Ukraine
UKRAINE: LIOU and the Association of Insurance Business team up to consolidate and develop the country's insurance market
On December 22, 2022, the League of Insurance Organizations of Ukraine (LIOU) and the Insurance Business Association (ASB) signed a memorandum on creation of an association that will include 50 participating insurance companies, Forinsurer reports.
9 January 2023UKRAINE: despite difficult working conditions, insurers ended 2022 with dignity
Despite some decrease in GWP, the leading insurance companies ended 2022 with dignity in the war conditions, according to the report of the National Bank of Ukraine (NBU). At the same time, 2023 will also be a difficult year, and insurers should prepare for new challenges already now, Forinsurer writes.
9 January 2023UKRAINE: for 9M2022, insurance reserves decreased, while insurers' liabilities increased
The assets of Ukrainian insurance companies for 9 months of 2022, according to the balance sheet, amounted to UAH 70.9 billion (~EUR 1.99 billion). Equity capital amounted to UAH 24.7 billion, including the amount of paid charter capital of UAH 8 billion. Formed insurance reserves decreased to UAH 39.8 billion, Forinsurer writes according to Insurance TOP magazine.
21 December 2022STATISTICS: UKRAINE, 3Q2022: the insurance market shrank by 25%
Insurance companies of Ukraine in January-September 2022 collected UAH 28.57 billion (EUR 803.51 million) of insurance premiums and paid out UAH 9.50 billion (EUR 267.21 million), which is respectively 25% and 29% less y-o-y in local currency, according to data from the National Bank.
15 December 2022UKRAINE: the number of concluded MTPL agreements for 10M2022 decreased by 22%
In January-October 2022, GWP of the insurers-members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) on MTPL policies decreased by 4.53% to UAH 5.6 billion (~EUR 152.63 million), including premiums on electronic contracts, which amounted to UAH 3.8 billion (+18% ), Forinsurer reports, citing the Bureau.
12 December 2022UKRAINE: In January-September 2022, the number of Green Card policies was the largest in the last 5 years
In the third quarter of 2022, MTPL insurers paid more than UAH 700 million to the road victims. The number of MTPL agreements concluded in the third quarter amounted to 2.1 million units, which is 13.4% less y-o-y. GWP reached UAH 2.1 billion (~EUR 58.25 million), up 7.4%, according to a press release from the MTIBU (Motor (Transport) Insurance Bureau of Ukraine).
7 December 2022UKRAINE: the number of complaints against MTPL insurers decreased by 19% in 3Q
In the third quarter of 2022, the MTIBU received 294 complaints against MTPL insurers, which is 19.1% less than in the second quarter (363), Forinsurer reports with reference to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine).
29 November 2022UKRAINE: ARX insurance group collected over UAH 2 billion in 9M
Total GWP of insurance companies ARX (risk insurance) and ARX Life (life insurance) for 9 months of 2022 amounted to UAH 2.1 billion (~EUR 58.25 million). ARX for the reporting period collected UAH 1.96 billion and concluded 2.4 million insurance contracts with clients, which is 35% more y-o-y, Forinsurer writes.
21 November 2022UKRAINE: in July-September 2022, MTIBU paid more than UAH 68 million to road accident victims
As the results of the third quarter of 2022 show, the MTIBU (Motor Transport Insurance Bureau of Ukraine) made 1.4 thousand payments from the Victim Protection Fund of the Bureau in the total amount of UAH 68.3 million (~EUR 1.89 million), as the Bureau said in its press release.
15 November 2022UKRAINE: for 9 months TAS paid out over UAH 675 million
The TAS insurance group, which is one of the five leaders in the insurance sector of Ukraine, paid UAH 675.64 million (~EUR 18.74 million) under insurance contracts in January-September this year, Forinsurer wrote.
31 October 2022UKRAINE: Kirill Shevchenko dismissed from the post of Chairman of the National Bank of Ukraine
On October 6, 2022, the Verkhovna Rada of Ukraine approved a resolution on the dismissal of Kirill Shevchenko from the post of Chairman of the National Bank of Ukraine, a position that he was appointed to on July 16, 2020, Forinsurer reports.
13 October 2022UKRAINE: in January-August 2022, the largest part of TAS Group's claims was paid in motor insurance
In January-August 2022, the TAS group, whose companies are in the top 20 insurers of Ukraine, paid out UAH 589.22 million (~EUR 15.92 million). The largest part of compensation payments was made in motor insurance (Motor Hull, MTPL, Green Card), Forinsurer reports.
28 September 2022STATISTICS: UKRAINE, 1H2022: the market contracted by almost 31% y-o-y in UAH
The Ukrainian insurance market amounted to UAH 17.60 billion (EUR 571.84 million), at the end of 1H2022, which is almost 31% less y-o-y in local currency. The decline was recorded in both life and non-life insurance. At the same time, the decline was in all classes, except for MTPL and Green Card segment, as data from the National Bank of Ukraine show.
22 September 2022UKRAINE: MTPL market decreased by 13% in the first half of the year
MTPL market in Ukraine in January-June 2022 decreased by 13.4% to UAH 2.9 billion (~EUR 93.91 million). At the same time, insurance companies-members of the MTIBU (Motor Transport Insurance Bureau of Ukraine) concluded 28.1% fewer MTPL agreements than a year earlier for the same period, Forinsurer wrote.
21 September 2022UKRAINE: Viktor BERLIN elected the new President of the League of Insurance Organizations of Ukraine
At the XIII Congress of the League of Insurance Organizations of Ukraine, a new President of the LIOU Viktor BERLIN, who previously held the position of General Director of the GUARDIAN insurance company and was a Member of the National Financial Services Commission in 2012-2014, was elected, Forinsurer reports.
21 September 2022UKRAINE: at the end of June, the number of insurers decreased to 137 from 181 a year earlier
The volume of net premiums of Ukrainian insurers in January-June 2022 decreased from UAH 23.5 billion to UAH 17.7 billion/~EUR 0.57 billion (-24.6% y-o-y). UAH 2.22 billion were ceded to reinsurance, Forinsurer wrote, citing data from the National Bank of Ukraine.
13 September 2022UKRAINE: The Green Card market for 7 months of 2022 grew by 115% to UAH 2 billion
GWP under Green Card policies in Ukraine in January-July 2022 increased by 2.15 times compared to the same period in 2021 to UAH 2 billion (~EUR 52.85 million), Forinsurer wrote.
7 September 2022STATISTICS: UKRAINE, 1Q2022: the market contracted by 19% y-o-y (in local currency)
The insurance sector of Ukraine ended the first quarter of 2022 with a decrease of 19% y-o-y, total GWP amounted to UAH 9.52 billion (EUR 292.15 million). The decline was recorded by both non-life insurance (more than 21%) and life insurance (by almost 3%), as shown by data published by the National Bank of Ukraine.
7 September 2022UKRAINE: VUSO acquires ASKA to create a major player in the insurance market
Shareholders of the VUSO insurance company (one of the top-10 in Ukraine) completed acquisition of UASK ASKA (operating under ASKA brand) in order to create a major player in the insurance market with Ukrainian capital, Forinsurer reports.
31 August 2022UKRAINE: electronic Green Card policy to be launched in Ukraine from September 1
Insurers - full members of the MTIBU, who have the right to conclude international Green Card insurance contracts, will offer car owners an opportunity to conclude such contracts in electronic form from September 1, according to a press release from the MTIBU.
24 August 2022
