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.
Insurance companies that are members of the League of Insurance Organizations of Ukraine (LIOU), specializing in risk insurance and participating in the Open Insurance project, in January-September 2018 increased gross insurance premiums by 19.6% compared to the same period in 2017, to UAH 7.7 billion, according to the LIOU’s website. Gross insurance payments in the nine months of 2018 rose by 31.1%, to UAH 2.8 billion.
The total amount of insurance reserves as of September 30, 2018 grew by 40%, to UAH 5.5 billion.
The assets of insurance companies participating in the Open Insurance project amounted to UAH 11.5 billion (19.8% up), and the total net worth to UAH 4.5 billion (4.6% more).
In the structure of gross insurance premiums for the nine months of 2018, the largest share belonged to the types of voluntary property insurance with UAH 3.742 billion (48.8%), personal insurance (except for life insurance) with UAH 1.869 billion (24.4%), non-state compulsory insurance with UAH 1.676 billion (21.8%), voluntary liability insurance with UAH 386.8 million (5%).
In the structure of gross insurance payments, the largest share belongs to the types of voluntary property insurance with UAH 1.281 billion (46.3%), voluntary personal insurance (except for life insurance) with UAH 872 million (31.5%), non-governmental compulsory insurance with UAH 599.3 million (21.7%), and voluntary liability insurance with UAH 14.2 million (0.5%).
