Number of insurers declining in Ukraine - NBU

MOSCOW. Nov 13 (Interfax) - The number of insurance companies in Ukraine decreased by six in October 2024, leaving 58 risk insurers, among them 11 specializing in life insurance and one with a special status (the Export Credit Agency), operating in the country's market as of the end of last month.

On the whole, the number of non-bank financial institutions in Ukraine dropped to 897 as of November 1, 2024 from 926 on October 1, 2024, Ukrainian media said, citing the website of the National Bank of Ukraine (NBU).

The number of banks remained unchanged at 62.

Besides, five risk insurance companies and one credit union were removed from the register of their own volition. Seventeen finance companies, one insurer and two pawn shops were removed from the register in a compulsory manner. Four entities were taken off the register of debt collection companies, while one insurance broker was added to the state register of insurance and reinsurance brokers.

In October 2024, ten finance companies, five insurers and one credit union had their licenses annulled of their own volition, and the licenses of another five finance companies, one insurer and two pawn shops were annulled as a compulsory measure.

As of November 1, 2024, there were 492 finance companies (509 in September), 111 pawn shops (113 in September), 109 credit unions (110 in September), a lessor, 43 insurance brokers (42 in September), and 71 collection companies (75 in September).

The number of bank groups declined to 16 from 18 in September, while the number of non-bank financial groups remained unchanged at 30.

Sixteen national payment systems, including state-run ones and 14 international payment systems (15 in September), 12 payment institutions, one bank, which issues digital currency, one postal operator, and 50 commercial agents (48 in September) were available on the payment market.

In October 2024, the NBU received 300 registration and license applications from market actors, including 194 applications from finance companies, pawn shops and lessors, 50 from insurance companies, 16 from credit unions and collection companies, 39 from banks, and one from payment service operators.