Creation of Federation of Insurance Associations further proof of effective market transformation – NBU governor
The establishment of the Federation of Insurance Associations of Ukraine is another clear demonstration of the effective transformation of the market, as large foreign companies now feel more comfortable operating alongside local players, understanding who stands behind them and what their financial performance is, Governor of the National Bank of Ukraine Andriy Pyshnyy said in an interview with Interfax-Ukraine.
"We not only assess but fully support such trends and want to see them across all segments with which the National Bank interacts. Synergy is an important element of high-quality communication between the market and the regulator and, at the same time, the foundation for creating equal conditions in the market for all participants," he said.
According to Pyshnyy, the market is ready to implement a new philosophy of interaction based on mutual respect and trust. The remaining market players understand each other, having similar business models and equal rules of the game for fair and transparent competition. At the same time, they face common and mutually understood challenges, which they discuss with the regulator.
"This is about a different level of discussion—constructive and useful in terms of the National Bank's understanding of the real issues facing the market and ways to overcome them. This approach can finally help resolve complex issues related to the level of agent commissions, demonopolization, the cost of insurance products for end consumers, and their accessibility," the NBU governor said.