Ukrainian life insurance companies in 2017 collected UAH 2.914 billion in gross insurance premiums, which is 5.7% more compared to 2016. According to a report on the website of the National Commission for the Financial Service Markets Regulation, 96.6% of insurance premiums for this period were received from individuals, 3.4% from legal entities. During the year, the number of insured individuals decreased by 2% compared to 2016, to 4.077 million. At the same time, in 2017 some 1.533 million people were insured, which is 11.2% more than in 2016.
During the reporting period, life insurance companies paid UAH 556.3 million in insurance claims, which is 33% more than in the previous year.
The reserves decreased by 1.8%, to UAH 983 million. At the same time, the bulk of the change in reserves in the amount of UAH 863.8 million was formed under other endowment insurance agreements.
In 2017, seven life insurance companies posted a negative value of the increase in reserves for a total of UAH 113.4 million due to early termination of insurance contracts. The growth of life insurance reserves was UAH 1.096 billion. The number of life insurance companies in Ukraine as of December 30, 2017 fell to 33 compared to 39 a year ago.
