Paid claims of the local insurers amounted to UAH 13 billion (EUR 333 million), of which UAH 7 billion were paid to individuals. Paid claims in non-life insurance fell by almost a third, while in life insurance they increased by 13%.
In 2022, the share of motor insurance (MoD, MTPL, Green Card) increased, as a result, motor insurance occupied over a half of the market premium portfolio. At the same time, property insurance and insurance of financial risks reduced premium collection by almost half.
Total assets of insurers in 2022 amounted to UAH 70.3 billion. In 4Q total assets of life insurers increased by 3%, and for the entire 2022 - by 18% to UAH 20.6 billion. Assets of non-life insurers decreased slightly over the last quarter but grew by 6% for the year to UAH 49.7 billion.
As of January 1, 2023, insurance reserves amounted to UAH 41.1 billion. Total volume of loss reserves for both voluntary and compulsory types of insurance increased by 36%. Total equity of insurers amounted to UAH 22.8 billion. Liabilities decreased to UAH 47.6 billion.
Loss ratio of compulsory insurance remained at the level of 45%, while in voluntary insurance it decreased to 42%. The overall loss ratio was 43% at the end of the year. Combined ratio increased over 2022, at the end of 4Q it reached 94%, which is a satisfactory level. The main factor behind this deterioration was growth of operating expenses of insurers (mainly administrative).
According to FY results, risk insurers and life insurers were quite profitable. Return on equity of risk insurers was 15%, life insurers - 13%.
The number of insurers decreased from 139 to 128 (including 12 life insurers). The leader in the overall ranking in terms of GWP is USG (UAH 3.16 billion), ARX ranks second (UAH 2.76 billion), followed by UNIQA.
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