Five risk insurers and one insurance broker left the Ukrainian insurance market in May, according to the website of the National Bank of Ukraine (NBU).
According to the NBU, as of May 31, 2023, 104 non-life insurers (109 in April) and 12 life insurers (number has not changed), one insurer with special status (ECA) and 56 insurance brokers worked in the non-bank market (57 in April).
Besides, two insurers had part of their licenses revoked voluntarily (on the basis of applications submitted by the companies), and one insurer had all of its licenses revoked.
In May, the National Bank received 323 requests from non-banking market participants for registration and licensing activities, 80 of them from the insurers.
As it was reported, in May the National Bank of Ukraine excluded “IC Unipolis” PJSC and “IC Speir” ALC (both in Kiev) and “IC Rik-Avtogarant” ALC (Lviv) from the State register of financial institutions due to the decision on the cancellation of all existing licenses. Also JSC “PROSTO-insurance” (Kiev) has been excluded due to cancellation of all previously available licenses due to non-compliance of insurer ownership structure with legislative requirements, and UJSIC “ASKA” (Zaporozhye) due to completion of accession to IC “VUSO”.
Besides, according to its application Insurance Advisors LLC is excluded from the State register of insurance and reinsurance brokers.
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