Nine leading life insurers in Ukraine have united in "Project Life"

Nine insurance companies specializing in life insurance in Ukraine, which account for 92% of collected insurance premiums for 9 months of 2017, have united in the "Life Project" to work together to develop the life insurance market in the country.

As reported by the project manager Nina Guzey, the process of forming the association took six months and now we can already speak of it as an established structure that represents the life market in government bodies, at various events dedicated to the financial sector, lobbying the interests of the market and starting to achieve positive results on the most problematic issues.

N. Guzey also noted that "Life Project" was created on the basis of the "Ukrainian Insurance Federation". It united the insurance companies "MetLife", "INGO Ukraine Life", "AXA Life Insurance", "Knyazha Life Vienna Insurance Group", "SK" TAS", "PZU Life Insurance", "Grawe Ukraine Life Insurance", "ASKA-Life", "Uniqa Life".

One of the conditions for joining the association is to provide information about the ultimate beneficiaries.

Presenting a study of the life insurance market for 9 months. In 2017, N. Guzey noted that the project participants showed a 29% increase in collected premiums, while according to the National Commission for Financial Services - 1.7%. She also predicted that by the end of this year the volume of collected premiums by the life insurance market will amount to about UAH 3 billion. That is, in UAH the market will show growth, but will decrease in dollar equivalent.

According to her, the trend towards concentration continues in the life insurance market. 20 companies account for 99% of collected premiums (there are 34 insurance companies - IFs on the market). At the same time, the market remains closed: apart from the members of the association, only two companies agreed to disclose data on their work, and all attempts to find reports or financial information of some market participants were unsuccessful.

Source: Interfax-Ukraine