A brief overview of the ukranian insurance market
2023
Insurance premiums NON-LIFE
- Insurance premiums for risk insurance amounted to UAH 41.8 billion, which is 20% more than in 2022. At the same time, it is only 5% less than the “pre-war” 2021.
- As for NAIU participants, they traditionally demonstrate active growth. In 2023, the amount of premiums collected amounted to UAH 27.8 billion, which is 12.4% more than in 2022, and only 0.1% less than in “pre-war” 2021.
- In general, NAIU members continue to hold leadership positions in the insurance market, which is confirmed by their market share in the main types, namely: about 70% in motor types of insurance, and 83% in health insurance.
NON-LIFE rating for 2023
Insurance premiums
Claims paid NON-LIFE
- Claims paid increased by almost 29% compared to 2022. At the same time, the amount of payments for 2023 is only 9% less than in “pre-war” 2021.
- The largest share of insurance payments traditionally falls on “motor insurance” (UAH 10.5 billion) and Health insurance (UAH 3.2 billion).
- Claims paid for risk types of insurance in 2023 amounted to UAH 15.6 billion. Of these, more than UAH 11.0 billion (or 70.5%) were paid by NAIU members.
NON-LIFE rating for 2023
Claims paid
Useful observations NON-LIFE
Property insurance (property individuals) – increasing premiums + 43%, contracts + 357 648 pcs Real estate insurance, including against “war risks”, is a trend that persists throughout the year
Motor Casco (cars of individuals) – premiums + 33%, contracts + 181 133 pcs – a significant increase in the number of concluded contracts with individuals indicates a growing demand for insurance programs, including those with coverage of “war risks”
Green card – premiums + 25,4%, contracts – 29 295 pcs –the smallest increase in premiums during 2023 (2022/2021 change in premiums +124.7%) indicates the stabilization of migration processes
Insurance premiums LIFE
- The life insurance market, unlike risk insurance, recovers and grows at a slower pace. Thus, life insurance premiums for 2023 increased by 7% compared to 2022.
- NAIU members, traditionally, as in risk insurance, recover faster. So, for 2023, premiums increased by 8%.
LIFE rating for 2023
Insurance premiums
Claims paid LIFE
- Claims piad are growing at a much faster rate, and by the end of 2023 they amounted to UAH 1,266.8 million, of which UAH 1,199.5 million, or 94.7%, were paid by NAIU members. The increase in claims paid by NAIU members compared to 2022 is 45.6%.
- In the IV quarter of 2023, insurance payments amounted to UAH 372.5 million, which is again the largest indicator of quarterly insurance payments in the last 3 years, including “pre-war” 2021.
LIFE rating for 2023
Claims paid
Useful observations LIFE
- The share of NAIU members in the life insurance market by almost all indicators is more than 80%.
- According to the data of PDMA exchange participants, the growth of new contracts on “risk insurance” (without the accumulative component) is 14.1%. At the same time, last year this indicator showed a decline of 44%.
- Premiums for long-term savings insurance have continued to show a steady upward trend despite the ongoing war.
- Payments of redemption sums among PDMA exchange participants decreased by 13%, which is a positive trend in general for the life insurance market.
- In contrast to 2022, 2023 showed an increase in the number of insured persons under long-term accumulative insurance.
Insurance rating for 2023
Other indicators
The market review was prepared by NAIU using data published by the National Bank of Ukraine and using data from the PDMA information exchange.
The use of the market review or its parts, ratings (including their elements), visualizations (including their elements) posted on this website without reference to NAIU is prohibited.