Disclosing of financial and corporate information by the Ukrainian insurers is at unsatisfactory level!

In May-June, 2010, RA ‘Expert-rating’ performed special rating research aimed on revealing transparency level of the companies in the insurance sector. Following the results of the research the analytic service of the Agency has drawn following conclusions:
-The level of disclosing of the financial and corporate information by the Ukrainian insurance companies is extremely unsatisfactory, there is not sufficient amount of public information for taking economic decisions;
- Insurers not only do not use the routine and the especial information of their company in the system of sales, but sometimes hide their real shareholders, ‘forget’ to execute demands of regulators on disclosing information or do execute them formally;
- 90% of large insurers in Ukraine, when attracting clients, stake on low qualification of the client, focus on verbal advertising and low-standard PR. As a result, the competitiveness in the insurance sector is reduced to the size of advertising budgets. There is no public system of reference in the country which could help in a rational choice of insurer;
- Ignoring norms of business ethics and using financial ignorance of the population, and also poor awareness of corporate clients, TOP-managers of 99 % of assurance companies in Ukraine has completely cut off for themselves the access to equity market, as a capital source. In long-term prospective it will lead to serious cataclysms and to prevalence of foreign players in the Ukrainian market.

Detailed press release

Results of the rating of transparency of the insurers