STATISTICS: UKRAINE, 1Q2020: GWP reduction and paid claims grew at a similar pace — over 13% y-o-y

30 July 2020 — Marina MAGNAVAL
In 1Q2020, the insurance sector of Ukraine decreased by 13.37% y-o-y in local currency, to about UAH 11.55 billion (~EUR 373 million*). At the same time, the market paid claims recorded similar growing dynamics, recording an increase by 13.25 y-o-y, the data published by the National Commission for Financial Service Markets shows.

Non-life insurance declined by more than 16% y-o-y, facilitated by a decrease in voluntary classes, where the most significant negative dynamics was observed in property insurance, civil liability, cargo insurance and financial risks. Mandatory insurance, on the contrary, grew slightly (+4.53%), however, its market share was not that big just over 17%.

Market total paid claims increased to UAH 3.75 billion, and their growth was recorded by almost all LoBs, with exception of only a few. It's worth noting that paid claims of life insurance remained at the level of 1Q2019 (decreasing by only 0.16%).

TOP-5 non-life insurers occupied over a quarter of the non-life market portfolio. The non-life sector leader in terms of GWP was UNIQA (UAH 646.24 million), followed by ARX and TAS. The life insurance market was led by METLife (UAH 351.47 million), UNIQA Life and PZU Ukraine Life.

For the following exchange rates:
1 EUR = 30.567665 Hryvnia UAH (March 31st, 2019)
1 EUR = 30.9617 Hryvnia UAH (March 31st, 2020)

Access and download the latest Ukrainian insurance market statistics - market portfolio and ranking of TOP-insurers (in EUR and UAH).

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