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22
September
2022

Ukraine's insurance market decreases by five companies since start of war – NBU

KYIV. Sept 22 (Interfax-Ukraine) – Since the beginning of the Russian military aggression in Ukraine, the insurance market of Ukraine has decreased by five participants in the non-life segment, Yulia Khrystoliubska, the deputy head of the department for supervision of insurance companies of the National Bank of Ukraine, said at a meeting with insurance market participants on Thursday.

According to her, of these insurers, three left the market after the cancellation of licenses as a measure of influence, one – upon application, and one insurer, which was registered in January 2022 and did not receive a single license.

"We do not observe any rapid exit of companies from the market as a result of supervisory actions of the NBU or at the request of insurers. The market is stable and continues to work in most of its participants," she said.

She also clarified that as of September 22, 2022, licenses for insurance activities were suspended for three companies, and they were canceled for one.

According to her, as of September 1, 2022, some 140 insurance companies were registered in the State register of financial institutions, 13 of them specialize in life insurance.

With reference to NBU data, the expert also said that 91% of insurers filed reports for 2021, 96% of those entered into the state register – for the first half of 2022, and 97% of companies included in the state register – for the first quarter.

At the same time, she stressed that of all segments of the non-banking financial market, the insurance market has the highest level of reporting discipline. This is a consequence of the constant communication of the supervisor with problematic insurance companies by sending requests for information disclosure and applying adequate enforcement measures.