The International Yalta Finance Forum came to an end on the 21st of September, after a four days tight schedule packed full with thematic conferences and bilateral meetings. The Yalta Forum has traditionally become a discussion platform for over 300 leaders in insurance and reinsurance industry from 25 countries.

The 2012 edition of the event was marked by increased participation of law-making and executive authorities of Ukraine therefore the topics discussed are expected to be reflected in the Insurance Law draft and regulations. Now, the Ukrainian insurance market is preparing to amend the Insurance Law.

"We hope that changes in Insurance Law will promote transparent and competitive development of the insurance market in Ukraine for national and international companies", said Alexandr FILONYUK, Chairman of the Council of the League of Insurance Organizations of Ukraine.

Today, the insurance market of Ukraine is the most attractive among other markets of post-soviet countries, which is due both to social and economic transformations in the country and to the existence of a high growth and development potential of the insurance business in Ukraine.

XPRIMM Publications supported the events as Media Partner and were represented at the Forum by Oleg DORONCEANU, International Markets Coordinator and Olesea ADONEV, International Markets Consultant.

Check the headlines below to see the main conclusions from the 12th Edition of the International Yalta Forum:

• UKRAINE: 26.2% of the local insurers are owned by foreign investors
• UKRAINE: Steady GWP evolution and decrease in paid claims in 2011
• RUSSIA: Mandatory liability insurance for carriers will be enforced in 2013
• RUSSIA: Double digit growth rates in 1H2012 and 2011 made MTPL the market driver
• UKRAINE: 15% growth in assets in 1H2012 and stagnant GWP
• UKRAINE: Only 86% of the vehicles coveres by a MTPL policy
• Latin America, Asia and Africa - the most interesting targets for reinsurers
• SCOR: Inflation, one of the most challenging issues for insurers and reinsurers
• UNITY Re: EUR 3.1 billion - premiums ceded for reinsurance from the ex Soviet countries in 2011
• Latvians are the most passive insurance consumers in the Baltic countries
• HANNOVER Re developed a special reinsurance program for the Ukrainian market