Ukrainian insurance companies’ expenditures on advertising and marketing in January-June 2023 increased by 27.7% compared to the same period of 2022 – up to UAH 64.5 million, the National Bank of Ukraine (NBU) said on its website.
According to the report, insurers’ administrative expenses for the period amounted to UAH 2.656 billion, which is 2.5% more than in the first half of 2022, while their sales expenses increased by 6.3% to UAH 1.032 billion.
In addition, expenses on conclusion and prolongation of insurance contracts increased by 5.3% – up to UAH 5.317 billion, including expenses on agency fees – by 4.4%, up to UAH 4.899 billion.
Expenses on conclusion and prolongation of reinsurance contracts have increased 2,1 times – up to UAH 56,7 mln, including expenses on brokers’ remunerations – 2,2 times, up to UAH 56,1 mln, of which non-resident brokers – decreased by 12,5%, up to UAH 11,2 mln.
Expenses for insurance claims settlement increased by 40.9% to UAH 221.3mn, while expenses for appraisers’ services increased by 75.3% to UAH 77.5mn.
Expenses for assistance payment increased by 12.7% and amounted to UAH 91.7mn. At the same time payment for services of non-resident assistant has decreased almost twice – to UAH 4,2 mln.
Insurers’ expenses for court cases have increased in 3,1 times – up to UAH 33,1 mln.
As reported, insurance companies of Ukraine in January-June 2023 collected net premiums in the amount of UAH 20.895 billion, which is 21.7% more than in the same period of 2022, paid UAH 7.744 billion of net insurance payments (+31%). The level of net payouts increased from 34.4% to 37.1%.
According to the NBU, as of June 30, 2023, the total number of insurance companies in Ukraine amounted to 115, of which 12 specialized in life insurance, while on the same date a year earlier there were 142 (13).
