Ukrainian insurance companies in January-June 2021 collected net premiums in the amount of UAH 23.480 billion, which is 25.6% more than in the same period of 2020 (UAH 18.688 billion), according to the website of the National Bank of Ukraine (NBU).
According to the regulator, the volume of gross insurance premiums collected by insurers over the specified period amounted to UAH 24.780 billion, which is 17.9% more than in the first half of 2020 (UAH 21.008 billion). Including premiums received from individuals amounted to UAH 12.944 billion (a rise of 35%), from reinsurers – UAH 1.646 billion (8.9% less).
In the six months ending June 2021, insurers paid out UAH 8.552 billion of net insurance payments, which is 28.8% more than in the first half of the year earlier (UAH 6.642 billion). The level of net payments grew from 35.5% to 36.4%.
Gross insurance payments rose by 27.3%, to UAH 8.703 billion. The level of gross payments increased from 32.5% to 35.1%. Of the total volume of gross payments, payments to individuals amounted to UAH 4.235 billion (a rise of 35.3%), to reinsurers – UAH 136.6 million (42.5% less).
The volume of insurance payments belonging to reinsurers, according to the results of the first half of the year, amounted to UAH 4.661 billion, which is 11.2% more than in the same period a year earlier, including UAH 2.729 billion to nonresident reinsures (a rise of 41.1%).
As of June 30, 2021, the assets of Ukrainian insurers on the balance sheet amounted to UAH 65.186 billion, while on the same date a year earlier – UAH 61.888 billion. The volume of assets determined by legislation to represent insurance reserves decreased by 17.3% to UAH 45.995 billion.
The regulator also said that in the first half of the year, the volume of formed insurance reserves grew by 11.7%, to UAH 35.031 billion. The volume of paid charter capital fell by 6.6%, to UAH 8.966 billion.
In the reporting period, 63.170 million insurance contracts were concluded (a rise of 9.1%).
According to the NBU, the total number of insurance companies in Ukraine as of June 30, 2021 was 181, while on the same date a year earlier it was 215, including 19 (20) life insurers. At the same time, 166 insurance companies submitted reports on their activities to the regulator.
Insurance companies that are members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-February 2021 signed 1.159 million contracts of compulsory insurance of land vehicle owners’ civil liability (OSAGO), which is 2% more than for the same period a year earlier.
According to the data published on the MTIBU’s website, out of the total volume of contracts, 528,400 were concluded in an electronic format, which is 56.8% more than in the two months of 2020.
The members of the bureau increased the collection of insurance premiums under OSAGO policies by 7.4% compared to the same period last year, to UAH 899.7 million, including under electronic contracts – in the amount of UAH 450.9 million, which is 60.4% more than a year earlier.
The total amount of accrued insurance claims under internal insurance contracts in January-February 2021 increased by 18.8%, to UAH 538.4 million, including UAH 99.9 million paid using European road accident record forms, which is 18% more than a year earlier.
The bureau also recorded an increase in the number of settled claims for insurance compensation by 4.8%, to 26,400, including with the use of European road accident record forms – 9,529 (more by 6.2%).
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties. The bureau members are 48 insurance companies.
The amount of accrued insurance premiums under Green Card international insurance agreements concluded by the member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in January-July 2020 decreased by 35.48% compared to the same period of 2019, to UAH 669.9 million.
According to a report on the MTIBU’s website, the number of Green Card agreements concluded during this period decreased by 43.66%, to 348,800.
At the same time, the amount of compensations paid on claims increased by 31.13%, to EUR 11.1 million, while the number of claims paid by 18.87%, to 3,622.
The MTIBU is the only association of insurers that provides compulsory insurance of land vehicle owners’ civil liability for damage caused to third parties.
Ukrainian insurance companies in 2019 collected UAH 169.113 million in premiums under contracts signed via resident agents, which is 53.9% more compared with 2018 (UAH 109.837 million), the National Commission for Financial Service Markets Regulation has reported.
According to the regulator’s website, the number of contracts concluded through resident agents for the year increased 3.5 times, to 24,745.
Of the total amount of collected premiums, premiums from personal insurance amounted to UAH 116.558 million (1,996 contracts), UAH 31.9 million for property insurance (231), UAH 13.509 million for mandatory insurance (22,200), UAH 3.325 million life insurance (33), and UAH 3.997 million for liability insurance (279).
The amount of remuneration for the provision of such intermediary services last year increased 1.9%, to UAH 28.145 million.
According to the regulator, insurance payments received by nonresident insurers under insurance contracts amounted to UAH 9.774 million, which is 3.7 times more than in 2018. The remuneration for 36 concluded agreements amounted to UAH 771,000 (UAH 580,000 in 2018). At the same time, the regulator said that in 2019, payments under the above agreements were not made.
Nonresident reinsurers through brokers were given UAH 920.7 million for reinsurance under 258 contracts, which is 17% less than a year earlier (UAH 1.111 billion). At the same time, payments were made in the amount of UAH 146.316 million, which is 62% less than in 2018. The remuneration of brokers in 2019 amounted to UAH 34.618 million (a rise of 17.5%).
Oranta national joint-stock insurance company (Kyiv) in January-September 2019 collected gross insurance premiums for the amount of UAH 679.3 million, which is 17.9% more than a year ago.
The company said that in particular, premiums for voluntary car insurance over the period grew by 25.2%, to UAH 32 million, premiums on compulsory insurance of vehicle owners’ civil liability (OSAGO) – by 9.2%, to UAH 383.4 million, Green Card – by 45.2%, to UAH 121.3 million, property insurance – by 5.4%, to UAH 64.9 million, liability insurance – by 50.7%, to UAH 35 million and voluntary medical insurance – by 49.5%, to UAH 27.373 million.
According to the company, in January-September 2019, 1.553 million insurance contracts were concluded, which is 7.9% more than the same period a year earlier. In particular, the number of concluded voluntary medical insurance contracts increased 78%, mandatory car insurance – by 60.4%, Green Card – by 54.4%, cargo insurance – twice, and liability insurance – 62.8%.
Over the period, Oranta paid out UAH 238.8 million in claims to customers, which is 29.1% more than in the same period last year. The largest payments were made under OSAGO – UAH 168.4 million (a rise of 31.8%), Green Card – UAH 35.6 million (a rise of 11.2%), voluntary car insurance – UAH 16.2 million (a rise of 19.9%), property insurance – UAH 10.5 million (a rise of 60.6%), voluntary medical insurance – UAH 5.515 million (a rise of 92.9%).
The company also said that the level of payments for the reporting period amounted to 35.1%, while for this period a year earlier it was 32.1%.
Oranta is the legal successor of Ukrgosstrakh, founded on November 25, 1921. In 1993, Ukrgosstrakh was reorganized into OJSC Oranta.
Arsenal Insurance (Kyiv) for the six months of 2019 increased the volume of KASKO premiums by 33.6%, to UAH 383 million, according to a press release from the company.
“According to data of the Insurance TOP rating of insurers, the company showed the highest dynamics of growth in insurance premiums among the top five players (33.6%), as well as a high level of insurance payments (48.9%),” the press release said.
The company also reports that its share in the KASKO market exceeded 10% (the entire market collected UAH 3.77 billion).
The company insured more than 25,000 cars under KASKO contracts (7.33% of all cars insured under KASKO in Ukraine), including private car owners and corporate clients. OSAGO premiums grew by 7.4% and amounted to UAH 80.5 million.
It is also noted that for the first half of 2019, the insurer reimbursed for losses under KASKO insurance contracts to its customers in the amount of UAH 187.5 million, while OSAGO claim fee payments amounted to UAH 41.9 million.