STATISTICS: UKRAINE, 1Q2021: voluntary insurance saw practically no growth, while mandatory lines grew by almost 12% y-o-y

30 June 2021 —
STATISTICS:  UKRAINE, 1Q2021: voluntary insurance saw practically no growth, while mandatory lines grew by almost 12% y-o-y
At the end of 1Q2021, the Ukrainian insurance market grew by 4.26% y-o-y (in local currency) and amounted to UAH 12.04 billion (EUR 367.95 million), according to the data published by the National Bank of Ukraine.

Segment-wise, growth was observed in both life and non-life insurance, and in terms of mandatory and voluntary types of insurance, voluntary insurance saw practically no growth, while the mandatory grew by almost 12%.

Insurers' paid claims increased significantly (by almost 17%) to UAH 4.37 billion. The largest part the insurers paid under such classes as Motor Hull, MTPL, medical insurance, fire and other perils. Individual insurers received UAH 2.1 billion, legal entities - UAH 2.2 billion, reinsurers - UAH 58.4 million.

Life insurance profitability remained stable in the first quarter, but margins were lower y-o-y due to higher administrative costs. Non-life insurers recorded near-zero profits and margins. The operating efficiency of non-life insurers is negatively affected by a large portion of costs - about 70% of net insurance premiums. Loss ratios for the quarter remained almost unchanged - at 47% for mandatory and 41% for voluntary insurance.

The number of registered insurers in 1Q2021 was 208: 188 non-life insurers and 20 life insurers. The number of insurance companies that violate the regulator's solvency requirements remains significant. As of April 1, 2021, 44 insurers did not meet the solvency and capital adequacy requirements or the riskiness of assets.

In the non-life insurance sector, UNIQA holds the lead with a 7% market share, followed by ARX and TAS. And the ranking of life insurers is headed by METLife, occupying over 35% of the life insurance market.

Access xprimm.com and download the latest statistical data of the Ukrainian insurance market for 1Q2021.



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