In terms of collected insurance premiums in currency equivalent the Ukrainian insurance market in 2019 was 60th in the world (61st in 2017), and in terms of the growth pace it is in the top ten of most dynamically developing markets of the Europe, the Middle East and Africa (EMEA) region, a member of the national commission for financial service markets regulation Oleksandr Zaletov has said, referring to a report of Swiss Re international reinsurer (Switzerland).
According to him, the improvement was due to growth in the provision of services in such types as life insurance – by 34.1 percent, accident insurance – by 32.5 percent, travel insurance – by 31.9 percent, medical insurance – by 21.3 percent, property insurance – by 24 percent, and car insurance – by 18.9 percent.
In addition, Zaletov said that over the past four years, insurance companies of Ukraine have made insurance payments to the population and enterprises in the amount of more than Hr 40.3 billion. Of these, more than 10 percent was reimbursed through cooperation with leading foreign reinsurers and reinsurance brokers from OECD member countries (mainly from Switzerland, Germany, Poland, the U.K., Austria, the United States, France, and other countries).
The development of the domestic insurance market in modern conditions is closely interrelated with the development of the national economy, as it allows accumulating significant long-term investment resources, attracting funds through pension and life insurance programs. The expansion of the insurance business creates jobs, activates innovation, stimulates the sustainability of the economy and mitigates the effects of global risks, Zaletov said.
