Ukrainian insurance market overview

Oleksandr ZALIETOV

Commissioner National Commission for the

State Regulation of Financial Services Markets

The Ukrainian insurance market is attractive for foreign investors, since currently only about 10% of potential insurance risks are insured. Forthcoming changes in the insurance market of Ukraine are related to bringing insurance legislation in line with the requirements of the Ukraine–European Union Association Agreement, EU Directives Implementation Plan and IAIS recommendations.

As of June 30, 2016, 343 insurance companies were registered in Ukraine, including 45 life insurance companies and 298 non-life insurers TOP 100 largest insurers in terms of insurance claims paid (this group includes 12 life insurance companies and 88 nonlife, who paid not less than 2 million UAH in claims for the first 6 months of 2016) accounted for 98.3% of paid insurance claims, 91.9% of retail insurance, 86.8% of corporate insurance, 99.8% of payments from regional structures, 93.2% of payments of surrender value under life insurance, 97.4% of income derived from rights of recourse, 98.3% of claims received from reinsurers, 99.9% of commission for reinsurance, 90.3% of tax deductions, 78.5% of insurance premium, 92.3% of costs for salaries to employees, 92.3% of income from financing activities, 63.9% of profits received in the 1st half 2016.

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