Total market growth in euros turned out to be more impressive (+22.76%), thanks to a more favorable UAH/EUR exchange rate if compared to the end of the first quarter last year.
In January-March 2019, 36.1% of GWP came from individuals and 63.9% from legal entities. Among voluntary classes, impressive growth was demonstrated by medical insurance (+49.37%), which keeps approximately 10% of the market, as well as insurance against fire and other perils (+35.67%), occupying 12.11% of the portfolio. Motor Hull increased by 24.60%, to almost UAH 1.8 billion (EUR 58.88 million). Compulsory insurance in the market portfolio increased to 14.35%. Life GWP reached UAH 1 billion (EUR 33.41 million).
Total paid claims in 1Q2019 amounted to UAH 3.3 billion (EUR 108.32 million). An impressive increase was observed in civil liability insurance, accidents, cargo and medical insurance.
According to the National Financial Services Commission, the total number of life insurers as of March 31, 2019 dropped from 32 to 27 companies. TOP-3 of the life sector includes METLife (market share 27%), UNIQA Life (20.78%) and TAS (12.38%). The non-life sector is headed by ARSENAL Insurance (UAH 590.38 million in GWP), followed by UNIQA (UAH 552.58 million) and AXA Insurance (UAH 525.36 million).
Insurance reserves as of 31.03.2019 increased by 26.8% y-o-y, and total assets of insurers grew 15.7%. The structure of outward reinsurance compared to 1Q2018 has changed as follows: Austria (from 4.7% to 21.5%), Germany (from 13.9% to 21.3%), the United Kingdom and Northern Ireland (from 15.5% to 18.4%), Belgium (from 0.1% to 2.5%) due to a decrease of GWP ceded to Switzerland (from 31.3% to 6.9%), Singapore (from 2.9% to 0.1%) and Poland (from 11.5% to 10.2%), Forinsurer reports based on data from the National Financial Services Commission.
* 1 EUR = 30.567665 UAH (March 31st, 2019)
Access xprimm.com and download 1Q2019 Ukrainian insurance market statistics.