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28.07.2010
Survey of Ukraine's Insurance Sector in 1H2010
The negative trends in
the Ukrainian insurance sector continue to dominate. The totals recorded in 2009 and
1H2010 give little comfort to companies that provide classical insurance services. This
specially relates to insurance of movable and immovable property that is pledged as
secuity for bank loans. The amounts of payments and premiums decreased with the debts on
reimbursements soared, and the ratio of renewal of contracts declined. The forming of new
government and specifically of management of State Commission for Financial Services
Markets were performed under stagnation in the insurance sector. The market players were
expecting inevitable but neccessary changes in principles and rules of game. The vision
and priorities proclaimed by the government with regard to the financial sector allows
for being optimistic that the insuring will get a chance to develop as a separate
financial service.
