across Europe. According to the press-release "this will enable ACE to build its profile and relationships with the Ukraine insurance market locally for the first time".

TAS Insurance Group and Ukrainian Cold Chain Association (UCCA) signed a partnership agreement in the field of insurance.

The volume of payments for voluntary medical insurance in Ukraine in January-September 2011 was UAH 785 million, which is 31% more than the figure for the same period in 2010, Deputy Chairman of the League of Insurance Organizations of Ukraine (LIOU) Oleksandr Zaletov has said.

Four insurers have won a tender for the obligatory personal insurance of drivers against car accidents, obligatory liability insurance of carriers of dangerous cargos, civil liability insurance of car-owners, international obligatory liability insurance of car-owners, which was announced by the Chornobyl Nuclear Power Plant State Specialized Enterprise, according to the bulletin of state purchases.

NOVA Insurance Co." became one of the largest insurance companies of Ukraine by the results of "B2B.Solutions for business" research, held by "TOP 100. The leaders of Ukrainian business" magazine (No. 2, 2011).

In January-September, the volume of insurance payments from enterprises and Ukraine's population made up UAH 12.6 billion (1 USD - 7.99 UAH), which is 37.4% up against the same period of the previous year.

"The League of the Best" International Economic Rating ranked UNIQA in the pole position on the Ukrainian market for non-life insurance products in 2011. UNIQA management was also awarded special honours: Yuriy Yefimov, CEO and Chairman of the Management Board, was awarded with the Ukraine's Medal of Honour and named "Leader of the Year 2011". UNIQA Chief Accountant Yuriy Kvasha was honoured with the "Professional Honour of Ukraine" medal. These awards are traditionally given to top managers that have distinguished themselves with particular professionalism in competition.

According to he decision made by the Shareholders of the life insurance company SEB Life Ukraine, during the Extraordinary General Meeting which was held on the September 26th of 2011, company increases the size of the share capital by 7.5 million hryvnia and have access to additional capital in amount of 11 million hryvnia. Thus, the growth of the share capital will contribute 37.5% (from 20 mln. Hryvnia to 27.5 million hryvnia). The capital increase plan is divided in certain stages during 2011 and 2012.

Population have USD 60 billion on hand, which makes up 45 percent of GDP of Ukraine, deputy head of the League of Insurance Organizations of Ukraine Oleksandr Zaleton told the international conference "Pension Reform: Efficiency and Justice."