STATISTICS: UKRAINE, 1H2024: Motor Hull, MTPL and Green Card generate 56% of the market premium portfolio

9 October 2024 — Marina MAGNAVAL
STATISTICS:  UKRAINE, 1H2024: Motor Hull, MTPL and Green Card generate 56% of the market premium portfolio

In the first half of 2024, the market grew to UAH 24.21 billion (EUR 558.43 million), which is 13.37% more y-o-y in local currency and indicates an increase in demand for insurance products. Non-life accounted for 89% of the total GWP, while the share of life insurance approached 11%, as data published by the National Bank show.

In particular, growth was recorded in such segments as Motor Hull (+24%), MTPL and Green Card (+17%), property insurance (+48%), accident insurance and life insurance. Life insurance amounted to UAH 2.63 billion.

Net insurance premiums reached UAH 21.85 billion, which is more than in 2023 and reflects growth of insurance income after deducting the share of reinsurance.

Since January 1, 2024, the country has introduced an updated distribution of insurance into 23 classes reflecting homogeneous insurance risks. For regulatory purposes, companies now provide information in the context of 25 LoBs covering non-life and life insurance products. It is noted that in the 2Q, GWP increased in business lines covering transport insurance (Motor Hull, MTPL, Green Card), and slightly decreased in personal insurance (life and health).

These insurance products remain key on the market: according to the 2Q results, they generated 84% of premiums and 93% of all paid claims. In other business lines, premiums mostly decreased during the second quarter, with only cargo and luggage insurance (+11% q/q), liability (+1% q/q) and assistance (+28% q/q) increasing.

Total paid claims also increased to UAH 9.95 billion (EUR 229 million) in 1H2024, which is 27% more y-o-y in local currency. Non-life paid claims amounted to UAH 9.31 billion, while life reached UAH 643 million. The level of paid claims over the past four quarters was 40%, and in the second quarter - 44%.

There was a reduction in the number of registered insurance companies on the market. 115 companies were registered in 2023, and in 1H2024 their number decreased to 90 (82 companies submitted reports), which indicates market consolidation and tightening of regulatory requirements. At the same time, the number of life insurance companies remained unchanged - 12.

The number of companies that submitted reports also decreased from 113 to 82, which may signal the exit of smaller players or those who did not have time to adapt to the new market conditions.

The technical result amounted to UAH 1 billion, which indicates profitable activity in the insurance sector, supplemented by investment income of UAH 2.26 billion, which shows stable income from investment activities.

In the overall ranking for 1H2024, TAS Life is the leader, followed by UNIQA and ARX. In the life insurance sector, MetLife holds the lead, occupying 48% of this market.

Access to xprimm.com and download the latest Ukrainian insurance market statistics for 1H2024 in EUR and UAH.


 

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