UKRAINE: Total amount of remuneration to intermediaries in 1Q exceeded UAH 2.8 billion

15 June 2023 —
The expenses of Ukrainian insurance companies related to conclusion and renewal of non-life insurance contracts (acquisition costs) for 1Q2023 amounted to UAH 2.58 billion, including remuneration to agents of UAH 2.37 billion, Forinsurer reports.

Life insurers' acquisition costs amounted to UAH 401.5 million, including UAH 389.5 million of remuneration to agents. Total amount of remuneration to insurance agents, banks, and other intermediaries for the first three months, including life and non-life insurance, exceeded UAH 2.8 billion (~EUR 70.38 million) or almost 31%.

Acquisition costs for renewal and conclusion of new contracts amounted to 33% in non-life insurance (remuneration to agents on average - 30%), and for life insurance contracts - 36.5% (remuneration to agents - 35.4%).

Advertising and marketing expenses in the first quarter of 2023 amounted to UAH 31 million.

*1 EUR = 39.7812 UAH (March 31st, 2023)