Since the beginning of the Russian military aggression in Ukraine, the insurance market of Ukraine has decreased by five participants in the non-life segment, Yulia Khristolyubskaya, deputy head of the department for supervision of insurance companies of the National Bank of Ukraine, said at a meeting with insurance market participants on Thursday.
According to her, of these insurers, three left the market after the cancellation of licenses as a measure of influence, one – upon application, and one insurer, which was registered in January 2022 and did not receive a single license.
“We do not observe any rapid exit of companies from the market as a result of supervisory actions of the NBU or at the request of insurers. The market is stable and continues to work in most of its participants,” Khristolyubskaya said.
She also clarified that as of September 22, 2022, licenses for insurance activities were temporarily suspended for three companies, and they were canceled for one.
According to her, as of September 1, 2022, 140 insurance companies were registered in the State Register of Financial Institutions, 13 of them specialize in life insurance.
With reference to NBU data, Khristolyubskaya also said that 91% of insurers filed reports for 2021, 96% of those entered into the State Register for the first half of 2022, and 97% of companies included in the state register for the first quarter.
At the same time, she stressed that of all segments of the non-banking financial market, the insurance market has the highest level of reporting discipline. This is a consequence of the constant communication of the supervisor with problematic insurance companies by sending requests for information disclosure and applying adequate enforcement measures.
