The volume of reinsurance of risks by Ukrainian insurers in Austria in January-March 2019 tripled to UAH 168.5 million and accounted for 21.5% of the total reinsurance abroad, according to the website of the National Commission for the State Regulation of the Financial Services Market.
According to the regulator, reinsurance in Switzerland decreased by 4.9 times, to UAH 54.1 million. The reduction of Switzerland’s share in the total reinsurance of Ukrainian risks abroad decreased to 6.9% in Q1, 2019 from 31.3% in Q1, 2018.
The share of reinsurance in Germany increased from 13.9% to 21.3% (UAH 167.6 million), Great Britain from 15.5% to 18.4% (UAH 144.8 million), in Poland decreased from 11.5% to 10.2% (UAH 79.9 million), France increased from 3.4% to 5.4% (UAH 42.5 million).
According to the regulator, outgoing reinsurance operations in the first quarter of 2019 rose by 2.2%, to UAH 4.433 billion due to the increase in domestic reinsurance by 4.5%, to UAH 3.658 billion. At the same time, reinsurance of non-residents declined by 7.6%, to UAH 785 million.
Assets of insurance companies managed by the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) grew by 32.4% in 2018, to UAH 2.050 billion, according to a report of the commission that audited the operations of the bureau for 2018.
Of this amount, bank deposits in national currency amounted to UAH 1.661 billion, which is 65.5% more than a year earlier, in foreign currency – 323.6 million (a rise of 12.5%).
The share of deposits in total assets was 66.3%, while a year earlier it was 64.8%.
According to the report, the funds of the victims protection fund and the MTIBU insurance guarantee fund in 2018 were placed in the State Export-Import Bank of Ukraine (Ukreximbank, 6.6% of the total amount of funds placed), Oschadbank (23.9%), Ukrgasbank (28%) , UkrSibbank (0.2%), Credit Agricole Bank (5%), Kredobank (4.1%), OTP Bank (1.8%), Pravex Bank (5%), TAScombank (4.4%), and FUIB (2%).
In addition, the MTIBU manages the assets of insurers invested in local government bonds in national currency in the amount of UAH 203 million, which is 2.5 times more than in 2017, and 247.4 million in foreign currency (2.7 times more).
MTIBU members are 51 insurance companies.
Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-February 2019 increased collection of insurance premiums for compulsory insurance of motor vehicle owners’ civil liability (OSAGO) by 18.12% compared to the same period of 2018, to UAH 661.448 million. According to data posted on the MTIBU’s website, the number of OSAGO contracts in January-February rose by 7.06%, to 1.066 million.
The total amount of insurance claim fees paid on domestic insurance contracts for the two months grew by 8.5%, to UAH 393.3 million. In particular, UAH 73.116 million was paid using European accident report forms, which is 43.1% more than in January-February 2018.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 6.4%, to 22,500.
Ukrainian insurance companies in January-September 2018 collected UAH 84.044 million in premiums under insurance contracts signed through resident intermediaries, which is 27.8% less than in January-September 2017 (UAH 116.370 million).
According to a report on the website of the National Commission for the State Regulation of the Financial Services Market, the number of contracts concluded through brokers during this period increased by 63.7%, to 5,363.
In accordance with the regulator’s information, out of the total amount of premiums those for personal insurance amounted to UAH 65.684 million (1,732 contracts), property – to UAH 11.757 million (125), mandatory insurance – to UAH 2.205 million (3,364), life insurance – to UAH 1.6 million (six), and liability insurance – to UAH 2.797 million (136).
The amount of remuneration for the provision of such intermediary services for the nine months of 2018 almost tripled, to UAH 20.138 million.
Reinsurance premiums received by resident reinsurers under reinsurance contracts signed by brokers in favor of reinsurers for the specified period increased by 180%, to UAH 14.321 million (under 106 contracts). In particular, premiums under property insurance contracts amounted to UAH 13.496 million, liability – to UAH 792,400, and mandatory insurance – to UAH 32,500.
Insurance claim fee payments compensated by resident reinsurers were not made under such contracts.
Ukrainian insurance companies in January-September 2018 collected net premiums in the amount of UAH 25.388 billion, which is 22.1% more than in the same period of 2017, according to the website of the National Commission for the State Regulation of the Financial Services Market.
According to the regulator, gross insurance premiums collected by insurers for this period amounted to UAH 34.875 billion (11.1% up).
The share of net insurance premiums in gross insurance premiums for 9M 2018 increased by 6.6 p.p. compared to the same indicator of 2017 and amounted to 72.8%.
In January-September this year insurers paid out UAH 8.467 billion in net insurance claim fees, which is 18.3% more than in the same period a year earlier. The payout ratio decreased from 34.4% from 33.3%.
According to the regulator, gross insurance payments increased by 18.7%, to UAH 8.755 billion, the level of gross payments rose to 25.1% from 23.5%.
According to the commission, outgoing reinsurance operations for 9M 2018 decreased by 11.6%, to UAH 11.718 billion, in particular due to the decrease in domestic reinsurance by 10.5%, to UAH 9.487 billion, by non-resident reinsurers by 16.2%, to UAH 2.232 billion.
Ukrainian insurance companies in January-September 2018 collected net premiums in the amount of UAH 25.388 billion, which is 22.1% more than in the same period of 2017, according to the website of the National Commission for the State Regulation of the Financial Services Market. According to the regulator, gross insurance premiums collected by insurers for this period amounted to UAH 34.875 billion (11.1% more).
The share of net insurance premiums in gross insurance premiums for the nine months of 2018 increased by 6.6 p.p. compared to the same indicator of 2017 and amounted to 72.8%.
In January-September of the current year, insurers paid out UAH 8.467 billion in net insurance claim fees, which is 18.3% more than in the same period a year earlier. The level of net payments decreased from 34.4% from 33.3%.
According to the regulator, gross insurance payments increased by 18.7%, to UAH 8.755 billion, the level of gross payments rose to 25.1% from 23.5%.
According to the commission, outgoing reinsurance operations for the nine months of 2018 decreased by 11.6%, to UAH 11.718 billion, in particular due to the decrease in domestic reinsurance by 10.5%, to UAH 9.487 billion, by non-resident reinsurers by 16.2%, to UAH 2.232 billion.
