Educational materials for insurance intermediaries

NAIU has developed and provides educational materials for insurance intermediaries, managers, and sales persons.

Currently, we offer the following topics:

  • Consumer rights protection and ensuring accessibility of insurance services. This section covers key principles of consumer protection and the rights that insurers must uphold. We provide real-life examples and practical recommendations. Additionally, we have prepared useful guidelines for delivering services and interacting with people with disabilities, including practical advice to ensure comfortable service for individuals with various functional impairments.

  • Procedures and conditions for insurance payments. This topic explains general regulations and highlights specific features of different classes of insurance.

  • Legislation governing insurance and pension provision. We provide an overview of all relevant laws, with a detailed explanation of the three key laws and the most important regulatory acts of the National Bank of Ukraine (NBU).

Currently, more than 220 minutes of video training materials are available. These materials are available for free on NAIU’s YouTube channel: https://www.youtube.com/@НАСУ-Україна and can be used by anyone for learning and self-education.

To make it easier to find videos on specific topics, we have also dedicated a special Education section on our website:
https://osvita.nasu.com.ua/navchalni-materialy-dlya-poserednykiv/

For NAIU members, these materials, along with educational programs and tests, are provided free of charge through the Moodle platform, which ensures a structured learning process for insurance intermediaries, managers, and sales persons, with tracking of progress and achievements.

All materials will be updated as legislation evolves.
Please note that these materials have been created by the National Association of Insurers of Ukraine and may not be used for commercial purposes

Annual report of Insurance Europe

Challenges of climate change. Digitalization as a tool for financial inclusion. Concepts of sustainable development. The need for an explanation of the essence, features, and importance of insurance, also to regulators. Changing approaches to pension provision. A choice that determines the future. Insurance of electric vehicles and insurance fraud. Cyber resilience and personal data. Consumer rights protection and new tools they can use. Approaches to solvency and the impact of reinsurance. These are urgent topics in insurance that currently concern European insurers.

The war in Ukraine is also among these topics. Denys Yastreb, Head of NAIU, had the honor to provide Insurance Europe with his vision of the ongoing war.

About the uncertainty of the first months, about the endurance, adaptability, and resilience of insurers, about the leadership of the NBU. As a citizen of Ukraine, as the head of the association of Ukrainian insurers, as a witness and participant in events.

The topic of insurance during war has become part of Insurance Europe’s annual report, the European Insurance and Reinsurance Federation.

NAIU is part of Insurance Europe, the only representative from Ukraine. The role of Insurance Europe is not only to provide expertise and experience of European regulation, which we are currently only implementing. Insurance Europe is a liaison between the European Commission and the insurance industry, contributing, in particular, to the resolution of issues related to the export of Ukrainian grain and other agricultural products, the import and export of other goods where insurers’ involvement is necessary.

The annual report of Insurance Europe will be useful to insurers and regulators, scientists and experts in insurance, to everyone who sees Ukraine as part of the European insurance family. The report is available here 

War risk insurance

Nobody, including insurers, is happy about the demand for such insurance.

Injuries from warfare, damaged homes and health, wrecked cars, and ruined businesses. It hurts everyone. But we’re glad that insurance can be a positive and beneficial force amid this horror.

The insurance market has not only adapted to working during war but has also adapted its products. Insurance association members feel the need for such insurance from their clients. We, as an association, are researching this through the activities of our participants and media inquiries on this matter.

Over the past few weeks, Denis Yastreb, the head of NAIU, has given several interviews on war risk insurance.

Can property and life be insured? How to report to an insurer? Will there be full compensation?

Denis answered questions and provided examples. We believe this is important, so we are ready to answer these questions in the future as well.

Let’s answer a few of them here.

Is there war risk insurance available for citizens and businesses in Ukraine now? Yes, there is. Insurers have been providing such services for over a year, adapting existing programs and developing special ones. This process of meeting the need for insurance continues and improves.

Which insurers offer war risk insurance? The number of such insurers is growing, and their number is measured by the volume of almost the entire “active” insurance market, which is estimated at up to 50 companies. The majority of insurers offer such insurance in one form or another.

