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
Based on the results of 3Q2023, MetLife once again confirmed its leadership in the life insurance market in terms of GWP, paid claims, number of insured persons, as well as in terms of financial stability - assets and insurance reserves, Forinsurer wrote.
The insurance market of Ukraine in January-September 2023 recorded an increase of 19.49%. Total GWP reached UAH 34.14 billion (EUR 885.55 million), according to data published by the National Bank (NBU).
The insurance company VUSO (one of the TOP 10 insurers in Ukraine) collected premiums worth about UAH 2 billion (~EUR 51.04 million) in January-September 2023, which is 64.4% more y-o-y, Forinsurer reports.
In terms of the number of MTPL contracts, concluded for the third quarter of 2023, the TOP 3 includes ORANTA, TAS and Knyazha Vienna Insurance Group. In terms of collected GWP, TAS ranks first, as MTIBU (Motor (Transport) Bureau of Ukraine) reports in its press release.
Based on the 3Q2023 results, 16 insurers out of 35 MTIBU-members (Motor (Transport) Insurance Bureau of Ukraine) have the highest ratings based on all indicators of the bureau’s report. Only 3 insurance companies received a low rating for the “Quality of claim settlement”, Forinsurer reports.
MTIBU reported that for January-September 2023, over 5.7 million MTPL contracts were concluded, which is 9.3% more y-o-y. However, it still remains 15.7% lower than in the first 9 months of pre-war 2021, according to a press release from MTIBU.
For 9M2023, MTIBU made over 5.6 thousand payments from the Bureau’s Victim Protection Fund for a total amount of UAH 326.6 million (~EUR 8.33 million), which is 4.8% more compared to 2021 number-wise, and 61.6% more amount-wise.
MTIBU (Motor (Transport) Bureau of Ukraine) has concluded a Memorandum of Partnership with all local professional associations of insurers: the National Association of Insurers of Ukraine, the Insurance Business Association, and the League of Insurance Organizations of Ukraine, according to a press release from MTIBU, according to the MTIBU press release.
ARX, one of the top non-life insurers in Ukraine, collected almost UAH 2.8 billion (EUR 71.46 million) for 9 months of 2023, which is 41% more y-o-y. The company's paid claims exceeded UAH 988 million (+27%), and the number of contracts increased by 102%, Forinsurer reports.
Euroins Ukraine, a subsidiary of the European insurance group Euroins Insurance Group (EIG), collected UAH 408 million (~EUR 10.41 million) for the first 9 months of 2023, which is 22% more y-o-y, Forinsurer reports.
The TAS insurance group, companies of which are among the top 20 insurers in Ukraine, collected UAH 2223.12 million (~EUR 55.35 million) of GWP for 8 months of this year, which is 48.5% more y-o-y, Forinsurer writes.
Since September 2023, insurance companies Euroins Ukraine and European Travel Insurance have ceased their participation in the National Association of Insurers of Ukraine (NASU). Both companies left NASU by decision of European shareholders, Forinsurer reports.
According to the 1H results, VUSO insurance company (one of the top 10 insurers in the country) collected premiums in the amount of UAH 1.18 billion (EUR 29.71 million), which is 79% more y-o-y in local currency, Forinsurer writes citing the National Bank data.
According to the National Bank of Ukraine (NBU), in 2Q2023 the non-bank financial sector of Ukraine underwent a variety of changes, with the majority of sectors reporting a growth of their assets, Interfax reports, citing the NBU’s non-bank financial sector review.
The insurance market of Ukraine in 1H2023, according to data published by the National Bank (NBU), saw an increase of 21.33%. The total GWP increased to UAH 21.35 billion (EUR 533.86 million).
The MTPL market in Ukraine in January-June 2023 grew by 32.3% y-o-y, amounting to UAH 3.8 billion (~EUR 94.81 million), Forinsurer writes according to the MTIBU report.
In 1H2023, total GWP of ARX and ARX Life (among top 5 insurers in Ukraine) exceeded UAH 1.8 billion, (~EUR 44.91 million) which is 40% more y-o-y. At the same time, total profit of the two companies amounted to UAH 345.4 million, Forinsurer reports.
The MTPL market in Ukraine from January to June 2023 grew by 32.3% y-o-y. According to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine), Ukrainian insurers increased MTPL GWP to UAH 3.8 billion (~EUR 94.81 million), including on e-policies to UAH 2.78 billion (+48.1%), Forinsurer reports.
According to the 1H results, the MTIBU (Motor (Transport) Insurance Bureau of Ukraine) made almost 4,000 payments from the Bureau's Victim Protection Fund for a total of UAH 225 million (~EUR 5.61 million), as the Bureau stated in its press release.
The national nuclear energy generating company Energoatom and the insurance company Pervaya, on behalf of the Nuclear Insurance Pool of Ukraine, signed an agreement on compulsory insurance of civil liability for nuclear damage worth UAH 146.9 million (~EUR 3.65 million), Forinsurer reports citing Interfax-Ukraine.