If the insurance industry is to survive the war and return to life, and thus provide insurance protection to Ukrainians, it is necessary to introduce system solutions at the state level, so we now need to develop and begin to implement a kind of “Marshall Plan” for the insurance industry.
This is the opinion of the general director of “Insurance Business” Association Vyacheslav Chernyakhovsky at the XIV International Scientific Conference “December Readings”, traditionally organized by the Kiev National Taras Shevchenko University. Taras Shevchenko.
According to him, the insurers have formulated a strategic vision and the key points of the plan, which include, in particular, temporary easing of regulatory requirements, revision and reduction of standards, namely the revision of requirements for reserve calculation, primarily the reserve of unearned premiums, reducing the tax burden on insurance companies by initiating the abolition of double taxation in insurance, abolishing the 3% of all insurance payments, leaving only the usual for all legal entities in the country.
In addition, we are talking about the diversification and structure of assets, in particular, the temporary establishment of other values for receivables, reduced restrictions on the placement of insurer reserves in some banking institutions and increase the index of reinsurance in one reinsurer. It is also necessary to develop and implement a mechanism of reverse financial assistance to insurance companies with the involvement of international financial institutions, to stimulate domestic reinsurance, the introduction of new types of insurance.
“It is necessary to implement strategic, systemic solutions, aimed primarily at creating conditions for the post-war development of the industry through deregulation, eliminating any discrimination in the insurance market and measures that promote the growth in demand for insurance services,” he said.
Chernyakhovsky also stressed that assistance from the state at the level of regulatory decisions is primarily needed by small and medium-sized insurance companies, companies significantly affected by hostilities, and national business.
