STATISTICS: UKRAINE, 3Q2020: Assets of insurers decreased by 4.6% since the beginning of the year

17 December 2020 — Marina MAGNAVAL
At the end of 3Q2020, the Ukrainian insurance market amounted to almost UAH 33 billion (EUR 0.99 billion*), which means a decrease of 18.72% y-o-y (in UAH). At the same time, paid claims increased by 13%, according to data from the National Bank of Ukraine.

Besides life insurance, medical insurance, motor hull insurance and MTPL, the rest of the market segments recorded a negative result for the last 9 months. At the same time, MTPL had the highest growth rates (+23.02% in UAH), and the share of this segment in the market portfolio also increased to almost 14%.

Market paid claims reached UAH 11.1 billion (EUR 0.33 billion*). The level of paid claims in GWP remained practically unchanged y-o-y, around 33.8%. The largest contribution to the market paid claims was made by voluntary non-life insurance.

Insurers' assets continued to decline - since the beginning of the year they decreased by 4.6%, and at the end of the third quarter amounted to UAH 61.6 billion. Net profit of the insurance sector for the last 9 months amounted to UAH 2.8 billion. Total number of insurers that do not meet the capital adequacy and solvency standards in 3Q2020 decreased from 57 to 49 companies. The main reason is poor quality of assets.

In 3Q2020 total number of insurance companies was 215, out of which 20 operated in life insurance only. The non-life market is headed by ARX, UNIQA and TAS, while METLife is leading the ranking of life insurers with a share of almost 31%.

* at the following exchange rate:
EUR 1 = UAH 33.1309 (September 30th, 2020)

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