The expenses of Ukrainian insurance companies on advertising and marketing in January-June 2022 increased by 29.9% compared to the same period a year earlier (UAH 38.8 million), according to the website of the National Bank of Ukraine.
In addition, administrative expenses for the reporting period amounted to UAH 2.568 billion, which is 13.1% less than in 6 months-2021, distribution costs amounted to UAH 951.8 million (+8.2%).
The cost of concluding and prolonging insurance contracts amounted to UAH 5.041 billion (-8.7%). Including expenses on agency fees decreased by 10.3% – to UAH 4.682 billion.
The cost of concluding and prolonging reinsurance contracts decreased by 36.9%, to UAH 27.5 million, including fees for brokers, by 39.6%, to UAH 25.1 million, while non-resident brokers increased by 20. 7% – up to UAH 12.8 million.
According to the regulator, over this period, expenses for the settlement of insured events decreased by 20.8% – to UAH 156.5 million. At the same time, the cost of paying for the services of appraisers decreased by 27.7%, to UAH 44.1 million.
Assistance costs decreased by 22.7% and amounted to UAH 80.9 million. At the same time, payment for the services of a non-resident assistance increased by 2 times – up to UAH 4.1 million.
It is also reported that the cost of insurers to conduct court cases for 6 months. 2022 amounted to UAH 10 million against UAH 9.9 million for the same period a year earlier.
As reported, Ukrainian insurance companies in January-September 2022 collected net premiums in the amount of UAH 17.134 billion, which is 27% less than in the same period in 2021 (UAH 23.480 billion). At the same time, the volume of gross insurance premiums amounted to UAH 17.619 billion (-28.9%). Including premiums received from individuals amounted to UAH 3.360 billion, from reinsurers – UAH 2.228 billion.
In January-June, insurers paid UAH 5.835 billion of net insurance payments (31.8% less). The level of net payments decreased from 36.4% to 34.1%. Gross insurance payments decreased by 31.8% to UAH 5.939 billion. The level of gross payments decreased from 35.1% to 33.7%.
The total number of insurance companies in Ukraine as of June 30, 2022 was 142 (6 months-2021 – 181), of which 13 (19) are “life insurance companies”. At the same time, the NBU noted that for 6 months. 2022 reports were submitted by 13 insurance companies.
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