STATISTICS: UKRAINE, 1H2021: insurers' business grew by almost 18% y-o-y

7 September 2021 —
STATISTICS:  UKRAINE, 1H2021: insurers' business grew by almost 18% y-o-y
The insurance market in Ukraine in 1H2021 grew by 17.9% to UAH 24.8 billion (EUR 767.13 million). At the same time, net premiums increased by 25.6% to UAH 23.5 billion, according to the data published by the National Bank of Ukraine (NBU).

As of June 30, 2021, total balance assets of Ukrainian insurers amounted to UAH 65.2 billion (vs UAH 61.9 billion a year earlier). The NBU reports that in the first half of the year total amount of insurance reserves increased by 11.7% to UAH 35 billion.

The number of insurance contracts concluded in the first six months of the year increased by 9.1% and amounted to 63.2 million units.

In the second quarter, the loss ratio increased for both voluntary and compulsory types of insurance. For compulsory types of insurance, the loss ratio is traditionally higher, including for MTPL it is 56%.

Gross paid claims for January-June 2021 increased by 27.3% to UAH 8.7 billion. The level of gross paid claims grew from 32.5% to 35.1%. At the same time, net paid claims amounted to UAH 8.55 billion, which is 28.8% more than in the first half of 2020.

Life insurers in 1H2021 expanded their GWP by 17.6% to UAH 2.7 billion. At the same time, in accumulative life insurance GWP reached UAH 1.77 billion, and paid claims amounted to almost UAH 297 million, while in other life insurance, which includes bancassurance and critical illnesses, GWP reached UAH 733 million and paid claims - UAH 68 million. Total number of life insurers in Ukraine as of June 30, 2021, was 20. According to Insurance TOP magazine for January-June 2021, TOP-3 largest life insurers generated 59.3% of GWP in the life insurance market, as well as 72% of all life paid claims.

According to the NBU, total number of insurance companies in Ukraine as of June 30, 2021, was 181, while on the same date a year earlier there were 215, including 19 life insurance companies (20). At the same time, only 166 insurance companies submitted reports on their activities to the regulator.

The non-life ranking is headed by ARX with a share of 7.17%. UNIQA and TAS are also in the top three. At the same time, METLIFE is the leader among life insurers, its share in life GWP exceeds 35%.

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