The National Bank of Ukraine by its decision of November 25 canceled insurance licenses of IC Krona due to the absence of insurer licenses and excluded the company and six more insurers from the State Register of Financial Institutions.
As reported on the website of the insurer, PrJSC IC “Arma”, ALC IC “Benefit”, ALC IC “Dobrobut and Zakhist”, PJSC “Europolis”, ALC IC “Kastodi”, JSC “IC “Mega-Garant” are excluded from the State Register of financial institutions due to the cancellation of all existing licenses to provide financial services based on the decisions of the National Bank of Ukraine 2022 as an action.
As reported, on September 30, 2022 the NBU has authorized “IC Krona” to cease insurance activities (without termination of legal entity). According to the latest accounts submitted by the company for the nine months of 2022, as of September 30, 2022 the amount of insurance premiums of the company has amounted to UAH 23 393,0 ths, the value of assets – UAH 59 435,92 ths, insurance reserves – UAH 0,0 ths. The market share of the company by insurance premiums amounted to 0,1%.
PrJSC IC “Arma” had 25 licenses to provide financial services in insurance. During the 9 months of 2022, as of September 30, 2022 the insurance premiums of the company have amounted to UAH 79,140 mln, assets – UAH 177,804 mln, insurance reserves – UAH 4,279 mln. The market share of the company on insurance premiums amounted to 0,3%.
ALC IC Benefit had 31 licenses for the activity on the provision of financial services in insurance. According to the last submitted statements for the 9 months of 2022, the volume of insurance premiums of the company has amounted to UAH 1,817 mln, asset value – UAH 37,750 mln, insurance reserves – UAH 412,8 th. The market share of the company by insurance premiums amounted to 0,0%.
ALC IC “Dobrobut and Zakhist” had 22 licenses for activity on providing financial services in insurance. During the 9 months of 2022, as of September 30, 2022 the volume of insurance premiums of the company has amounted to UAH 202,544 mln, assets – UAH 98,313 mln, insurance reserves – UAH 3043 mln. The market share of the company on insurance premiums amounted to 0,8%.
Private JSC “PT “Europolis” had 11 licenses, during the 9 months of 2022 the volume of insurance premiums of the company has amounted to UAH 8 324,0 ths, the value of assets – UAH 60 042 ths, insurance reserves – UAH 1 994 ths. The Company’s market share in insurance premiums was 0,03%.
ALC IC KASTODI had 10 licenses, during the 9 months of 2022 the Company’s insurance premiums have amounted to UAH 284,046 mln, the value of assets – UAH 137,584 mln, insurance reserves – UAH 10, 698 mln. The company’s market share on insurance premiums amounted to 1,2%.
JSC IC MEGA-GARANT had 23 licenses for providing financial services in insurance. According to the last submitted accounts for 6 months of 2022, as of June 30, 2022 the volume of insurance premiums of the company was UAH 50 558,5 thousand, assets – UAH 199,43 million, insurance reserves – UAH 115,744 million. The market share of the company on insurance premiums amounted to 0,27%.
After exclusion from the State Register of financial institutions, these insurers lose the status of a financial institution, the report noted
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
