STATISTICS: UKRAINE, FY2018: Life insurance increased by 34% y-o-y

25 April 2019 —
STATISTICS: UKRAINE, FY2018: Life insurance increased by 34% y-o-y
GWP of Ukrainian insurers in 2018 increased by 13.67% y-o-y, to UAH 49.36 billion (EUR 1.56 billion), as data published by the regulator show. The market growth in Euro was over 20% due to a more favorable exchange rate of the national currency at the end of 2018.

GWP increased in almost all insurance types: Motor Hull, MTPL and Green Card by 22.3%, fire and other perils by 25%, property insurance by 26%, medical by 21%, accident insurance by 34%, life insurance by 34%, etc. While in some classes GWP dropped, for example, by 38% in cargo insurance, and by more than 8% in financial risks.

Paid claims went up by 22%, to UAH 12.86 billion. The paid claims level increased from 24.3% to 26.1%. Rapid growth of paid claims was observed in health insurance, voluntary personal insurance and non-state compulsory insurance.

In 2018, life insurers generated UAH 3.9 billion in GWP (+34%), 97.1% of GWP were received from individuals and 2.9% from legal entities. Paid claims of life insurers grew by 26.7% to UAH 704.9 million. The total number of life insurers in Ukraine dropped from 33 to 30 last year. The TOP-20 life insurers generated 100% of life GWP.

The total number of insurance companies as of December 31, 2018 decreased to 281. In the most popular insurance classes, the TOP-20 share is over 80%, according to member of the National Financial Services Committee, Alexander ZALETOV. At the same time, capitalization of the existing companies has improved. As of December 31, 2018, total assets increased by 10.6% y-o-y. Total insurance reserves increased by 18%, to UAH 26.97 billion, technical reserves increased by 21.9%, and life insurance reserves by 11.3%.

TOP-3 in the non-life sector were UNIQA, AXA Insurance and ARSENAL Insurance, market shares of which are over 4%. The three leaders of the life sector are METLife, UNIQA Life and TAS.

* 1 EUR = 31.714138 Hryvnia - UAH (December 31st, 2018)

Access and dowload FY2018 Ukrainian insurance market statistics.