Ukrainian insurance market grew by 29.8% up to EUR 529.81 million in Q1/2011

1 July 2011 —
Ukrainian insurance market grew by 29.8% up to EUR 529.81 million in Q1/2011
ucraina2Gross written premiums in the first three months of 2011 by the Ukrainian insurance companies rose to UAH 6.09 billion (EUR 529.81 million), 29.8% higher than Q1/2010 (UAH 4.69 billion - EUR 408.50 million), according to the data published by the Financial Markets Supervisory Committee from Ukraine, according to forinsurer.com.

At the same time, the paid claims for the first three months of the current year went down by 8.6%, to UAH 1.15 billion (EUR 100.17 million), in comparison with the similar period of 2010, when the claims paid reached UAH 1.25 billion or EUR 109.20 million. Hence paid claims were split between the following: corporate - UAH 379.7 million (EUR 33.017 million), individuals - UAH 577.1 million (EUR 50.18 million) and reinsurers - UAH 195.2 million (EUR 16.97 million).

According to the data presented by the supervisory authority in the analyzed period of time, Ukrainian insurance companies issued 141.1 million insurance contracts, 14.1% more than Q1/2010, when only 123.7 million contracts were issued.

At March the 31st of 2011, on the Ukrainian insurance market were activating 453 insurance companies, of which 66 were activating on the life segment. Also in Q1/2011, the supervisory committee withdrew the license of 4 companies and emitted one license.

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