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.