GWP growth was recorded in almost all insurance classes - including medical insurance, life insurance, fire and other perils, motor insurance and property insurance. The share of net premiums in GWP during the period amounted to 74.3%. GWP collected from individuals accounted for 39.1%, the rest of 60.9% coming from legal entities.
Paid claims increased in volume by almost 12.5%, to UAH 9.84 billion (EUR 373.86 million*), while net paid claims amounted to UAH 9.62 million. Experts noticed high levels of gross paid claims in motor insurance (+14%), medical insurance (+28.4%) and cargo (+69.7%), while paid claims in property insurance, on the contrary, dropped (-21.8% and -16.0% on the main property segments).
Total insurance reserves increased by 19.4%, to UAH 29.66 billion, technical reserves grew by 25.4% to almost UAH 19.77 billion, life insurance reserves by 9.1% to UAH 9.89 billion.
Total assets of insurers increased by 12.6% to UAH 66.95 billion, at the same time however total charter capital decreased by 7.1% to UAH 11.67 billion.
At the end of September 2019, the total number of insurance companies operating in Ukraine decreased by 51 and amounted to 234 companies, of which total number of life insurers is 23. The market remained highly concentrated - 98.1% of total GWP was accumulated by first 100 non-life insurers and 96.7% of life GWP are generated by 10 life insurers.
The market leader in terms of GWP among non-life companies was ARX (GWP: UAH 1.71 billion - keeping the first place of the podium), UNIQA ranked second (GWP: UAH 1.69 billion), Ukrainian Ins. Group & GLOBUS climbed to the third place shifting positions with ARSENAL Insurance which went one position lower. The life insurance ranking was still headed by MET LIFE (24.5% market share), followed at quite a distance by UNIQA Life and TAS.
* 1 EUR = 26.334552 UAH (September 30th, 2019)
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