KYIV. Dec 2 (Interfax-Ukraine) – The Ukrainian insurance sector today is closed for all information consumers: shareholders of insurance companies, market analysts and financial service consumers, Director General of the Ukrainian Insurance Federation, Halyna Tretiakova has said.

"The insurance sector from the point of view of analytics and presentation of information and transparency of this information is the closed sector now," she said at a press conference at Interfax-Ukraine on Thursday.

Tretiakova named five reasons why the sector is closed. She said that the national commission for financial service markets regulation presents only generalized information on its website. There is no information about each insurance company. The major indicators published by the commission do not take into account the time history. There are few sources of information with comparative figures for insurers' operations that could explain how much the company pays in claims, if the company sees profits or losses. In addition, Ukraine does not have the unified center for receiving information about each insurer and the sector in general. The existence of the center is outlined in the European directives, she said.

Tretiakova said that this closeness of the sector does not allow forecasting its further development.

She also said that the insurance market today is consolidating. The number of insurance companies is falling. She said that the Ukrainian Insurance Federation does not back the creation of a single self-regulating organization on the market, as insurance companies with different business models with absolutely different goals operate on the market.

As for cooperation with other nongovernmental organizations on the insurance market Tretiakova said that the Ukrainian Insurance Federation competes with them helping to be more effective. The Ukrainian Insurance Federation does not support the idea that only one association should operate on the market.