Ukrainian insurance market reached EUR 1.9 billion in Q3/2008
Insurance companies have written EUR 1.9 billion in premiums in the
first nine months, up 40.8% compared to the same period of 2007,
according to the State Commission for Regulation of Financial Market.
Non-life insurance market has accounted for approximately EUR 1.8 billion,
while the life segment totalized EUR 870.4 thousands. In the same period,
companies have paid EUR 564.4 thousands in claims, up by 78% comparing
to the previous year, the claims ratio representing 29.2%. Also, the supervising authority estimates for the next year a decrease
in premiums by 10% compared to 2008 and a reduction in the number of
insurance companies by 30%. Thus, international financial crisis will
significantly influence the activity of Ukrainian insurers, inducing
the disappearance of a significant number of players. Considering the
fact that approximately 150 companies provide over 80% of the premiums,
a 30% decrease in number of insurers will not significantly influence
the balance of the market, analysts estimated.
In the reference period, there were 475 registered insurance companies
with total assets of EUR 4.1 billion, up by 15% in comparison to 2007.
Author: Oleg DORONCEANU
on 01.12.2008
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