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KYIV. Nov 27 (Interfax) - The number of insurance companies in Ukraine could be reduced by one third in 2009, Chairman of the State Commission for Financial Market Regulation Valery Alyoshiin told a press conference in Kyiv on Thursday.
"At the moment, most collected premiums are given by a third of the market, which means there are maximum 150 companies that determine the Ukrainian insurance market and therefore, if one- third or half of the number left outside this limit vanishes, there will be no major changes in the portrait of the Ukrainian insurance market," Alyoshin said
More exact data will be received at the end of 2008 - in the first quarter of 2009, he said.
By September 30, 2008, Ukraine had registered 475 insurance companies, he said.
The total amount of premiums collected by Ukrainian insurance companies could be reduced by 10% in 2009 compared to the expected 2008 indicator, Alyoshin said. "[This] is not a scientific assessment based on a certain method, but an assessment reflecting the existing trends," he added.
"Everything depends on many subjective factors," the commission head said.
"There will be no major collapse if we manage to employ the administrative leverage in auto insurance and to establish control over insurance on mortgaged property, because today insurance covers only the first year of loan," Alyoshin said.
(c) 2008 Daily News Bulletin; Moscow - English. Provided by ProQuest LLC. All rights Reserved.
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