Nine leading corporations operating in the life insurance business of Ukraine, which cumulatively accounted for 92% of insurance premiums collected in the first three quarters of 2017, have united to form Project Life with the aim of developing the life insurance market in the country.
According to project manager Nina Huzei, the formation of the association took approximately six months and it is now possible to consider it as a complete structure that will represent the life insurance market in various government agencies, at different financial sector events and lobbying the market’s interests.
She also pointed out that Project Life was established on the basis of the Ukrainian Insurance Federation and it brought together such insurance corporations as Metlife, INGO Ukraine Life, AXA Life Insurance, Kniazha Life Vienna Insurance Group, TAS Insurance Company, PZU Life Insurance, Grawe Ukraine Life Insurance, ASKA-Life and UNIQA Life.
One of the conditions for joining the association of life insurers is to provide accurate information on the end beneficiaries of the company. While presenting the analysis of the life insurance market over the first nine months of the year, the expert remarked that those companies that are now part of Project Life enjoyed a 29% increase in collected premiums, whereas the figure across the market was 1.7%. Huzei also expects the volume of premiums collected by the end of 2017 to reach UAH 3 billion ($107 million). If true, this would mean that the market will have demonstrated growth in national currency, despite having shrunk in US dollars.
