The insurance market of Ukraine in 1H2023, according to data published by the National Bank (NBU), saw an increase of 21.33%. The total GWP increased to UAH 21.35 billion (EUR 533.86 million).

Stagnation was observed in life insurance, the sector didn’t show any growth in local currency, while non-life insurance grew by 24%, taking over 89% of the market premium portfolio. The total liabilities of Ukrainian insurers exceeded UAH 49 billion, and the number of insurance contracts concluded in the first six months reached about 40.8 million units.

According to the NBU, the number of companies decreased over the year - by the end of August, 109 insurers remained on the insurance market: 99 non-life insurers (about 50 companies actively operating in the market - with paid claims of more than UAH 1 million) and 11 life insurers (10 companies actively working on the market). 13 insurance companies were excluded from the state register during the first half of the year.

The total assets of the insurance sector, according to the NBU, increased from UAH 65.7 billion to UAH 70.8 billion. Insurance reserves increased from UAH 36.6 billion to UAH 42.5 billion.

Paid claims in the first half of the year amounted to UAH 7.81 billion, of which UAH 4.1 billion were paid to individuals. The main share of non-life paid claims falls on Motor Hull and MTPL, while in life - on accumulative insurance.

In terms of GWP in the overall ranking, ARX leads with a market share of 8%, followed by UNIQA with a small margin, and USG (leader of the first half of 2022).

Access xprimm.com and download the latest Ukrainian insurance market statistics for 1H2023 in UAH and EUR.