Since the beginning of 2021, the insurance market of Ukraine has decreased by 54 insurance companies, of which 11 were excluded from the state register of financial organizations on the basis of submitted applications, 43 at the initiative of the National Bank after the revocation of licenses.
This was announced by the head of the NBU insurance market supervision department, Iryna Sirenko, during the presentation by the regulator of the results of the insurance market’s work for the nine months of this year.
She also noted that as of December 8, 2021, some 156 insurance companies were registered in the state register, of which 13 are life insurance.
The number of licensed insurers for the specified period decreased by 43 companies, including six for life insurance. Almost all insurance companies, whose licenses were canceled on their applications, confirmed the absence of obligations to policyholders and reinsurers.
As a result of law enforcement, the NBU canceled the licenses of 16 insurance companies, one of which was life insurer, and two more operated on the OSAGO market.
Sirenko stressed that the managers, chief accountants and owners of insurance companies that the NBU has withdrawn from the market will not have an impeccable business reputation over the next five years and will not be able to work and be present in the insurance market.
According to her, despite a significant reduction in the number of insurance companies, the insurance market of Ukraine in 2021 shows an increase in the volume of assets. At the same time, the increase in eligible assets in insurance reserves is twice as high as the increase in total assets – 15% and 20%, respective
