Climate: - temperate continental; - Mediterranean only on the southern Crimean coast; - precipitation disproportionately distributed, highest in west and north, lesser in east and southeast; - winters vary from cool along the Black Sea to cold farther inland; - summers are warm across the greater part of the country, hot in the south.
Macro indicators
* 2018 estimates
Surface:
603,628
km2
Population*:
42.1
million
Pop. density*:
69.7
people/km2
GDP*:
106.9
EUR billion
GDP/capita*:
2,541.1
EUR
Currency: Hryvnia Code: UAH Since: 1996
Insurance market portfolio * 2018 estimates
TOTAL LIFE*:
8
%
TOTAL NON-LIFE*:
92
%
Overall Property*:
22
%
Overall Motor*:
27
%
Sources: Starting July 1st, 2020, the National Bank of Ukraine took over all activities of financial market regulator, the State Commission for Regulation of Financial Services of Ukraine
According to the MTIBU (Motor Transport Insurance Bureau of Ukraine), in the third quarter of 2020, the number of concluded MTPL agreements reached 2.24 million units, which is 8.7% more y-o-y. At the same time, collected GWP amounted to UAH 1.65 billion (+30%) (~EUR 49.75 million*), according to the Bureau's website.
MTIBU (Motor Transport Insurance Bureau of Ukraine) entered the most prestigious rating of TOP-25 innovative companies in Ukraine for the first time. The rating was carried out by the authoritative business publication "Vlast Deneg". MTIBU is the only insurance organization included in the rating, the Bureau reports.
From January to September 2020, total GWP of ARX and ARX Life amounted to UAH 2.2 billion (~EUR 66.33 million*), which is 17% more y-o-y, while total net profit of the two companies reached UAH 308 million (+168% y-o-y), as Forinsurer reported.
From January to September 2020, the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) paid UAH 12.2 million (~EUR 0.36 million*) from the Victim protection fund to the victims of road traffic accidents-clients of bankrupt insurers, as MTIBU said in its press release.
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) introduces new tariffs for Green Card insurance for travelling abroad by car, effective from October 19, OPEN4BUSINESS.COM.UA informed with reference to the Bureau.
According to the data for 1H2020, published by the National Bank of Ukraine, the market decreased by 23% y-o-y, to UAH 21 billion (EUR 701.43 million). At the same time, the downtrend was observed only in the non-life sector, while life insurance recorded an increase of almost 10%.
According to the results for 9 months of 2020 in Ukraine, the number of payments by the MTIBU Fund of protection of victims for uninsured drivers, responsible for road accidents, increased by 22% y-o-y while the amount of payments - by 23.5% y-o-y, MTIBU reported.
ARX insurance company, which is among TOP-3 non-life insurers in Ukraine, and the country's largest automotive media resource InfoCar announced a global partnership to make motor insurance more understandable and affordable, which also includes development and promotion of new products and online services, Forinsurer reports.
The number of traffic accidents in the country in 1H2020 amounted to 72.4 thousand, which is 1% less y-o-y, and the number of traffic accidents with injured decreased by 4%, to 11.2 thousand, while the mortality rate is 9.1 people per 100 thousand population, according to the press-release of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
For the period from January to June 2020, GWP under Green Card policies, issued by members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) decreased to UAH 0.56 billion (~EUR 18.8 million*), which is 36.37% less y-o-y, Forinsurer reports.
UNIQA Ukraine insurance group, which includes UNIQA and UNIQA Life, received net profit before tax in the amount of UAH 324.5 million (~EUR 29.86 million*) in the first half of 2020, more y-o-y, as Forinsurer reports.
The number of MTPL contracts concluded in 2Q2020 amounted to 2.26 million units, which is almost at the same level as the prior year. MTPL GWP reached UAH 1.6 billion (~EUR 53.9 million*), which in local currency is 19.9% more y-o-y, as Motor (Transport) Insurance Bureau of Ukraine (MTIBU) informed on its website.
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.
In July 2020, ARX Life is celebrating 7 years of its operations on the Ukrainian insurance market. The company provides life insurance services to both corporate and individual clients. During its work, ARX Life joined TOP-10 largest life insurers in the country, Forinsurer reports.
In January-June 2020, MTIBU (Motor (Transport) Insurance Bureau) made payments from the guarantee funds of the Bureau in the total amount of UAH 104.3 million (~EUR 3.49 million*).
For the first half of 2020, the number of e-MTPL policies exceeded 1.3 million units, which is 224% more y-o-y. GWP under these e-contracts amounted to UAH 1.12 billion/~EUR 37.5 million* (+228% in local currency), as the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) said in its press release.
From 2015 to 2019, the claims volume paid by local MTPL insurers to the victims of road accidents amounted to almost UAH 9 billion (~EUR 0.34 billion), according to MTIBU's (Motor Transport Insurance Bureau of Ukraine) analysis of the MTPL market dynamics.
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