Ukraine's insurance market grew by 15.53% to UAH 54.31 billion (EUR 1.23 billion) by the end of 2024, including UAH 5.72 billion in life insurance and UAH 48.59 billion in non-life insurance, according to data published by the National Bank (NBU).

The largest share of life insurance premiums came from savings programs, the volume of which was twice as large as premiums in risk life insurance. In the life insurance segment, MetLife collected almost half of all premiums.

Paid claims on the market increased in both segments, amounting to UAH 20.86 billion (EUR 474.92 million) in total. In life insurance, insurers paid out UAH 1.45 billion, while in non-life insurance, paid claims reached UAH 19.40 billion.

The net financial result of Ukrainian insurers in 2024 increased from UAH 2.44 billion to UAH 3.95 billion. Assets of non-life insurers amounted to UAH 46.1 billion (+11% y-o-y), and assets of life insurers reached UAH 26.7 billion (+14%), according to the NBU non-banking financial sector review.

Total net profit of non-life insurers in 2024 amounted to UAH 2.5 billion, which is 31% more y-o-y. Return on equity increased to 14%. Profit in the life insurance segment doubled - to UAH 1.4 billion, mainly supported by one large player (MetLife). The ROE level remained almost unchanged at 19%.

The number of insurance companies in Ukraine decreased during the year, as 36 companies left the market, of which 34 worked in non-life insurance segment. This contributed to further market concentration: the share of the five largest risk insurers by GWP increased from 39% to 42%, and the TOP-10 - from 65% to 71%. In the non-life insurance segment, the leader is TAS Group, followed by ARX and UNIQA. While the life insurance ranking is headed by MetLife (49% share).

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