Traditionally, the National Bank of Ukraine today presented its prepared Review of the Non-Banking Financial Sector for 2023.
In the review, the NBU noted that during the last quarter, gross premiums from non-life insurance decreased by 2% compared to the third quarter, but increased by 17% compared to the fourth quarter of 2023. Payouts increased by 15% quarter-on-quarter and by 39% year-on-year. Premiums for life insurance saw significant growth both quarterly and annually: by 22% and 19% respectively. At the same time, payout volumes increased significantly: by 19% quarter-on-quarter and by 41% year-on-year.
The National Association of Insurers of Ukraine has prepared its own observations on trends and activities of insurers in the Short Overview of the Insurance Market for 2023. Analyzing 2023, NAIU can say that despite all the challenges and risks faced by insurers, the insurance market demonstrates resilience and gradual recovery. Only 5% separate the non-life insurance market from the premiums of the “pre-war” 2021. And NAIU member insurers in 2023 were just 0.1% short of the premiums of 2021.
The insurance market shows positive trends across various indicators observed throughout the year. This includes an increase in the number of insured persons and insurance payments, a decrease in redemption payouts, and an increase in new business volume.
The indicators, trends, and highlights collected through our PDMA. The review can be downloaded here, or viewed in the images.
Also, we would like to remind you that you can independently explore indicators, trends, and dynamics, make comparisons, and make informed choices here.
