Brief overview of ukranian insurance market
9 months 2024
Insurance premiums NON-LIFE
- Risk insurance premiums amounted to UAH 33.9 billion.
- Market premiums in comparison with 9 months of 2023 increased by 11.2%.
- Premiums of NAIU participants amounted to UAH 25.3 billion.
- Premiums of NAIU participants increased by 23.3% compared to 9 months of 2023.
- 61.7% of the market structure is “motor insurance” and 16.5% – “medical insurance”
- The market share of NAIU participants in motor insurance is about 73%, and in health insurance about 80%.
- The first 10 insurers by premiums for 9 months of 2024 account for 71% of all premiums, while in the TOP 10 – 9 insurers are members of NAIU
NON-LIFE rating for 9 months 2024
Insurance premiums
Claims paid NON-LIFE
- Insurance payments under risk insurance amounted to UAH 13.9 billion.
- Insurance payments compared to 9 months of 2023 increased by almost 26%.
- NAIU participants paid more than UAH 10.3 billion. – this is about 74% of all claims paid
- Insurance payments of NAIU participants increased by 31.2% compared to 9 months of 2023.
- The largest share of insurance payments traditionally falls on “motor insurance” – UAH 9.5 billion, or 68.3%, and “medical insurance – UAH 3.3 billion, or 24.0%.
- The first 10 insurers in terms of payments for 9 months of 2024 account for 72.5% of all payments, while in the TOP 10 – 9 insurers are members of NAIU
NON-LIFE rating for 9 months 2024
Claims paid
Useful observations NON-LIFE
- «Motor insurance» more than 60% of all sales (that is, much more than half) come from the agency network. Thanks to the extensive and developed system of the insurers’ own networks, this indicator has reached such proportions, with only 6.8% falling on online aggregators, and 4.6% on car dealerships.
- Government bonds– in the structure of acceptable assets of insurers (in order to maintain the appropriate level of solvency) occupy a significant share, namely UAH 21.7 billion, or 33.9%
- «Health» – «+52,8%» an increase in insurance payments compared to 9 months of 2023, which is due to an increase in the “average check” and a significant increase in the frequency of appeals by insured persons, and the loss rate exceeded the 65% mark.
Insurance premiums LIFE
- Insurance premiums for “life insurance” according to the results of 9 months of 2024 amounted to 4.0 billion UAH
- Insurance premiums of the “life” market increased by almost 14% compared to 9 months of 2023.
- Insurance premiums of NAIU participants increased by 15.5% and amounted to UAH 3.6 billion.
- 90,1% all collected premiums belong to NAIU participants.
LIFE rating for 9 months 2024
Insurance premiums
Claims paid LIFE
- Insurance payments based on the results of 9 months of 2024 amounted to 1,016 million hryvnias, which is 13.6% more than in 9 months of 2023
- Insurance payments of NAIU participants amounted to 600.5 thousand hryvnias, which is 10.8% more than in the same period last year.
- 826,2 thousand UAH., або 93,4% – paid NAIU perticipants.
- Annuity insurance payments (payments are made over a certain period) amount to UAH 131.1 million, or 14.8% of all life market payments.
- As of September 30, 2024, redemption payments amounted to 268.5 million, which is almost 35% more than in 9 months of 2023
LIFE rating for 9 months 2024
Claims paid
Useful observations LIFE
- 87% – the share of NAIU participants in the eligible assets of “life” insurers
- Periodic premiums (“current business”) – “+27.3%“, or UAH 582.6 million. Thus, according to the data of PRIMA exchange participants, the level of periodic payments increased by 27.3%, while such an indicator for 9 months of 2023/2022 showed a decline of 1.6%, which indicates the activation of old customers and trust in the life market 76% of insurance premiums in the “life” insurance market came through the agency network
- Regarding the distribution of premiums for accumulative and risky life:
- 33% – under contracts without an accumulation component
- 67% – under contracts with an accumulation component (classic life)
- “New” and “existing” businesses have a distribution of 25.7% (new contracts)/74.3% (existing).
- As for the distribution of payments by “classic life” and “risky”, the payments fully correspond to premiums, namely 28.7% – “risky” and 71.3% – “classic life”.
- For the first time, based on the results of 9 months of 2024, we can see the first sales of Life products by 1st and 2nd insurance classes by companies.
- Premiums for such classes currently amount to a little over 3 million UAH and these are NAIU members