Insurance premium collection in Ukraine is likely to fall by 50-60% over 2009 compared to 2008, if appropriate measures are not taken, Omega Insurer (Kyiv) President Serhiy Tarasenko considers.
"The kinds of insurance linked with crediting the public will be depressed in 2009. High inflation, the hryvnia devaluation, and the growth of foreign currency rates have affected insurers, especially in the segment of car insurance, therefore there is a need to take appropriate measures, first of all, by state," Tarasenko told Interfax-Ukraine.
According to Tarasenko, the volume of insurance claim payments over 2009 is to grow by 45-50%, the growth of underwriting losses will be 85-90%, while insurance reserves are to drop by 25-35%.
Tarasenko said that the financial crisis has affected the majority of both small and large Ukrainian insurers. As a result of this, insurers faced not only a reduction in insurance premium collection, but a decrease in the number of clients and a loss of financial stability in general because of problems with deposit unavailability and the fall in the hryvnia exchange rate.
Omega insurance company was created in 1994. It is a member of the Motor (Transport) Insurance Bureau of Ukraine, the League of Insurance Organizations of Ukraine, the National Club of Insurance Payments, the Construction Insurance Pool, the Bureau of Insurance Histories, and the Charter of Insurers' Social Responsibility and Business Reputation. It also participates in the Open Insurance project.
