The Governor of the National Bank of Ukraine, Valeria Gontareva, has
announced her resignation, effective from 10th May, 2017, after nearly
three years in the post. She made the announcement during a press
The total amount of insurance payments on claims by individuals, paid by the insurance companies of Ukraine in 2016, amounted, according to preliminary estimates, over UAH 4.5 bn, which is 17%, or UAH 600 million more than in 2015, said the Agency "Interfax-Ukraine" member of the national Commission, carrying out state regulation of market of financial services (Natskomfinuslug), Alexander Zaletov.
The average age of vehicles in Ukraine is 19.6 years, the worst indicator since 2000, Volodymyr Shevchenko, the head of the Motor Insurance Bureau, said Tuesday.
Responsibilities for supervision over a number of financial intermediaries will be reassigned from the National Commission for State Regulation of Financial Services Markets to the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission and should be fully implemented by December 2017.
The total amount of profit tax paid by insurance companies of Ukraine, according to preliminary data, in 2016 amounted to about 950 million UAH, which is 17%, or 140 million UAH more than in 2015, said the Agency "Interfax-Ukraine" member of the financial services Commission Alexander Zaletov.
According to the Memorandum signed by Ukraine with the IMF, the insurance market's supervision and regulating responsabilities will be taken over by the National Bank of Ukraine until year end, the latest.
Insurance companies' bankruptcy procedure doesn not provide for a proper
protection of consumer rights, Serhiy TARASOV, Director of the law and
analytical department of the League of Insurance Organizations of
Ukraine (LIOU) recetly said, quoted by Interfax-Ukraine.
DCH Group of Oleksandr YAROSLAVSKY is acquiring 25% of insurer INGO Ukraine's shares, reports Interfax-Ukraine, aiming to gradually further expand its ownership to 100%.
The bankruptcy procedure for insurance companies is not settled from the
point of view of the proper protection of consumer rights, Director of
the law and analytical department of the League of Insurance
Organizations of Ukraine (LIOU) Serhiy Tarasov said at the second
Restructuring and Bankruptcy Forum organized by Yurydychna Praktyka (Law
Practice) newspaper on March 29.
The preliminary results of the Ukrainian insurance market in 2016 show that 55% of insurance companies' assets, worth over UAH 30 billion, have a low liquidity and are hard to sell, generating a low financial income, Oleksandr ZALETOV, member of the national market watchdog told Interfax-Ukraine.
The preliminary results of the Ukrainian insurance market in 2016 show that 55% of assets of insurance companies worth over UAH 30 billion are low liquid or hard to sell and generate low income, a member of the national commission for financial service markets regulation Oleksandr Zaletov has told Interfax-Ukraine.
I came to Ukraine almost two years ago, I found a very archaic
situation in corporate car fleet management. Most of international
companies operating in Ukraine were still buying cars directly and
managing their own car fleets: as an evidence for that, we can look to
the very tiny size of the car leasing market: only around 25000
vehicles, which also includes volumes from individuals and Ukrainian
SMEs!", said Pierre-Vladimir Joliot, General Director, ALD Automotive.
Sayenko Kharenko's antitrust team has provided legal assistance to
secure Antimonopoly Committee of Ukraine (the "AMC") clearance for the
introduction of a new direct claims settlement agreement between the
Motor (Transport) Insurance Bureau of Ukraine (MTIBU) and insurer
members of the MTIBU.
Busfor Ukraine, the online bus ticket service intends to introduce some
new products for bus passengers in 2017, Busfor Ukraine Head Oleksandr
Pavlovich has said.
Zurich is the lead insurer on a USD 120mn political risk claim caused by
the conflict in Ukraine, The Insurance Insider understands. The insured
is food conglomerate Cargill, one of the world's largest privately held
Insurance company "PZU Ukraine" (Kiev) has developed a package proposal, including the policy of international compulsory insurance of civil liability of owners of ground vehicles "Green card" and insurance going abroad (program "Elite") with the option of technical assistance, according to a press release of the insurer.
French AXA will not sell AXA Insurance, subsidiary insurance company. It
was reported by the company's CEO Philippe Wautelet during the
interview to Novoye Vremia.
The state has received back over UAH 22 million transferred to a foreign
insurance company in December 2012 under the contract to insure the
creation of the Cyclone 4 launch vehicle complex at the Alcantara Launch
Center in Brazil.
Swiss investor VIATRANS became one of the shareholders of PERSHA Ukraine, a non-life insurer, with 22% of the shares (132,000 shares). Moreover, the Ukrainian Commission for State Regulation of the Financial Markets has approved the acquisition. VIATRANS has showed its interest for the domestic insurer since March, 2016.
In the first half of 2016, GWP collected by local insurers totaled UAH 16.4 billion, up by 21.2% y-o-y, of which UAH 15.1 billion were collected on the non-life insurance segment (up by 20%), while life insurance GWP marked a significant increase, by almost 40%, indirectly supported by the halving number of surrendered 5 years contracts.