19% decrease for the Ukrainian insurers in 3Q/2009
In the first nine months of the year, the Ukrainian insurance market showed a 18,4% nominal decrease in gross written premiums, compared to the same period of 2008, according to State Commission for Financial Services. The total volume of underwritings amounted to UAH 14.18 billion (EUR 1.3 billion). At the same time, net premiums totalized UAH 10,68 billion (EUR 1 billion), down by 5,8% compared to 3Q/2008. Motor insurance accounted for 20% of the total written premiums, followed by property - 15%, credit and warranties insurance -11% and financial risks -10%.
Concerning the development of motor insurance market, on the Motor Hull insurance segment companies underwrote premiums of UAH 2,8 billion (EUR 275 million) worth, an involution of 33,4% in comparison to 3Q/2008 and, on MTPL insurance, premiums accounted for UAH 1 billion (EUR 95,2 million), an increase of 15%. On the other hand, the total volume of paid claims represented UAH 9.36 billion (EUR 892 million), a decrease of 5,4% compared to 3Q/2008.
In the reported period, total assets of the companies raised by 11,9%, to UAH 41,75 billion (EUR 3,9 billion), while insurance reserves totalized UAH 9,36 billion (EUR 891 million).
On October 1, 2009, there were 475 insurance companies registered in Ukraine.
