Huge losses in mandatory insurance have made it necessary to review license conditions for companies by introducing additional requirements to their solvency in line with EU standards, the National Bank of Ukraine (NBU) has said.
For 7 months this year TAS Insurance Group generated UAH 749.62 million of premiums* (+38.8% y-o-y), as informed Forinsurer portal.
MTIBU published sales statistics of e-MTPL in Ukraine from February 7 to July 31, 2018. During this period local insurers sold 31,155 of electronic MTPL policies, wrote FORINSURER.
The National Financial Services Committee toughens solvency requirements for the local insurers. The Ministry of Finance registered an order of the Committee on approval of the Regulation on mandatory criteria and standards of capital adequacy and solvency, liquidity, profitability, asset quality and riskiness of the insurers' operations.
On July 19 the National Commission for financial service market regulation approved the draft regulation on amending the Policy on reserves formation for risk insurance, which will toughen the technical reserves requirements for insurers, said the member of the Commission - Alexander ZALETOV, as informed INTERFAX-Ukraine.
The international rating agency Standard&Poors improved the long term national scale rating of Ukraine from "uaBBB-" to "uaBBB" due to review of rating criteria.
For the 1st quarter Ukrainian insurers generated UAH 11.6 billion of GWP (+6.63%) and paid UAH 3.17 billion of claims (+35.15%), according to the data, published by the National Commission for financial service market regulation.
For the period from January to April this year local insurers-member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased MTPL GWP, compared to the same period a year ago, by 17.2% to UAH 1.39 billion.
In Ukraine from February to June this year local insurers have sold around 15.7 thousand of electronic MTPL policies, according to the data of the Motor Insurance Bureau of Ukraine.
Q1 2018 shows that 100 local insurers accumulate 98.3% of the total market GWP. Total number of Ukrainian insurance companies as of the end of the 1st quarter - 292, at that 32 of them are life insurers and 260 - risk insurers.
TAS insurance group, included in TOP-10 of Ukraine, for 5 months this year generated premiums in the amount of UAH 524.82 million, which is 36.9% more than for the same period last year, says the group's report.
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.