In 2024, Ukrainian insurance companies specializing in non-life insurance increased their premiums by 12%, and in the life insurance segment by 14%.
This was announced by Deputy Governor of the National Bank of Ukraine (NBU) Dmytro Oliynyk at this year’s first meeting of the central bank’s management with insurance market participants, according to the NBU’s Facebook page.
According to him, the growth is taking place both in the segment of individuals and legal entities. Insurance payments have increased significantly – by 25%, which is 39% in terms of premiums (or 4 percentage points more than in 2023).
Oliynyk also said that in general, the insurance market shrank by 36% in 2024, as 36 companies left the market. Most of them left the market voluntarily by liquidating their insurance portfolio.
At the beginning of the year, 65 insurers remained in the market, including 10 from the life insurance segment. More than 95% of them are solvent insurers in both the non-life and life insurance markets, he emphasized.
According to the NBU Deputy Governor, the market recovery continues, as evidenced by the increase in the share of eligible assets – from 88% to 92% – and the alignment of corporate governance systems with legal requirements by most insurers. Companies also continue to take steps to implement and maintain an effective internal control system.
“Over the past year, insurers have brought their activities in line with the requirements of the new legislation, primarily in terms of solvency, information disclosure and proper functioning of the management system. The insurance market continues to develop qualitatively, complying with all legal requirements,” he commented.
According to the report, the meeting also addressed the introduction of a self-assessment questionnaire, which will become the basis for further research and assessment of insurers, further improvement of reporting, in particular monthly reporting on certain indicators, as well as the creation and filling of a register of insurance intermediaries and the professional suitability of their training, joining the efforts of insurance organizations, which will help consolidate market positions and improve communication with the regulator.
