Canadian group Fairfax Financial Holdings Limited (Fairfax), does not plan to merge the recently acquired Ukrainian AXA units with its insurance company Colonnade Ukraine, First Vice President of AXA Insurance Andriy Peretiazhko said at a press conference on Tuesday, Interfax reports.
AXA announced on 23 October it had entered into an agreement with Fairfax Financial Holdings Limited, through its subsidiary FFHL Group Ltd., ("Fairfax") to sell all its insurance operations in Ukraine and exit the Ukrainian market.
According to the National Financial Services Commission, as of July 1, 2018, the total number of Ukrainian insurers amounted to 291, including 31 life insurers and 260 risk insurers. For the first half year total number of insurers decreased by 9.
For 7 months, Ukrainian insurers (members of MTIBU, the Motor Transport Insurance Bureau of Ukraine) generated UAH 2.57 billion of MTPL premiums (+20.5%). The total number of MTPL policies, according to MTIBU, increased by 4.2% and amounted to almost 4.6 million units.
The Ukrainian insurance market generated GWP in the amount of UAH 23.42 billion (EUR 766.33 million) in the first half year, 10.38% more than a year ago. Likewise, GWP of life insurers increased by 39.2% from UAH 1.24 billion (EUR 41.8 million) to UAH 1.73 billion (EUR 56.69 million), according to the National Financial Services Commission.
Austrian insurer VIG intends to become a Top3 insurer in the Ukrainian insurance market, and "is mulling the possibility of acquiring another risk insurance company", wrote the local business portal open4business.com.ua.
UKRAINE: NBU proposes toughening mandatory insurance requirements to insurers
UKRAINE: NUMBER OF GREEN CARD INSURANCE CONTRACTS 6% UP
Huge losses in mandatory insurance have made it necessary to review license conditions for companies by introducing additional requirements to their solvency in line with EU standards, the National Bank of Ukraine (NBU) has said.
For 7 months this year TAS Insurance Group generated UAH 749.62 million of premiums* (+38.8% y-o-y), as informed Forinsurer portal.
MTIBU published sales statistics of e-MTPL in Ukraine from February 7 to July 31, 2018. During this period local insurers sold 31,155 of electronic MTPL policies, wrote FORINSURER.
The National Financial Services Committee toughens solvency requirements for the local insurers. The Ministry of Finance registered an order of the Committee on approval of the Regulation on mandatory criteria and standards of capital adequacy and solvency, liquidity, profitability, asset quality and riskiness of the insurers' operations.
On July 19 the National Commission for financial service market regulation approved the draft regulation on amending the Policy on reserves formation for risk insurance, which will toughen the technical reserves requirements for insurers, said the member of the Commission - Alexander ZALETOV, as informed INTERFAX-Ukraine.
The international rating agency Standard&Poors improved the long term national scale rating of Ukraine from "uaBBB-" to "uaBBB" due to review of rating criteria.
For the 1st quarter Ukrainian insurers generated UAH 11.6 billion of GWP (+6.63%) and paid UAH 3.17 billion of claims (+35.15%), according to the data, published by the National Commission for financial service market regulation.