Two insurance associations have merged in Ukraine

 

The insurance market associations LSOU and ASB (League of Insurance Organizations of Ukraine and Insurance Business Association) have decided to merge. This is stated on the Facebook page of the ASB.

"The decision was made by the relevant associations on December 22, 2022," the message reads. The parties signed the relevant memorandum of association. The new association will become the largest in the insurance market of Ukraine and will include 50 participating insurance companies. In 9 months of 2022, insurers participating in LSOU and ASB together collected more than UAH 4 billion in insurance premiums and paid out more than UAH 1 billion in insurance compensation. As the members of the new association note, other associations of insurance market participants and professional groups carrying out activities related to insurance (intermediaries, experts, accident commissioners, etc.) will also be able to join it. LSOU and ASB believe that the unification will allow to expand their functionality. In particular, it is planned to create an arbitration court, form various types of funds, develop rules and standards of professional ethics for insurers, and other tools for voluntary regulation of the rules of market behaviour of participants. The ASB website states that 31 insurance companies are part of this association, and the LSOU does not provide information on the number of participating companies.