Business news from Ukraine

UKRAINIAN INSURANCE COMPANIES RAISE PREMIUM COLLECTION THROUGH RESIDENT INTERMEDIARIES BY 70%

Ukrainian insurance companies in January-June 2019 collected UAH 106.5 million of premiums under insurance contracts signed through resident intermediaries, which is 70.8% more compared to the same period a year earlier (UAH 62.322 million), according to the website of the National Commission for the State Regulation of the Financial Services Market. The number of contracts concluded through resident intermediaries for January-June grew by 7.3 times, to 18,937.
Remuneration for the provision of such intermediary services for the specified period grew almost 3.5-fold, to UAH 14.19 million.
According to the commission, nonresident reinsurers through brokers received UAH 347.071 million for reinsurance under 112 contracts, while in the first half of last year, UAH 630 million under 152 contracts was transferred. Payments were made in the amount of UAH 35.762 million (UAH 196.7 million in the first half of 2018). The remuneration of brokers amounted to UAH 11.360 million (a fall of 20%).
In January-June 2019, insurance companies of Ukraine collected net premiums in the amount of UAH 20.121 billion, which is 20.1% more than for the same period in 2018, the gross insurance premiums collected by insurers for the specified period amounted to UAH 27.291 billion (a 16.5% increase compared to the first half of 2018).
According to the regulator, the total number of insurance companies in Ukraine as of June 30, 2019 decreased by 42 and amounts to 249, including 26 life insurance companies.

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