STATISTICS: UKRAINE, 3Q2018 result: for January-September 2018 the market growth y-o-y exceeded 11% in local currency, but in euro it was less than 5%

For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.

Total net premiums increased by 22.1%. Premiums, collected from individuals, amounted to 38.4% of total GWP and premiums from legal entities - to 61.6%.

92.14% of the total GWP are generated by non-life sector. About 78% of those are collected by voluntary classes. The most impressive growth rate was recorded by the accident insurance (+43.47%), and the most significant decrease of premiums was demonstrated by cargo insurance (-40.28%). Life sector slightly improved its market share from 6.44% to 7.86%.

The market paid claims for 9 months of 2018 went up by 18.7% and amounted to UAH 8.8 billion. Total paid claims ratio as of 30.09.2018 reached 25.1%. Paid claims to individuals increased by 20.2% to UAH 4.3 billion, and to legal entities - by 16.3% to UAH 4.1 billion. Insurers' assets went up by 4.7% to UAH 59.5 billion. Insurance reserves increased to UAH 24.8 billion (+13.8% y-o-y), and insurers' deposits reduced by 4.6% to UAH 2.5 billion.

Ukrainian market is represented by a really huge number of companies, however, the majority (98%) of premiums is accumulated by 100 insurers. Total number of insurance companies in Ukraine as of 30.09.2018, as the National Financial Services Commission informed, amounted to 285 (31 life insurers and 254 non-life insurers). According to Aleksander ZALETOV, the member of the National Financial Services Commission, as of December 2018 - 13 insurers left the market.

The leader in terms of total GWP for 3 quarters in 2018 is CREMEN, although its growth rate rapidly dropped y-o-y (-42.56%). Second goes UNIQA - the insurer's premiums went up by more than 23% y-o-y. TOP-5 non-life insurers also include AXA Insurance, ARSENAL Insurance and PZU Ukraine. In terms of paid claims the 1st place was taken by AXA Insurance, paid claims ratio of which amounted to almost 50%, it is followed by UNIQA and PZU Ukraine. Among TOP-10 non-life companies, the highest paid claims' growth was recorded by ASKA (58.36%).

The leader of the life sector in terms of GWP is MET Life (UAH 670 million), followed by UNIQA Life (UAH 460 million), and the 3rd is TAS (UAH 365 million). Among TOP-5 life insurers the most impressive growth was demonstrated by ASKA-Life (+106.69% y-o-y).

*1 EUR = 33.128775 UAH (September 30th, 2018)

Access and download 3Q2018 Ukrainian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

UKRAINE: 13 insurers left the market in January-September2018

According to the National financial services committee of Ukraine, in order to remove unreliable players from the financial market, 126 organizations, including 13 insurance companies, were removed during January-September, as the member of the Committee, Aleksander ZALETOV informed.



ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.



Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.


Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all