The insurance market of Ukraine for 9 months of 2023. Insurance TOP identified the leading insurers
The insurance market of Ukraine for January-September 2023, according to the Insurance TOP magazine, showed a growth of 20.2%. The total amount of gross insurance premiums for 9 months increased from UAH 28.4 billion to UAH 34.14 billion.
Life insurance premiums amounted to UAH 3.6 billion, and risk insurance premiums amounted to UAH 30.5 billion. The total liabilities of Ukrainian insurers exceeded UAH 75 billion. The number of concluded insurance contracts for the period of 9 months amounted to 73.35 million units.
Ukrainian insurers received UAH 6 billion from branches. premiums, 20.9 billion UAH were collected from insured individuals, including 3.5 billion UAH from life insurance. Net insurance premiums amounted to UAH 33.4 billion.
According to NBU data, the number of insurance companies of Ukraine as of November 11, 2023 decreased over the year to 111 companies. There are 99 non-life insurers on the insurance market (about 50 companies are actively working on the market – with payments of more than UAH 1 million) and 12 life insurers (8 companies are actively working on the market). 4 insurers were excluded from the state register during the quarter. We will remind that the number of registered insurers two years ago in 2021 was 208 insurance companies: 188 risk and 20 life companies.
The total assets of insurers increased to UAH 73.4 billion as of September 30, 2023. The volume of assets of life insurers increased to UAH 20.6 billion. Assets of insurers engaged in risk types of insurance decreased slightly during the quarter. Equity decreased to UAH 22 billion.
The total insurance reserves of insurers increased to UAH 44.9 billion, deductions from life insurance reserves amounted to UAH 2.7 billion. Life insurance reserves at the end of the reporting period exceeded UAH 18.8 billion. The amount of investment income received by Ukrainian life insurers from the placement of reserve funds amounted to UAH 1.44 billion.
Insurance payments and compensation to clients for 9 months of 2023 amounted to UAH 12 billion. (6.5 billion UAH were paid to individuals), including 1.2 billion UAH. from life insurance (redemption sums/breaks of contracts amounted to UAH 198 million).
The level of gross payments was 35.7%. The main share of payments from risk insurance falls on CASCO and OSACV, and in life insurance – on accumulative life insurance.
The total liability of insurers from voluntary types of insurance amounted to UAH 7.6 trillion, from mandatory types to UAH 10.4 trillion. The liability of life insurers to clients at the end of the reporting period is UAH 160.6 billion.
The number of insurance contracts concluded by life insurers during the reporting period was 1,175,583, including 1,032,862 individuals. The number of individuals insured at the end of the reporting period exceeded 3,952,812 people.
Insurers transferred UAH 3.7 billion to reinsurance, including UAH 3 billion to non-resident reinsurers. (including UAH 89 million of life insurance reinsurance premiums).
Insurers that received a negative financial result for 9M2023: USH – UAH 66,083 thousand, BROKBISNES – UAH 31,527 thousand, EUROINS Ukraine – UAH 22,061 thousand. and ASKO-DONBAS NORTH – UAH 445,000.
Expenses related to the conclusion and extension of insurance contracts (acquisition costs) for 9 months of 2023 amounted to UAH 7.1 billion in risk insurance (including agency fees – UAH 6.5 billion) and UAH 1.2 billion UAH in life insurance (including agency fees – UAH 1.12 billion). Expenses related to the settlement of insurance cases that occurred in the reporting period – UAH 400 million.
Labor costs due to job cuts and the withdrawal of insurers from the market amounted to UAH 2 billion.
Ukrainian insurers paid UAH 1.2 billion in income tax from ordinary activities.