A brief overview of the ukranian insurance market
9 months 2023
Insurance premiums NON-LIFE
- Non-life insurance premiums amounted to UAH 30.5 billion, which is almost 22.0% more than in the same period in 2022, however, this result is still worse than in the 9 months of “pre-war” 2021 by 9.8%, but the trend towards growth is maintained.
- As for the NAIU members, traditionally our participants demonstrate active recovery. For 9 m 2023, the amount of premiums collected amounted to UAH 20.4 billion, which is 15% more than in the same period in 2022.
- In general, the majority of insurers participating in the NAIU continue to increase volumes, which is confirmed by the market share in terms of growth drivers, namely about 70% for motor types and 84% for health insurance
NON-LIFE rating for 9 months 2023
Insurance premiums
Claims paid NON-LIFE
- Claims paid increased by 25.2% compared to the same period in 2022, but the market has not yet reached pre-war levels
- The largest share of insurance payments naturally falls on Motor Casco (UAH 3.4 billion), OMTPL domestic (UAH 2.7 billion) and Health insurance (UAH 2.2 billion)
- Claims paid for non-life insurance for 9 m 2023 amounted to UAH 11.1 billion, of which UAH 7.8 billion (or 70.2%) were paid by NAIU participants
NON-LIFE rating for 9 months 2023
Claims paid
Useful observations NON-LIFE
Property insurance (individual) – premiums + 242,8 millions UAH – real estate insurance against war risks, a trend that continues throughout the year
Liability (general) – premiums + 50,9 millions UAH (+8,2%) – for the first time in 9 months of 2023, an increase in premiums is recorded, which may indicate a gradual recovery of international reinsurance programs
- Green Card – premiums + 36% – the smallest increase in 2023 compared to previous reporting periods, which may be due to a slowdown in emigration processes
Insurance premiums LIFE
The life insurance market, unlike non-life insurance, is recovering at a slower pace.
Thus, life insurance premiums for 9 m 2023 increased by 2.8% compared to the same period in 2022.
LIFE rating for 9 months 2023
Insurance premiums
Claims paid LIFE
- Claims paid are growing at a slightly faster pace, and as of 30.09.2023 amounted to UAH 894.3 million. In the third quarter of 2023 – UAH 318.2 million, which is the largest indicator of quarterly claims paid over the past more than 2 years, including the pre-war 2021 year.
- The share of NAIU participants in the indicators of the life insurance market in all indicators is more than 80%
- According to PDMA exchange participants, the increase in new clients for endowment insurance shows an increase of 27.5% compared to the same period in 2022.
LIFE rating for 9 months 2023
Claims paid
Useful observations LIFE
The share of NAIU participants in the life insurance market exceeds 80% in almost all indicators.
According to data from PDMA exchange participants, the growth of new contracts in “risk insurance” (without a savings component) amounts to 14.1%. Last year, this indicator showed a decline of 44%.
Premiums for long-term savings insurance continue their stable upward trend despite the ongoing war.
Surrender payouts among PDMA exchange participants have decreased by 13%, which is a positive trend for the life insurance market overall.
Unlike in 2022, the year 2023 showed an increase in the number of insured individuals under long-term savings insurance.
Insurance rating for 9 months 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.