GWP of Ukrainian insurers in 2023 increased by 18.68% to UAH 47 billion (EUR 1.11 billion), as data published by the National Bank show. At that UAH 28.76 billion were received from individuals, UAH 17.2 billion - from legal entities, and UAH 1.06 billion - from reinsurers.

Life insurance grew by 6.38% by the end of the year, while its share in the market portfolio of premiums decreased. At the same time the share of non-life insurance increased to 89%, and the growth rate of the segment exceeded 20%.

Motor insurance (Motor Hull, MTPL, Green Card) retained leadership in terms of premiums among insurance classes. The peak of popularity growth of this segment due to the forced emigration of Ukrainians has probably already passed, while paid claims are growing - by 59% for MTPL and Green Card.

Total paid claims amounted to UAH 16.86 billion (EUR 399.62 million). Over UAH 9.15 billion were paid to individuals, UAH 7.6 billion - to legal entities, and UAH 134 million - to reinsurers. The gross and net payout rate in 2023 was 36%.

The volume of assets of risk insurers in 2023 grew by only 1%. The assets of life insurers grew by 17% over the year, as stated in the quarterly Review of the non-banking financial sector of the NBU.

Risk insurers were profitable in 2023: their profit amounted to UAH 1.9 billion, which ensured a return on equity of 10%. This is almost one and a half times lower than in 2022, but twice as high as in 2021. Life insurers ended the year with a profit of UAH 500 million thanks to investment income. Their return on equity is 19%.

The first place among insurers in terms of GWP is occupied by ARX (UAH 3.69 billion), followed by TAS (UAH 3.53 billion), and UNIQA closes the top three (UAH 3.21 billion).

Access to xprimm.com and download the latest Ukrainian insurance market statistics for 2023 in EUR and UAH.