UKRAINE: Insurers' total operating expenses amounted to 50% GWP at the end of 2019

7 May 2020 — Marina MAGNAVAL
In 2019, Ukrainian insurers costs for conclusion and prolongation of insurance contracts increased by 54%, the expenses for agent remuneration growing by 72%, Forinsurer reports based on the data of the National Financial Services Commission.

Last year, insurers' total operating expenses reached almost UAH 27 billion (~EUR 1 billion). It's worth noting that the ratio of total operating expenses in total market GWP was 50% in 2019.

Also, in 2019, total sales expenses of insurance amounted to UAH 2.6 billion (~EUR 98.4 million). Advertising and marketing expenses increased to UAH 96.6 million, of which UAH 76.2 million were spent by non-life companies and UAH 20.4 million - by life insurers.

1 EUR = 26.422 UAH (December 31st, 2019)

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