Is it necessary to conclude a separate war risk insurance contract? This depends on the product developed or adapted by the insurer. Some have developed separate contracts – and then yes, such a “war” contract must be signed. Some have expanded the boundaries of existing conditions or excluded standard “war” grounds for refusal, and then you can conclude an additional contract to the existing insurance contract. And there are insurers who have included war risk insurance in standard, basic risk packages.

What can be insured “from war”? You can insure cars and real estate, health and life, production and business. Insurers are ready to provide depending on their own policies and capabilities.

Is there anything that cannot be insured? This also depends on the terms of each insurer. Usually, insurance coverage is limited by proximity to the zone of active hostilities, certain war instruments, insured person’s activities.

Do life insurers have war insurance programs? Yes, life insurers were among the first to offer such protection to their clients and complied with existing conditions.

What should be done in case of an insurance event? First of all, make sure that you are safe, and if it is safe, provide assistance to those around you. After that, take photos, video, or otherwise document the event and call your insurer. They will provide clear instructions on what to do.

Will there be full compensation for damaged or destroyed property due to war? The insurance terms and insured sums (i.e., the maximum amount that the insured can receive) are determined by each insurer separately. Currently, most insurance companies offer property insurance against war damage within certain limits, not at the full value of the property. However, the possibility of insurance with full coverage of losses is also possible but will significantly affect the cost of such insurance.

We believe that war risk insurance will remain in the past to be studied in insurance textbooks. However, as long as the war continues, insurers provide financial protection from it to our citizens and businesses.

Dialogue between partners: roundtable of leaders from the medical and insurance industries

Voluntary health insurance remains consistently in focus for NAIU’s efforts – participating insurers maintain leadership positions in this segment, while the Office works on tax incentives, digitization, and enhancing collaboration between insurers and their partners.

Continuing the path of public-private partnership, the community also works towards interacting with medical institutions, which are indispensable contributors to the quality of voluntary health insurance services.

Without interfering in the business activities of its participants but moving towards implementing high-level rules and standards in the insurance market, NAIU conducted a Roundtable of leaders from the medical and insurance industries.

The main topics of the meeting were the consolidation of efforts between the medical and insurance industries aimed at developing and utilizing unified approaches and standards for diagnosing and treating the most common diseases covered by medical insurance. This includes prevention and reduction of cases of overdiagnosis, polypragmasy, prescribing medications, and medical procedures without proven effectiveness or objective necessity. Simplifying approaches to interaction between insurers and medical institutions within the framework of regulating insurance cases using unified approaches and standards for diagnosing and treating by medical institutions.

The event allowed participants to openly and thoroughly outline the issues concerning medical institutions and insurers during cooperation, and for the NAIU Office to formulate tasks for its work, as well as identify specialized groups and topics for further collaboration.

We are pleased that the Roundtable has achieved its goal: to become not just a forum for slogans and calls, but a starting point for formulating specific tasks and goals, leading to further joint efforts.

We achieve our goals together

Since February, representatives of the National Bank of Ukraine have been holding meetings with participants of the insurance market. The purpose of these meetings has been to discuss urgent and relevant issues arising during the alignment of insurers’ activities with the requirements of the new Insurance Law and regulatory acts of the National Bank adopted for its implementation.

The request for such communication was formulated by the market last year, and in December, during a meeting of insurers with the Board of the National Bank of Ukraine, we received approval for this work. The number of questions, answers, and participants in these meetings, which took place every Tuesday, is measured in hundreds, and the duration – in tens of hours.

Before each meeting, insurers studied the regulatory act, assessed its impact on their activities, identified problematic and unresolved issues, and formulated them. The NAIU office consolidated the requests of its participants and forwarded them to the Regulator. We can only imagine the incredible amount of preparatory work that the NBU has conducted to organize and conduct these meetings, and we can state that as a result, insurers received not only answers regarding the interpretation of individual provisions, but also the regulator’s vision, ideas underlying the norms, and the goal that we jointly strive to achieve.

