The Ukrainian insurance market dropped 25% in 2009
Insurance companies in Ukraine have underwrote, in 2009, gross written premiums worth about EUR 1,6-1,7 billion, according to estimates made by Alexander FILONYUK, President of the Directorate, Ukraine's Insurers League (LIOU).
In 2008, profile companies had underwritten EUR 2.1 billion. He also noted that insurers' debts towards customers, in the previous year, amounted to EUR 86.8 million, compared to EUR 4.8 million in 2008.
According to forecasts, motor insurance holds a 12% share of total revenues, accident insurance - 7%, life and health insurance - 6%. Among the negative factors that influenced the results of 2009, the LIOU official mentiones the lack of reform in the insurance field, MTPL legislation, inefficient pension system and issues related to the activity of insurance agents and actuaries.
Also, the Motor Insurers Bureau has not taken decisive steps to develop the MTPL segment, a common database and mechanisms to limit the dumping policies are lacking.
