The expenses of Ukrainian insurance companies on advertising and marketing in January-March 2023 increased by 18.9% compared to the same period in 2022 – up to UAH 30.8 million, according to the website of the National Bank of Ukraine (NBU).
According to the report, the administrative costs of insurers during the reporting period amounted to UAH 1.310 billion, which is 12.3% less than in the first quarter of 2022, and their costs on sales decreased by 3% – to UAH 474 million.
In addition, there was 8.4% reduction in the expenses on conclusion and prolongation of insurance contracts – from UAH 2.818 billion in January-March 2022 to UAH 2.581 billion this year. Expenses on agent remunerations decreased by 10.4% 0 to UAH 2.369 bn.
Expenses on conclusion and prolongation of reinsurance contracts have increased by 28% up to UAH 24,2 mln, including fees for brokers – by 32,7%, to UAH 23,9 mln, from which non-resident brokers have reduced by 37,5% down to UAH 4,5 mln.
Expenses on settlement of insured events increased by 14.8% up to UAH 101.1 mln, and expenses on services of evaluators increased by 32.7% up to UAH 32.9 mln.
The expenses for assistance services have decreased by 2.2% and amounted to UAH 45,2 mln. At the same time, payment for the services of non-resident assistance reduced 2.3 times, to UAH 2.4 mln.
The expenses on court cases increased in 2,8 times, up to UAH 13,2 mln.
As it was reported, in January-March 2023 Ukrainian insurance companies collected net premiums to the amount of UAH 9.911 billion, which is by 6.1% more than in the same period a year earlier (UAH 9.338 billion).
In addition, in the first quarter of 2023 Ukrainian insurers paid out UAH 3,745 billion of net insurance payments (+19%). The level of net payments increased from 33,7% to 37,8%.
According to the NBU, the total number of insurance companies in Ukraine as of April 1, 2023 amounted to 122 companies, 12 of which specialize in life insurance, while on the same date a year earlier there were 145 (13 life insurance).
