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.