Ukrainian insurers increase GPW by 52.1% yoy in 1Q08

According to State Commission of Financial Services of Ukraine, Ukrainian insurance companies raised their aggregate gross premiums written by 52.9% yoy to USD 1,061.4 mln in 1Q08.

———————————————————
                                        1Q07        1Q08    Chg, %
                                         USD mln     USD mln 
———————————————————
Gross premiums written  694.2       1,061.4         52.9
Claims paid                    133.5        291.0          118.0
Insurance reserves         1,096.5     1,672.0        52.5
Assets                           4,746.1     6,473.5        36.4
Capital                          1,714.0      2,191.1        27.8
Contracts, units             3,863,376   5,991,606    55.1

Source: State Commission of Financial Services of Ukraine

Among the major contributors to the gross premiums (GPW) growth were: property insurance, which was up 43.6% yoy (share in total GPW is 67.3%); private obligatory insurance, which grew 124.5% yoy (14.9%) and OMTPL, driven by legal enforcement, which rose 185.6% yoy (10.8%).