The weak results registered by the Ukrainian insurers amid the economical crisis determined the foreign investors to postpone their initiatives for the near future. "The arrival of new investors in Ukraine will not happen for at least 2 years", declared Alexandr ZALETOV, Vice President of the Insurers League of Ukraine, at the opening of the International Yalta Forum. The event takes place between the 20th and the 24th of September, with the support of PRIMM Insurance & Pensions Magazine as traditional Media Partner.

Ukrainian insurance companies have underwrote in 2009 gross premiums of approximately  EUR 1.6-1.7 billion, according to estimates made by Alexander FILONYUK, Directorate President, League of Insurance Organizations of Ukraine (LIOU). In 2008, premiums totalized EUR 2.1 billion. He also mentioned that companies debts to the clients climbed to EUR 86.8 million in 2009, in comparison to EUR 4.8 million in the previous year.

Insurance companies in Ukraine have underwrote, in 2009, gross written premiums worth about EUR 1,6-1,7 billion, according to estimates made by Alexander FILONYUK, President of the Directorate, Ukraine's Insurers League (LIOU).

Ukrainian Government approved a new bill on amending the insurance law which simplifies the reinsurance operations with non-residents, UNIAN reported.

In the first nine months of the year, the Ukrainian insurance market showed a 18,4% nominal decrease in gross written premiums, compared to the same period of 2008, according to State Commission for Financial Services. The total volume of underwritings amounted to UAH 14.18 billion (EUR 1.3 billion).

Ukrainian State Commission for Regulation of Financial Services has recently canceled the decision adopted earlier, that obliged the non-resident insurance/reinsurance companies to hold an international credit rating assigned by A.M. BEST, MOODY's, STANDARD & POOR's or FITCH in order to conclude a contract with a local company.

Ukrainian insurance companies reported for 1H/2008 a significant decrease of premium revenues to UAH 9.5 billion (EUR 769.5 million), down by 15.74% compared to the same period of 2008.
Insurers claims payouts decreased by 3%, to UAH 3.27 billion (EUR 264,87 billion), according to INTERFAX-Ukraine.

Ukrainian insurance companies have underwrote EUR 391 million in premiums in the first half of 2009, a 1.2% decrease in comparison to the similar period of the previous year, according to national supervisory authority. At the same time, insurance claims paid in the second quarter have increased by EUR 22 million comparing to Q1/2009, while total assets posted an EUR 90 million increase.

State Commission for the Regulation of the Ukrainian Financial Market introduces a minimum level of financial stability rating for foreign insurance and reinsurance companies. So, from now, these companies must be rated by A.M. Best (USA), MOODY'S Investors Service (USA), STANDARD&POOR'S (USA) and FITCH Ratings (Great Britain), and the rating level must by at least like the one of the Ukrainian long-term external debts, evaluated by the mentioned rating agencies.

State Commission for the Regulation of the Ukrainian Financial Market postponed the introduction the unique standards for insurance contract, initially scheduled for the beginning of June 2009. The Commission didn't succeed to finish development and implementation of these standards due to a conflict between Authorities and insurance companies.

Ukrainian companies specialized on motor insurance reported a significant increase of fraud cases. Most often traced ways of fraud were: up thieve, vehicle arson, up accidents etc. Also, more often are the cases of insuring cars that are already damaged, and then staging of the accident, in order to benefit from compensation.

In the first quarter of 2009, the Ukrainian insurance market has decreased by more than 12 percent, compared to the same period of the previous year, according to supervisory authorities.

In the first three months of 2009, the Ukrainian life insurance market decreased by 23%, compared to the same period of the last year, according to preliminary results published by the State Commission for the Regulation of the Ukrainian Financial Market.

In 2008 Ukrainian Insurance market continued to increase across the board despite of the fact that in the IV quarter the rate has dramatically declined over the same period in 2007.
The League of Insurance Organizations of Ukraine (LIOU) has reviewed the main trends and forecast performance indicators of insurance market in Ukraine in 2008. The forecast is based on the correlation-regression model.

Ukrainian government reduced to half the amount of subsidies granted for agricultural insurance in 2008 and intend to cut them in 2009, according to local economic publication forecasts.

Claims ratio for CASCO and MTPL insurance in Ukraine will increase twice, as a result of a huge depreciation of Ukrainian currency. Most affected companies will be those who practiced a dumping policy and don't have any backup financial support from mother companies, according to forinsurer.com.

Insurance companies have written EUR 1.9 billion in premiums in the first nine months, up 40.8% compared to the same period of 2007, according to the State Commission for Regulation of Financial Market.

14 Ukrainian insurance companies signed a memorandum founding the Construction Insurance Pool, a voluntary association of Ukrainian insurers, on October 8. Among the founding members are ILYICHEVSKE, NOVA, ASKA, ETALON, OMEGA, BROKBUSINESS, UKRANIAN Ecological Insurance Company, UKRANIAN Transport Insurance Company (UTICO), UKRANIAN Fire Insurance Company, ARMA, ALFA-Garant and other Ukrainian insurers, according to RP Newsline.

"The Ukrainian insurance market occupies, in the present, the 24th place (out of 35 countries), with underwritings higher than in the previous year in countries such as Romania, Slovenia, Slovakia, Croatia and Bulgaria", Alexander FILONIUK, President of the Insurers League of Ukraine, said in the opening of the "VIIIth Yalta Forum of Insurance Market Participants".