Life insurance showed a quite dynamic growth, the life sector going up by more than 18% y-o-y. Life GWP reached UAH 4.62 billion (~EUR 175 million), according to the data published by the National Commission for Financial Service Markets. This amount includes UAH 4.49 billion of GWP (97.1%) received from individuals, only 2.9% being received from legal entities. Total number of insured people in 2019 increased by 52.4%, to 4.6 million people. Life paid claims, in contrast to GWP, decreased by 18.3%, to UAH 576 million.
A substantial concentration was observed in the life market. About 96.7% of GWP was generated by 10 insurers, the total number of life insurers by the end of 2019 being 23 companies.
The share of non-life insurance in market portfolio slightly decreased to 91.28%. Among voluntary classes, the highest growth rates were seen in Motor Hull (+16.52%), Medical insurance (+29.35%), Accident insurance. The share of compulsory insurance on the market remained almost unchanged, at the same time significant growth being shown in MTPL and Green Card policies.
According to the member of the National Commission, Oleksandr ZALETOV, the growth of insurance services among population is primarily associated with "the growing demand for insurance among citizens who are actively travelling, taking care of their health and their loved ones, and also thinking about having "financial cushion" in old age."
ARX, UNIQA and TAS are the leaders in terms of GWP collected in the non-life sector. The life ranking is headed by METLIFE, UNIQA Life and TAS as well.
1 EUR = 26.422 UAH (December 31st, 2019)
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