We are grateful to the National Bank, especially to Serhii Savchuk and Lesia Burbel from the Department of Methodology for the Regulation of Non-Bank Financial Institutions, Tetiana Mosiichuk and Yulia Khristolyubska from the Department of Market Supervision of Non-Bank Financial Services, the Licensing Department, and other departments involved in the meetings. We are convinced that the guidelines received are a significant contribution to the successful preparation of insurers for the updated regulation currently underway.

There is still much work ahead, and questions continue to arise during the implementation of new requirements for insurers. We are grateful that this dialogue continues and that the NBU is open to explanations and communication with market participants.

Brief overview of the insurance market for 2023 from NAIU

Traditionally, the National Bank of Ukraine today presented its prepared Review of the Non-Banking Financial Sector for 2023.

In the review, the NBU noted that during the last quarter, gross premiums from non-life insurance decreased by 2% compared to the third quarter, but increased by 17% compared to the fourth quarter of 2023. Payouts increased by 15% quarter-on-quarter and by 39% year-on-year. Premiums for life insurance saw significant growth both quarterly and annually: by 22% and 19% respectively. At the same time, payout volumes increased significantly: by 19% quarter-on-quarter and by 41% year-on-year.

The National Association of Insurers of Ukraine has prepared its own observations on trends and activities of insurers in the Short Overview of the Insurance Market for 2023. Analyzing 2023, NAIU can say that despite all the challenges and risks faced by insurers, the insurance market demonstrates resilience and gradual recovery. Only 5% separate the non-life insurance market from the premiums of the “pre-war” 2021. And NAIU member insurers in 2023 were just 0.1% short of the premiums of 2021.

The insurance market shows positive trends across various indicators observed throughout the year. This includes an increase in the number of insured persons and insurance payments, a decrease in redemption payouts, and an increase in new business volume.

The indicators, trends, and highlights collected through our PDMA. The review can be downloaded here, or viewed in the images.

Also, we would like to remind you that you can independently explore indicators, trends, and dynamics, make comparisons, and make informed choices here.

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Thanks to the MTSBU and NAIU, data from the motor vehicle became more accessible

In November 2023, a Memorandum of Partnership was concluded between the National Association of Insurers of Ukraine (NAIU) and the Motor (Transport) Insurance Bureau of Ukraine (MTSBU), one of the directions of cooperation, which defined the exchange of information on the performance indicators of insurers.

For the practical implementation of the declared agreements, starting from November, the parties to the Memorandum carried out fruitful cooperation on the definition of data categories, the format of information exchange, consolidation parameters and visualization of indicators of the activities of insurers providing compulsory civil liability insurance. Currently, the preparatory stage has been completed and we are happy to present the results of information exchange and analysis visualized by Power BI tools in free access on the NAIU website.

We offer new indicators that can be interesting and useful to both consumers and insurers from among the already familiar data from the auto-civil system, which are now conveniently and up-to-date visualized by means of Power BI.

Including:

the size of the average premium for “paper” and electronic compulsory insurance contracts;

average payment for property damage;

average payment for damage caused to life and health;

average payment according to the Europrotocol;

the number of settled claims;

ratings of insurers providing compulsory civil liability insurance.

In NAUI, the results of 2023 were summed up

NAUI participants gathered at the next annual meeting of the Association, where they summed up the results of 2023

The General Director and the Presidium reported, discussed the annual plan of activities of NAUI and the status of its implementation.

It can already be stated that many of the initiatives previously developed by NAUI were implemented in 2023, described in regulatory acts, and taken into account in concepts and programs. These are the necessary tax changes, especially in the field of life insurance, dozens of regulatory acts for the implementation of the new Law on Insurance, expected changes in the motor vehicle code, and partly in the field of financial monitoring. We expect and are working to make all projects a reality this year.

They noted the constant development and improvement of PDMA, which is also awaiting transformation this year in connection with the change in accounting and reporting. They mentioned the financial literacy project and updating the Association’s website, which are designed to make insurance more understandable for both clients and insurers.

