The creation of the Federation of Insurance Associations of Ukraine and a number of other relevant issues of the insurance market were discussed at a meeting with the Chairman of the National Bank of Ukraine Andriy Pyshny, his deputy Dmytro Oliynyk and colleagues from the relevant departments of the NBU.
He briefly informed the Chairman of the NBU about the first steps of the newly created Federation of Insurance Associations of Ukraine and the nearest plans, namely regarding the formation of market activity priorities for 2025.
Andriy Pyshny congratulated the insurers on the unification of the market and emphasized that for him personally this decision is about the prospects for qualitative growth.
“I have repeatedly spoken about the subjectivity of associations. Subjectivity involves not only the form, it involves the formation of a single market position, the definition of priorities, responsibility. You have teams, shareholders, great strategies, you work in the market as an important component of the Ukrainian economy. Your association will provide synergy that everyone will benefit from.
And your voice will be heard in a completely different way, your expertise will now be obvious, it will not require additional confirmation. Within the Federation, you will unite in expert groups, develop solutions, and this will be a common market position that unites all its participants. This will also help the NBU, using your expertise, listen to the voice of the market in order to find the best possible solution, we are definitely your partners in this matter.
We see how small the country’s insurance market is compared to Poland. At the same time, how promising it is in terms of development. We need to grow.
The unification is a very good initiative, let’s fill it with content,” concluded Andriy Pyshny, Chairman of the National Bank of Ukraine.
Among the topical issues of the market, the issues of the activities of insurance intermediaries were discussed, in particular, the need to obtain instructions or clarifications from the NBU regarding accounts with a special use regime; the issue of taxation of the activities of additional agents and subagents and the need for further regulation of the activities of intermediaries, etc.