In 2023, administrative expenses of Ukrainian non-life insurance companies increased by 11.9% to UAH 5.415 billion compared to 2022, while marketing and advertising expenses increased by 27.4% to UAH 140.7 million.
According to the website of the National Bank of Ukraine (NBU), the cost of concluding and renewing insurance contracts amounted to UAH 9.801 billion, which is 13.7% more than in the same period of the previous year (UAH 8.624 billion), including agency fees of UAH 8.970 billion (+15.1%). Under reinsurance contracts – UAH 129.5 million (+85.5%), in particular, remuneration to brokers – UAH 128.2 million (+91%), of which to non-resident brokers – UAH 26.4 million (+5.6%).
According to the regulator, the cost of settling insurance claims in 2023 increased by 28.9% to UAH 495.8 million, including the cost of paying for appraisers’ services by 40.9% to UAH 174.9 million, and legal costs doubled to UAH 68.3 million.
Assistance services cost insurance companies UAH 201.2 million (+10.8%), and assistance to non-residents – UAH 10.1 million (-15.1%).
The NBU also reports that in 2023, non-life companies in Ukraine collected UAH 41.851 million in gross premiums, which is 20% more than a year earlier, with earned premiums amounting to UAH 34.359 billion (+10.4%). The company paid out UAH 15.601 billion in insurance claims to clients, which is 28.8% more than in 2022.
As reported with reference to the NBU data, as of December 31, 2023, 89 insurance companies specializing in risk insurance were registered in Ukraine, while as of the same date in 202, there were 114.
