UKRAINE: a new financial development strategy for the next 5 years to be presented in January 2020

26 November 2019 — Marina MAGNAVAL
In January 2020, the National Bank and the National Commission for Securities and Stock Market will report on the program for 2020, presenting a new strategy for the financial sector's development until 2025. From July 1st, 2020 both entities will become the legal successors of the National Financial Services Commission, Forinsurer informs.

The main directions of the financial sector's development until 2025 (since the beginning of the strategy preparation) include financial stability, macroeconomic development, financial markets' development, financial inclusion and beginning of innovations.

Among the key tasks are the following: transition to an integrated model of regulation and supervision, introduction of common corporate management standards and internal control system based on proportionality, ensuring transparent ownership structure of participants in the financial and insurance sectors, transformation of compulsory types into voluntary insurance, transition to insurance classes, and others.

It is expected from insurance market indicators to improve: the insurance penetration degree - from 1.4% to 3% of GDP, life GWP - from 0.1% to 1%, the share of life insurance from legal entities and individuals in total net GWP - from 10.9% to 20%, and the level of acceptable assets in the structure of total assets of insurance companies - from 65.5% to 80%.

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