Climate: - temperate continental; - Mediterranean only on the southern Crimean coast; - precipitation disproportionately distributed, highest in west and north, lesser in east and southeast; - winters vary from cool along the Black Sea to cold farther inland; - summers are warm across the greater part of the country, hot in the south.
Macro indicators
* 2018 estimates
Surface:
603,628
km2
Population*:
42.1
million
Pop. density*:
69.7
people/km2
GDP*:
106.9
EUR billion
GDP/capita*:
2,541.1
EUR
Currency: Hryvnia Code: UAH Since: 1996
Insurance market portfolio * 2018 estimates
TOTAL LIFE*:
8
%
TOTAL NON-LIFE*:
92
%
Overall Property*:
22
%
Overall Motor*:
27
%
Sources: Starting July 1st, 2020, the National Bank of Ukraine took over all activities of financial market regulator, the State Commission for Regulation of Financial Services of Ukraine
The TAS insurance group, which is one of the five leaders in the insurance sector of Ukraine, paid UAH 675.64 million (~EUR 18.74 million) under insurance contracts in January-September this year, Forinsurer wrote.
On October 6, 2022, the Verkhovna Rada of Ukraine approved a resolution on the dismissal of Kirill Shevchenko from the post of Chairman of the National Bank of Ukraine, a position that he was appointed to on July 16, 2020, Forinsurer reports.
In January-August 2022, the TAS group, whose companies are in the top 20 insurers of Ukraine, paid out UAH 589.22 million (~EUR 15.92 million). The largest part of compensation payments was made in motor insurance (Motor Hull, MTPL, Green Card), Forinsurer reports.
The Ukrainian insurance market amounted to UAH 17.60 billion (EUR 571.84 million), at the end of 1H2022, which is almost 31% less y-o-y in local currency. The decline was recorded in both life and non-life insurance. At the same time, the decline was in all classes, except for MTPL and Green Card segment, as data from the National Bank of Ukraine show.
MTPL market in Ukraine in January-June 2022 decreased by 13.4% to UAH 2.9 billion (~EUR 93.91 million). At the same time, insurance companies-members of the MTIBU (Motor Transport Insurance Bureau of Ukraine) concluded 28.1% fewer MTPL agreements than a year earlier for the same period, Forinsurer wrote.
At the XIII Congress of the League of Insurance Organizations of Ukraine, a new President of the LIOU Viktor BERLIN, who previously held the position of General Director of the GUARDIAN insurance company and was a Member of the National Financial Services Commission in 2012-2014, was elected, Forinsurer reports.
The volume of net premiums of Ukrainian insurers in January-June 2022 decreased from UAH 23.5 billion to UAH 17.7 billion/~EUR 0.57 billion (-24.6% y-o-y). UAH 2.22 billion were ceded to reinsurance, Forinsurer wrote, citing data from the National Bank of Ukraine.
GWP under Green Card policies in Ukraine in January-July 2022 increased by 2.15 times compared to the same period in 2021 to UAH 2 billion (~EUR 52.85 million), Forinsurer wrote.
The insurance sector of Ukraine ended the first quarter of 2022 with a decrease of 19% y-o-y, total GWP amounted to UAH 9.52 billion (EUR 292.15 million). The decline was recorded by both non-life insurance (more than 21%) and life insurance (by almost 3%), as shown by data published by the National Bank of Ukraine.
Shareholders of the VUSO insurance company (one of the top-10 in Ukraine) completed acquisition of UASK ASKA (operating under ASKA brand) in order to create a major player in the insurance market with Ukrainian capital, Forinsurer reports.
Insurers - full members of the MTIBU, who have the right to conclude international Green Card insurance contracts, will offer car owners an opportunity to conclude such contracts in electronic form from September 1, according to a press release from the MTIBU.
In the first half of 2022, the number of Green Card policies concluded in Ukraine more than doubled (+119%), exceeding the corresponding period in 2021, amounting to 720,000 units. This figure has almost reached the level of the first half of the "pre-COVID" 2019, according to a press release from the MTIBU (Motor Transport Insurance Bureau of Ukraine).
In August 2022, Olga MAKSIMCHUK voluntarily completed her work at the National Bank of Ukraine (NBU) as Director of the Department for Supervision of the Non-Banking Financial Services Market,
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has increased the cost of Green Card policies for those traveling abroad by 26.3% effective July 26, 2022. At the same time, the cost of these policies last changed on July 18, 2022, downward by 4.4%, Forinsurer wrote.
From January to May 2022, MTPL market in Ukraine decreased by 18.24% to UAH 2.218 billion (~EUR 70.10 million). In the first 5 months of the year, MTIBU member insurance companies concluded 32.25% fewer MTPL contracts than in the same period a year earlier, Forinsurer wrote.
Effective July 26, 2022, Sergiy SAVCHUK has been appointed to the position of Director of the Department of Methodology for Regulating the Activities of non-banking Financial Institutions at the National Bank of Ukraine (NBU), Forinsurer reports.
Ukraine's insurance market grew by 8.2% to UAH 48.9 billion (EUR 1.58 billion) in 2021, with life insurance accounting for UAH 5.9 billion and non-life insurance - UAH 43 billion, as data, published by the National Bank of Ukraine, show.
The National Bank of Ukraine (NBU) published a report on the non-banking sector for 2021, comprising 4Q2021 data on the insurance sector. The report is based exclusively on those insurers that submitted reports to the NBU as of May 16, 2022 (90% of non-life insurers and all life insurers).
The MTIBU decided not to collect recourses in a judicial or pre-trial order from the military personnel of the Armed Forces of Ukraine in the event that they cause car accidents without a valid MTPL policy, compensation to the victims will be paid out from the MTIBU Victim Protection Fund, according to a press release from the Bureau.
The Insurance Business Association, together with the League of Insurance Organizations of Ukraine, have developed ideas for the so called "Marshall Plan", a set of measures to help firms get back on their feet, and urged the National Bank of Ukraine (NBU) to support them, according to the article prepared by MTIBU and the Association for insuranceerm.com.