STATISTICS: UKRAINE, 3Q2023: non-life insurance generates almost 90% of market premiums

5 December 2023 — Marina MAGNAVAL
STATISTICS:  UKRAINE, 3Q2023: non-life insurance generates almost 90% of market premiums

The insurance market of Ukraine in January-September 2023 recorded an increase of 19.49%. Total GWP reached UAH 34.14 billion (EUR 885.55 million), according to data published by the National Bank (NBU).

About 90% of the market portfolio is generated by non-life insurance, while life insurance brought in only UAH 3.56 billion over 9 months.

The total liabilities of Ukrainian insurers exceeded UAH 75 billion. The number of insurance contracts concluded for the period from January to September amounted to 73.35 million units.

Paid claims for 9M2023 amounted to UAH 12 billion (EUR 311.96 million), of which UAH 6.5 billion were paid to individuals. The level of paid claims was 35.7%. The largest share in paid claims is occupied by Motor Hull and MTPL, and in life insurance – by accumulative insurance.

Total assets of insurers as of September 30, 2023, increased to UAH 73.4 billion. Total equity decreased to UAH 22 billion. Total insurance reserves increased to UAH 44.9 billion.

According to the NBU, there are 99 non-life insurers left on the insurance market (about 50 companies are active in the market - with paid claims of over UAH 1 million) and 12 life insurers (8 companies are active in the market). The leader in terms of GWP is ARX (UAH 2.75 billion), while the leader of 3Q2022 USG moved to 4th place. The TOP-3 also include TAS Life and UNIQA.

Access xprimm.com and download the latest statistics of the Ukrainian insurance market for 3Q2023 in EUR and UAH.


 

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