There have been changes in the governing bodies of NAUI. Inna Belyanska, a representative of Metlife , headed the Life Insurance Committee of the Association and was elected to the Presidium of the NAUI.

They decided not to stop and, in spite of everything, to work and fulfill the duties and tasks facing the insurers and NAUI.

NAIU determined what and with what will be achieved in 2024

The General Meeting of the Association was held, which was supposed to resolve the issues of plans and tasks of  NAIU for the next year, as well as to elect the head of the association.

Planning for the next year, which will be the year of implementation of several revolutionary legislative changes, NASU members agreed on a plan for 2024.

The issues of the annual plan are directly related to the general principles and directions of activity of NAIU: digitization, improvement of taxation and simplification of finance in insurance, interaction with regulators, MTIBU and stakeholders, and development of the information exchange project between PDMA participants.

Particular attention will be paid to the implementation of the Law of Ukraine “On Insurance”, updating the Law of Ukraine On Compulsory Civil Liability Insurance of Land Vehicle Owners”, during which NAIU will provide methodological support and coordination of its participants.

By uniting insurers, NAIU will be headed by Yastreb Denys.

More about NAIU

Announcement of competitive selection for the position of general manager

“National Association of Insurers of Ukraine,” fulfilling the requirements of the statutory documents, announces a competition for the position of the association’s leader.

Documents and information for participation in the competition are accepted via email at [email protected] until November 22, 2023, inclusive.

Requirements for the candidate and a list of documents to be submitted are provided in the appendix to the announcement.

The competition winner will be considered by the General Assembly of the Association for approval to the position of General Director.

For more information on the competition conditions and the association leader’s responsibilities, you can inquire by sending an email to the competition address.

Requirements for Candidates:

To participate in the competitive selection, the applicant electronically submits to the address specified in the selection announcement the following documents:

  • Application to participate in the competitive selection (in any form).
  • Copy of the employment record book or documents confirming work experience.
  • Copy of the document on higher education.
  • Biographical information (resume), including the exact period of work; job titles; duties performed in the specified positions; the number of employees under supervision (in any form).
  • Motivational letter.
  • Competitive proposal.
  • Consent for the processing of personal data.

A person who has expressed a desire to participate in the selection may submit additional information confirming compliance with the requirements specified in the announcement, especially regarding work experience, professional competence, reputation (characteristics, recommendations, scientific publications, etc.).

The competitive proposal should include:

  • Analysis of the current situation and a detailed action plan for the association for one year, long-term – for three years.
  • Measures to implement the task plan and results of the analysis of possible risks.
  • General vision of the role, tasks, and place of the Association in the insurance market.
  • The position of the association leader in its functioning.

Requirements for Candidates:

  • Higher education, including (but not limited to) in one of the following fields of knowledge: “Social and Behavioral Sciences,” “Management and Administration,” “Public Management and Administration,” “Law,” “International Relations,” “Finance,” “Insurance.”
  • Total work experience of at least 10 years, with managerial experience (strategic or operational management) of at least five years.
  • In-depth knowledge in the field of insurance and finance, including legislative acts on these issues.
  • Impeccable business reputation.
  • Experience in cooperation with international and foreign organizations and at least five years of experience in insurance.
  • Leadership qualities, systemic thinking, a high sense of duty and responsibility, zero tolerance for corruption, determination, and proactivity, the ability to make clear and well-founded decisions, determine ways of their implementation.
  • Excellent communication and organizational skills, including the ability to seek and establish new productive forms of cross-industry cooperation to achieve common goals, the ability to build, support, and develop effective partnership relations with representatives of Regulators, the Verkhovna Rada of Ukraine, associations, media, public opinion leaders, the ability to publicly speak and effectively convey information, coordinate positions, and produce effective consensus decisions.
  • Ability to identify needs and the necessity of changes, ability to organize systematic changes, anticipate and consider all useful opportunities and negative consequences in the conditions of their implementation.

Duties as the Head of the Association:

  • Directing the activities of the Association to implement the provisions of the NBU White Paper, current management of the Association, interaction with association members.