Ukrainian insurers faced a 25% decrease in premiums in 2009
Ukrainian insurance companies have underwrote in 2009 gross premiums of
approximately EUR 1.6-1.7 billion, according to estimates made by
Alexander FILONYUK, Directorate President, League of Insurance
Organizations of Ukraine (LIOU). In 2008, premiums totalized EUR 2.1
billion. He also mentioned that companies debts to the clients climbed
to EUR 86.8 million in 2009, in comparison to EUR 4.8 million in the
previous year.
According to forecasts, motor insurance holds 12% of total revenues, accident insurance - 7%, the life and health - 6%. Among the negative factors that influenced the results in 2009, LIOU official's reflects a lack of reform in the insurance field, including MTPL legislation, inefficient pension system and issues related to insurance agents and actuaries.
Also, Motor Insurers Bureau hasn't made decisive steps to develop the MTPL segment; there is a database goal and no effective mechanism for limiting the dumping policies.
Author: Mihai CRACEA
on 25.02.2010
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