UKRAINE: in 1Q2024 TAS ranks first on the market in terms of paid claims

14 May 2024 — Marina MAGNAVAL
In 1Q2024, the TAS group, which is one of the top-3 market leaders, increased its sales by 45.7% y-o-y, to UAH 961.21 million (~EUR 22.72 million), Forinsurer writes.

Motor insurance increased by 28.8%, to UAH 179.2 million, which is equal to 18.64% of all premiums collected by the company during the first three months. The share of MTPL in the insurer's portfolio amounted to 29.81% (UAH 286.58 million, +36.9%). At the same time, premiums collected on Green Card policies increased even more - by 93.9%, to UAH 288.89 million, which is 30.06% of all company’s GWP for 1Q2024.

The company once again took first place in the MTPL market in terms of GWP and paid claims. Based on 1Q results, TAS confirmed its leadership in sales of Green Card policies – its GWP in the segment is 75% higher than that of the company that ranks second.

In total, TAS took second place in the market in terms of GWP collected over the first three months, once again significantly reducing the gap from the current leader.

Based on 1Q results, according to NASU (National Association of Insurers), TAS group ranks first in the market in terms of paid claims. Thus, for three months since the beginning of the year, TAS paid a total of UAH 465.9 million (+50.8%, ~EUR 11.01 million), which is the highest result on the market in the reporting period.

Over a quarter of the insurer's paid claims (27.54%) came from Motor Hull – UAH 128.31 million, which is 33% higher y-o-y. In MTPL TAS paid UAH 165.21 million to victims in January–March, which is 35.46% of its total paid claims and 40.1% more y-o-y.

Paid claims on Green Card policies increased even more significantly (+62.6%), reaching UAH 88.12 million, which is 18.91% of the company’s total payments.

*EUR 1 = UAH 42.31 (31.03.2024)