Ukraine's insurance market in Feb narrows by one company, three insurance brokers

KYIV. March 10 (Interfax-Ukraine) – The insurance market of Ukraine in February 2023 narrowed by one risky insurance company (to 115 non-life and 12 life insurance companies) and by three insurance brokers, to 58, according to the website of the National Bank of Ukraine (NBU).

According to it, last month one insurer with a special status (Export Credit Agency) was included in the public register of financial institutions.

At the same time, one insurer’s license was voluntarily annulled, and another one was forced to annul it.

In addition, in February, the National Bank received 345 requests from market participants for registration and licensing actions, 74 of them from insurers.

As reported, on February 13, the NBU revoked the licenses of Fidel IC LLC (Odesa) to carry out insurance activities and excluded the company from the public register of financial institutions based on an application from the insurer.

On February 23, the National Bank of Ukraine annulled Omega (Kyiv) licenses to carry out business activities for the provision of financial services due to the fact that the insurer’s ownership structure does not meet the requirements of Ukrainian legislation.

On February 2, the National Bank removed 8N8 Brokerage Limited Liability Company, Reinsurance Brokerage LLC and Universal Insurance Policy LLC from the public register of insurance and reinsurance brokers.

The decision was made on the basis of applications submitted by the companies.