Ukrainian insurance companies in 2015 tentatively collected UAH 30.3 billion of gross insurance premiums and this was 13.4% up year-over-year, a member of the national commission for financial service markets regulation Olha Maksymchuk said at a press conference on Thursday.
The final results will be published in a month.
She said that risk insurance companies collected UAH 28.1 billion of gross premiums and this was 14.5% up year-over-year. Life insurance companies saw a 1.2% rise in premium collection, to UAH 2.1 billion.
Maksymchuk also said that insurance payments in 2015 increased by 60%, to UAH 8 billion. Life insurance companies paid UAH 480 million (a two-fold rise year-over-year) and risk insurance companies – UAH 7.6 billion (a rise of 57.7%).
Total assets of insurers shrank by 13.6% or UAH 9.5 billion, to UAH 60.7 billion. Risk insurance companies’ assets narrowed by UAH 10.4 billion, to UAH 50.5 billion and life insurers’ assets increased by UAH 870 million, to UAH 10.1 billion.
Insurance reserves increased by UAH 2.6 billion or 16.6%, to UAH 18.46 billion, including life insurance reserves of UAH 6.8 billion (30% down on December 31, 2014).
The regulator in 2015 focused on supervision over the observation of the coverage of insurance reserves and non-insurance liabilities by diversified and acceptable assets. Assets in shares decreased by 34% from UAH 18 billion to UAH 11.9 billion, while bank deposits increased from UAH 9 billion to UAH 12.6 billion.
Outward reinsurance did not change in 2015, being UAH 9.9 billion.
Reinsurance payments were sent to Britain (24%), Germany (18%) and Switzerland (11%), while in 2014 Russia was third. Reinsurance volumes to Britain increased by 1.77 times and to Poland – by nine times.
The state register of financial institutions included 2,239 economic entities by late 2015. This was 152 institutions more than in 2014.
A total of 361 insurance companies operated on the market, including 312 risk insurers and 49 life insurers. The number of insurance companies in 2015 decreased by 21, or 5% year-over-year. A total of 30 insurance companies were removed from the register and nine companies were placed to the register.