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Some 60 insurers of Ukraine account for 90% of collected premiums in H1 2021 – NBU
KYIV. Sept 16 (Interfax-Ukraine) – Some 90% of premiums collected by the insurance market of Ukraine in the first half of 2021 are concentrated in 60 insurance companies (50 – non-life and 10 life), the head of the insurance market supervision department of the National Bank of Ukraine (NBU), Iryna Syrenko, said at the XXI International Financial Forum in Odesa.
At the same time, she noted that more than 50% of insurance premiums from individuals collected by risk companies are concentrated in ten insurers. As for the life insurance market, it is not numerous, but it has a high concentration: five insurance companies account for 90.6% of life insurance reserves.
With reference to the NBU data, the banker reported that as of July 1, 2021, the top three non-life companies accounted for 19.3% of collected premiums, from individuals – 23.9%, life – 75.4%. The top five accounted for 28.8%, 34.8% and 90.6% of collected premiums, respectively, the top ten – 46.2%, 56%, 99.1%, and the top 50 – some 91.7%, 95.9% and 100%.
She also said that since July 1, 2020, the Ukrainian insurance market has decreased by 46 companies (or 21%). Of these, only eight companies were withdrawn as a measure of influence. The rest surrendered their licenses of their own free will. At the same time, a significant proportion of them were under enforcement measures for violating the National Bank’s regulations.
According to Syrenko, as of September 15, some 169 insurance companies are listed in the state register of financial institutions, of which 17 are life insurance.
At the same time, she noted that among the licensee insurers there are ten companies that are registered in the Joint Forces Operation (JFO) zone and in the Autonomous Republic of Crimea. Of these, one insurer is in the process of liquidation, two are submitting reports to the NBU.
Some 11 insurance companies have suspended licenses to carry out insurance activities, of which three are life insurance, two carry out OSAGO, one company is registered in the JFO zone.
