In 2024, the growth of the life insurance and risk insurance markets amounted to 11% and 13%, respectively
The National Bank of Ukraine published the Annual Report for 2024, which provides detailed information on the state of the insurance market as part of the non-banking financial sector of Ukraine.
According to the NBU report, the growth of the insurance market in 2024 occurred at comparable rates: the volume of risk insurance premiums increased by 13% and the premium income of life insurers increased by 11%.
Transport insurance products (CASCO, OSCPV, “Green Card”) and personal insurance (life, health and assistance) remain the leaders of the Ukrainian insurance market with a share of premium income of over 80% and over 90% of all insurance payments.
As reported by the UkrStrakhuvannya website, citing a report by the National Bank of Ukraine, over 95% of eligible assets of life insurers are funds in banks and government bonds. “Eligible assets of risk insurers are more diverse – a third are other components: balances of funds in the MTIBU, reinsurance reserves and others,” the report says.
Recall that, according to the updated Regulation on establishing requirements for ensuring the solvency and investment activities of an insurer, the replacement of existing government bonds with a package of new bonds is allowed within the scope of eligible assets of insurers, as well as the inclusion of contributions to the centralized insurance reserve funds of the Motor (Transport) Insurance Bureau of Ukraine in the scope of eligible assets.