STATISTICS: UKRAINE, 3Q2022: the insurance market shrank by 25%

15 December 2022 —
STATISTICS:  UKRAINE, 3Q2022: the insurance market shrank by 25%
Insurance companies of Ukraine in January-September 2022 collected UAH 28.57 billion (EUR 803.51 million) of insurance premiums and paid out UAH 9.50 billion (EUR 267.21 million), which is respectively 25% and 29% less y-o-y in local currency, according to data from the National Bank.

Over 40% of the market premium portfolio is traditionally occupied by motor insurance (MTPL, Motor Hull and Green Card summed). During the period of military aggression, the share of these types of insurance in the portfolio increased. The Green Card segment became the insurance business support driver, while the other segments recorded a drop in volumes.

By the end of September, the assets of insurers rose to UAH 71 billion, although from June last year to June this year they were at the level of about UAH 65.5 billion. In addition, in 3Q2022, insurance reserves rose to UAH 39.9 billion vs UAH 36.4 billion in the middle of this year and UAH 35.6 billion in September last year.

Total number of insurance companies in Ukraine in the third quarter did not change - 137, of which 124 are non-life insurers and 13 are life insurers. Among insurers in the overall ranking in terms of premiums, USG is the leader (UAH 2.27 billion), occupying about 8% of the market, followed by ARX and UNIQA.

"The insurance market is working. The war has become a catalyst that showed the real situation of each insurer. Financially stable companies continue their activities and are being tested by the war", said the head of the NBU, Andriy Pyshny. According to him, such insurers have established their operational activities, remote settlement of losses, and even increased their liquidity (placed funds in banking institutions), invest in military bonds, and support the state, he explained.

Access and download the latest statistics of the Ukrainian insurance market for 3Q2022.