The Ukrainian insurance market in the volume of insurance premiums collected in 2017 in foreign currency equivalent was 61st in the world, and in the pace of growth it was among the top ten most dynamic global markets, member of the National Commission for Financial Service Markets Regulation Oleksandr Zaletov has said, speaking at the 18th International Financial Forum in Odesa last week. He said that over the past 10 years the insurance companies of Ukraine have made insurance payments in claims to the population and enterprises in the amount of more than UAH 67 billion, of which UAH 5.5 billion was recovered through cooperation with leading foreign reinsurers and reinsurance brokers from Switzerland, the U.K., Germany, Poland, Austria, the United States, France and other countries.
This year, as in previous years, in all segments of the insurance market, there has been a trend towards an increase in the volume of services provided.
In January-June 2018, net insurance premiums increased by 24% and amounted to UAH 16.7 billion, net insurance payments – by 27%, to UAH 5.9 billion.
The size of insurance reserves accumulated by insurers amounted to about UAH 24 billion (an increase of 15.4%). Against a 14.5% decrease in the volume of reinsurance, the amount of reinsurers’ compensation in insurance payments increased by 58.6%.
In H1 2018, over 36.6 million insurance contracts were concluded with individuals (an increase of 8.2%), apart from compulsory personal transport accidents insurance, the number of contracts increased by 12.8%, to 65.5 million.
Endowment life insurance covers over 738,000 citizens, which insurance premiums reach some UAH 8.1 billion. Investment income in the amount of UAH 334 million was received from these premiums.
The total amount of funds insurers placed in banks exceeded UAH 15.4 billion, or 65% of the funds of nonbank financial institutions deposited in banks.
Over UAH 6.5 billion, or 28% of the funds invested in this financial instrument by domestic enterprises (apart from banks) were invested by insurers in government domestic loan bonds.
Households of Ukraine in January-June 2018 concluded insurance contracts for a total amount of UAH 8.6 billion, which is 22.7% more than for the same period in 2017.
The volume of insurance premiums received by insurers with foreign capital in January-March 2018 amounted to UAH 6.783 billion, which is UAH 1.761 billion, or 35%, more than for the same period in 2017, Member of the National Commission for State Regulation of Financial Services Markets Oleksandr Zaletov has told Interfax-Ukraine. According to him, as of March 31, 2018 some 60 insurance companies with foreign capital were registered in the insurance market of Ukraine, which is 20.5% of all registered insurers (292). Of these, 49 insurance companies carry out risk types of insurance and 11 insurance companies provide life insurance services. At the same time, the share of foreign capital in the charter capital of 26 insurance companies is 100% (21 non-life and 5 life insurers).
Foreign capital in the charter capital of insurers as of March 31, 2018 amounted to UAH 12.364 billion, while a year earlier the figure stood at UAH 3.553 billion, or 28.7% of the total paid-up charter capital of insurance companies.
Insurance companies that carry out risk types of insurance made up UAH 3.1 billion of foreign capital, while life insurers had UAH 452.6 million. The largest share in total foreign capital is made up by the capital of Cyprus (45.5%), Austria (15.9%), France (4.9%), Britain (3.4%), the United States (2.9%), the Netherlands (2.2%), and Bulgaria (2%).
