Most of Insurance Business association members have positive financial result for nine months

KYIV. Dec 5 (Interfax-Ukraine) – Most members of the Insurance Business association, mainly companies with national capital, medium or small sized, regional companies, for the nine months of 2022 had a positive financial result.

This was reported in the insurer’s press release dedicated to 18 years of operation in the insurance market.

It is also noted that during the period of hostilities, all member companies of the association continue to work, providing their customers with insurance coverage. This is being done despite the shelling, blackout, even in those cities where the most acute situation was or remains – in Zaporizhia, Chernihiv, Druzhkivka. A significant part of the companies, despite the war and the economic crisis, retained high national stability ratings and asset coverage of liabilities.

This year several new members joined the association, and in terms of the total number of insurance companies the association remains the largest association in the Ukrainian insurance market.

"In the first weeks of the war, on the initiative of our association and with the support of all other associations, we turned to the insurance associations of European countries bordering ours with a request to provide Ukrainian car owners who were forced to evacuate abroad with free car owner civil liability insurance. According to our estimates, this saved about EUR2 million for Ukrainian refugee drivers (mostly women)," notes Viacheslav Cherniakhivsky, the general director of the association.

He also notes that this year the association has expanded international cooperation, the circle of professional contacts and the exchange of experience with European colleagues. Now one of the urgent issues of the post-war reconstruction of Ukraine and attraction of investments, on which joint work continues, is the introduction of a state program of insurance of war risks at the level of the state, involving the insurance market of Ukraine and reinsurers from abroad.

"The main task for the next year is to consolidate the efforts of market participants; maintain standards for protecting the rights and legitimate interests of consumers, not hiding behind force majeure and objective difficulties, developing, together with the regulator, a Marshall plan for the post-war recovery of the industry," the report says.