Ukraine’s life insurance companies in 2019 collected UAH 4.624 billion of gross insurance premiums, which is 18.4% more than a year earlier.
According to the report on the website of the National Commission for the State Regulation of Financial Services Markets, 97.1% of the total insurance premiums came from individuals, 2.9% from legal entities.
As of December 31, 2019, the number of insured individuals increased by 14.7%, to 5.133 million.
During this period, life companies paid customers UAH 575.9 million, which is 18.3% less than in 2018.
The value of changes in life insurance reserves amounted to UAH 1.017 billion, which is UAH 1.4 million less than a year earlier. The regulator also notes that the bulk of the change in life insurance reserves is formed under other accumulative insurance contracts, namely, UAH 898.9 million.
In 2019, seven life insurance companies received a negative value of increase in life insurance reserves for a total of UAH 76.10 million, which is associated with the early termination of insurance contracts.
The increase in life insurance reserves amounted to UAH 1.093 billion. The largest increase in insurance reserves (more than UAH 100 million) was declared by four life insurance companies in the amount of UAH 574.3 million, UAH 169.6 million, UAH 146.4 million and UAH 122.3 million, respectively.
According to the commission, the number of life insurance companies in Ukraine at the end of 2019 decreased to 23.
Non-banking financial group UNIQA Ukraine, which includes the insurance companies UNIQA (non-life) and UNIQA Life (life), in January-September 2018 collected insurance premiums worth UAH 2.010 billion, which is 27.1% more than in the same period a year earlier, according to a press release from the insurer.
It is also noted that the volume of UNIQA premiums for the first nine months of this year amounted to UAH 1.550 billion, which exceeds the figure of the nine months of 2017 by 23.4%.
The largest amount of premiums was recorded in KASKO insurance (UAH 536.1 million, 26.6% more compared to the same period of the previous year) and in voluntary medical insurance (UAH 282.1 million, 70.8% more).
UNIQA insurance claim fee payments in the nine months of 2018 amounted to UAH 601.8 million, which exceeds the same period in 2017 by 36.2%.
The pretax financial result was UAH 79.9 million, the net financial result was UAH 69.2 million.
The company’s insurance reserves amounted to UAH 1.930 billion, which exceeds the same period in 2017 by 161.1%. Assets taken to cover insurance reserves are 18.4% higher than the amount of insurance reserves and amount to more than UAH 2.3 billion. The actual solvency margin is UAH 462.4 million and exceeds the norm by 55.9%.
VUSO insurance company (Kyiv) collected UAH 495.662 million of insurance premiums for January-September 2018, which is 40.13% more compared to the same period in 2017, the insurer said in a press release.
According to its data, the main gain compared with the same period last year was provided by voluntary medical insurance, auto insurance (KASKO and OSAGO), bank insurance for a total of UAH 358.71 million.
The most significant increase in premiums was recorded at the expense of KASKO program sales: for the nine months car owners purchased voluntary auto insurance contracts in the amount of UAH 129.456 million, which is 57.9% more than last year’s fees, OSAGO for UAH 107.631 million (21.84% more).
In addition, the company noted an increasing consumer interest in other types of insurance. In particular, the growth in voluntary medical insurance amounted to 34.07%, while those traveling abroad by 17%. At the same time, a significant share in the growth of sales for this type of insurance was that of online sales. The online insurance channel increased sales by 2.5 times.
The company also reports that during this period it paid customers UAH 143.641 million, which is 24.2% more than in the same period a year earlier.
VUSO insurance company has been working in the Ukrainian market since 2001. It owns 24 licenses: 16 for voluntary, and eight for compulsory insurance.
