UKRAINE: foreign owned insurers generated saw a 35% y-o-y increase in GWP in 1Q2018

In Q1 2018 Ukrainian insurers with foreign capital generated GWP in the amount of UAH 6,783 billion (+35%), according to the member of the National Financial Services Committee Aleksandr ZALETOV.

As of March 31, 2018, Ukrainian market has 60 registered insurers with foreign capital (20.5% of 292 local insurance companies). Out of those 60 insurers - 49 companies work in risk insurance and 11 - in life insurance. Charter capital of 26 of them consists by 100% of foreign capital (21 non-life insurers and 5 life insurers). In total, foreign capital has 28.7% share in charter capital of Ukrainian insurance companies. Shares in the foreign capital of local insurers are distributed like this: 45.5% - share of Cyprus, 15.9% - Austria, 4.9% - France, 3.4% - Great Britain, etc.

In non-life insurance local insurers with foreign capital during Q1 2018 produced 55.9% of total GWP and paid 51.2% of total claims (vs 44.1% and 63.8% accordingly a year before). In life insurance the insurers with foreign capital are dominating (90.1% of all GWP and 99.5% of all claims vs 94.2% and 79.8% accordingly a year before).

ZALETOV believes that Ukrainian insurance market has outdated currency regulation, which is its weak point. The planned amendments in the legislation will strengthen transparency of the currency policy and improve investment climate of the local market, writes the portal FORINSURER.

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