Insurance TOP has identified the leaders of the Ukrainian insurance market for 2023
Gross insurance premiums of Ukrainian insurers for January-December 2023 increased by 18.7% from UAH 39.6 billion to UAH 47 billion. Insurance TOP magazine analyzed the statistics of Ukrainian insurance companies for 12 months and summarized the “military” results of the market.
UAH 28.76 billion was received from individuals. insurance premiums, from legal entities UAH 17.2 billion, from reinsurers UAH 1.06 billion.
Net insurance premiums exceeded UAH 46 billion, net earned insurance premiums amounted to UAH 38.7 billion, written premiums amounted to UAH 46.5 billion. According to the NBU, the total number of concluded insurance contracts in 2023 exceeded 94.82 million units.
Life insurance premiums rose significantly both quarter-over-quarter and year-over-year, up 22% and 19%, respectively. At the same time, the volume of payments increased significantly by 41%.
UAH 41.85 billion. accounted for risk insurance (89%) and UAH 5.15 billion for life insurance (11%).
As for the structure of types of insurance, insurers received UAH 8.54 billion in premiums under OSACV, UAH 4.99 billion in green card premiums, UAH 3.94 billion in life insurance premiums, UAH 987 million in bank life insurance premiums, 1.4 UAH billion for accident insurance, UAH 5.7 billion for civil liability insurance, UAH 10.9 billion for CASCO, UAH 1.3 billion for cargo, UAH 1.2 billion for fire and UAH 2.4 billion for property risks, UAH 873 million for tourist insurance, UAH 602 million for mandatory aviation insurance, UAH 152.8 million for nuclear risks, more than UAH 1 billion for financial risks.
UAH 67.8 million was raised with the participation of (registered) insurance intermediaries and brokers. insurance premiums, incl. UAH 2.2 million. compulsory insurance premiums, UAH 3.9 million from liability insurance, UAH 16.7 million. property risk premiums, UAH 43.6 million. premiums from personal types and UAH 1.4 million. from life insurance.
With the participation of reinsurance brokers, UAH 449.8 million was transferred for reinsurance to resident and non-resident insurers. insurance and reinsurance premiums, including UAH 171.2 million. compulsory insurance premiums, UAH 39.4 million. for liability insurance, UAH 238.6 million. property risk premiums, UAH 466,000. awards for personal types. With the participation of insurance brokers, Ukrainian insurers were compensated UAH 23.4 million by reinsurers.
The costs of risk insurers related to the conclusion and extension of insurance contracts (acquisition costs) exceeded UAH 11.4 billion, including UAH 10.6 billion for agency fees. Expenses of life insurance companies on commissions to insurance agents and intermediaries exceeded UAH 1.6 billion.
Income tax expenses of UAH 1.58 billion. Insurers’ labor costs amounted to UAH 3.38 billion.
Gross insurance payments amounted to UAH 16.9 billion. More than UAH 9.15 billion was paid to individuals, UAH 7.6 billion to legal entities, and UAH 134 million to reinsurers. Net insurance payments amounted to UAH 16.7 billion.
The level of annualized payments continued to grow: in the IV quarter of 2023 it was a third higher than at the end of 2022. The level of gross and net payments in 2023 was 36%.
In 2023, Ukrainian insurers transferred UAH 4.65 billion to reinsurance. premiums, including UAH 3.65 billion to non-resident reinsurers.
Assets of insurers according to the balance sheet as of December 31, 2023 amounted to UAH 74.3 billion, assets defined in Article 31 of the Law “On Insurance” amounted to UAH 56.3 billion. Equity amounted to UAH 20.7 billion, insurers’ liabilities increased to UAH 53.66 billion.
The amount of paid-up authorized capital amounted to almost UAH 6 billion, the formed insurance reserves exceeded UAH 46.8 billion.
Incomes of Ukrainian risk insurers from bonds for the year amounted to 2.4 billion UAH, income from deposits 2.77 billion UAH. Life insurers received UAH 1.36 billion in income from bonds and more than UAH 1 billion from deposits.
The number of registered insurance companies in Ukraine at the beginning of 2024 was 101, including 89 risk insurers and 12 life insurance companies. During the 4th quarter of 2023, 10 insurers were excluded from the state register. 97 companies submitted reports to the NBU, 46 companies submitted reports to Insurance TOP.