Brief overview of ukranian insurance market
2024
Insurance premiums NON-LIFE
Premiums for risk insurance amounted to UAH 47.3 billion
Market premiums increased by 13.2% compared to 2023
Premiums of NAIU participants amounted to UAH 35.1 billion
Premiums of NASU participants increased by 25.6% compared to 2023
Motor insurance accounts for 62.3% of the market structure, while nearly 23% comes from health insurance
The market share of NAIU participants in motor insurance exceeds 74%, and in health insurance, it is over 80%
The concentration of premiums among the top 10 insurers has exceeded 71%, with all of the top 10 insurers being NAIU participants
NON-LIFE rating for 2024
Insurance premiums
Claims paid NON-LIFE
Claims paid for risk insurance amounted to UAH 19.0 billion
Insurance payouts increased by nearly 24% compared to 2023NAIU participants paid out over UAH 14 billion, accounting for more than 74% of all claims paid
Insurance payouts by NAIU participants increased by 31.2% compared to 2023
The largest share of insurance payouts traditionally falls on motor insurance – UAH 12.9 billion or 68.1%, and health insurance – UAH 4.7 billion or 24.0%
The top 10 insurers accounted for 74% of all claims paid in 2024, with 9 out of these 10 insurers being NASU participants
NON-LIFE rating for 2024
Claims paid
Useful observations NON-LIFE
Motor insurance – The most popular sales channel remains the agent network, which accounted for over 63% of premiums in 2024
Admissible assets – In the structure of insurers’ admissible assets (to maintain an adequate level of solvency), government securities continue to hold a significant share, amounting to UAH 22 billion or 33.6%. The second-largest category is bank deposits, totaling UAH 21.6 billion or 32.9%
- “Health insurance” – the trend of increasing insurance payouts continues, driven by the rising frequency of insurance claims, the growing cost of medical services, and the increasing cost of medications
MTPL (Compulsory Motor Third Party Liability Insurance) – Demonstrated a growth of over 20% in insurance premiums and an increase of more than 400,000 insurance contracts. The highest surge in premiums and contracts was observed in December 2024 (compared to December 2023: +90% in premiums and +64.2% in contracts), driven by the enactment of a new law
Insurance premiums LIFE
- Life insurance premiums amounted to UAH 5.7 billion
- The life insurance market premiums grew by nearly 11% compared to 2023.
- NAIU participants’ premiums increased by 12.8%, reaching UAH 5.2 billion
- NAIU participants accounted for 91.4% of all collected premiums
LIFE rating for 9 months 2024
Insurance premiums
Claims paid LIFE
- As of the end of 2024, payouts amounted to UAH 1,458 million, which is 15% more than in 2023
Insurance payouts by - NAIU participants totaled UAH 1,377 million, nearly 15% higher than the same period last year, accounting for almost 94% of all life insurance market claims paid
- As of the end of 2024, the redemption claims amounted to UAH 354.4 million, representing a 41% increase compared to 2023
LIFE rating for 2024
Claims paid
Useful observations LIFE
49.1% – market share of a single insurer
According to NAIU participants, periodic premiums (“active business”) increased by nearly 23%, indicating customer trust in the life insurance market
More than 78% of life insurance market premiums came through the agent network, making it the most popular sales channel
31.2% – for contracts without a savings component.
68.8% – for contracts with a savings component (classic life insurance).The distribution of premiums between savings and risk-based life insurance is as follows:
The distribution between “new” and “active” business is:
24.4% – new contracts.
75.6% – active contracts.
The claimspaid distribution in classic life and risk-based life insurance aligns with the premium distribution
As of 2024, the growth of life insurance premiums in classes 1 and 2 continues. Premiums for these classes have already reached nearly UAH 13 million
Insurance rating by lines of business for 2024
Insurance premiums
| Rating position | IC | Premiums |
|---|---|---|
| #1 | UNIQA | 1.672.061.727,60 |
| #2 | UNIVERSALNA | 981.609.177,06 |
| #3 | VUSO | 909.745.090,34 |
| #4 | INGO | 822.599.618,17 |
| #5 | IG TAS | 623.952.795,05 |
| #6 | USG | 455.669.166,50 |
| #7 | ARX | 446.766.922,10 |
| #8 | PZU | 372.829.776,71 |
| #9 | ARSENAL IC | 359.083.000,00 |
| #10 | ICCREDO | 263.321.686,83 |
| #11 | KNIAZHA VIG | 258.758.446,69 |
| #12 | IC Transmagistral | 252.286.890,28 |
| #13 | Krayina | 201.664.667,04 |
| #14 | Colonnade Ukraine | 173.074.321,79 |
| #15 | Euroins Ukraine | 137.288.790,42 |
| #16 | European Insurance Alliance | 131.521.600,00 |
| #17 | IC Persha | 129.293.526,66 |
| #18 | UPSK | 85.626.694,03 |
| #19 | ORANTA | 73.347.612,34 |
| #20 | IC BROKBUSINESS | 62.847.456,73 |
| #21 | INTEREXPRESS | 59.583.000,00 |
| #22 | GUARDIAN IC | 40.538.471,46 |
| #23 | IC ULTRA ALLIANCE | 32.012.592,20 |
| #24 | European Travel Insurance | 31.404.000,00 |
| #25 | INTER-POLICY | 27.629.000,00 |
| #26 | ETALON | 16.871.000,00 |
| #27 | IC ARSENAL | 16.616.579,46 |
| #28 | INIC | 14.353.186,05 |
| #29 | IC Misto | 13.350.000,00 |
| #30 | IC CARDIF | 12.691.105,23 |
| #31 | EXPRESS INSURANCE | 12.574.755,30 |
| #32 | GRAWE UKRAINE | 11.040.811,51 |
| #33 | IC TAS | 8.345.169,87 |
| #34 | IC ASKO DS | 8.167.100,00 |
| #35 | BUSIN | 6.472.100,00 |
| #36 | MetLife | 4.532.733,40 |
| #37 | IC RESPECT | 4.391.370,00 |
| #38 | IC Suirya | 3.936.000,00 |
| #39 | SKARBNYTSIA” | 3.795.597,23 |
| #40 | IC Alfa-Garant | 3.235.000,00 |
| #41 | Ukrainian agro-IC | 1.107.930,49 |
| #42 | IC EXPO STRAHUVANNYA | 800.756,51 |
| #43 | Profesional insurance | 666.865,00 |
| #44 | IC Veles | 388.882,88 |
| #45 | UTSK (IC UTICO) | 329.058,60 |
| #46 | IC NADIYNA | 254.800,00 |
| #47 | IC KVORUM | 135.600,00 |
| #48 | INSURANCE GUARANTEES OF UKRAINE | 36.000,00 |
| #49 | VELTA | 8.000,00 |
| #50 | IC VIDI-STRAHUVANNYA | 5.885,00 |
| #51 | IC UNIK | 2.000,00 |
| #52 | IC MIR | 1.875,00 |
| #53 | IC HARANT I YA | 1.000,00 |
| #53 | DZHERELO STRAHUVANNYA | 1.000,00 |
Insurance rating by lines of business for 2024
Claims paid
Rating for 2024
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.