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.
League of Insurance Organizations of Ukraine (LIOU) has accepted IC “ROM Ukraine” and IC “ROM Ukraine Life Insurance” (both – Kiev) into the association on July 13.
According to the Chairman of the Board of ROM Ukraine Jacek Matusiak, the group “ROM Ukraine” takes an active position in the market and never remains indifferent to the problems arising both in the insurance industry and in the economy of the country as a whole. This is what prompted the group to join LSOU in order to work together with like-minded companies to improve insurance legislation, to implement the best European business practices, especially in terms of transparency, ethics and responsibility for obligations to customers.
“Our group is interested in remaining an important and active player in the Ukrainian insurance market in the long term. Therefore, within a unified structure we count on effective partnership cooperation with the achievement of all strategic goals,” – he said.
As noted, the president of LSOU Victor Berlin, among its main priorities of the League – business protection, search for new opportunities for the development of insurers, as well as the unification of the insurance market of Ukraine for the sake of sustainable development.
“I am sure that such synergy of experience of Ukrainian and Polish colleagues will significantly expand our opportunities and will help us together with the recovery of Ukraine to start more intensive development of the national insurance market”, – emphasized the head of LSOU.
As “Interfax-Ukraine” was informed in the press service of “ROM Ukraine”, it was also decided to withdraw the companies from the National Association of Insurers of Ukraine, of which they are members since January 2021.
PJSC Insurance Company “ROM Ukraine” in 2022 collected UAH 1.280 billion of gross premiums, net premiums of the company increased last year by 6.76% – to UAH 1.172 billion, and earned premiums – by 13.38%, to UAH 1.110 billion. The volume of payments and compensations made by the insurer for the specified reporting period has amounted to UAH 575,537 mln.
Assets of the company on December 31, 2022 have decreased by 14,93% – to UAH 2,425 billion, shareholders’ equity has increased by 3,43% – to UAH 853,817 million, liabilities have decreased by 22,41% – to UAH 1,571 billion, cash and cash equivalents have increased in 3,34 times – to UAH 364,458 million.
IC “ROM Ukraine Life Insurance” has finished 2022 with net premiums in the amount of UAH 396,5 mln. Payouts amounted to UAH 45,4 mln, assets – UAH 1,872 bln, reserves – UAH 1,419 bln, net loss – UAH 17,4 mln.
PJSC IC PZU Ukraine and IC PZU Ukraine Life Insurance are subsidiaries of PZU S.A., part of the largest insurance group of Central and Eastern Europe – PZU Group (Poland).
