Insurance companies of Ukraine in 2021 collected net premiums in the amount of UAH 45.987 billion, which is 14% more than in 2020 (UAH 40.350 billion), the National Bank of Ukraine reported on its website.
According to the regulator, the volume of gross insurance premiums collected by insurers last year amounted to UAH 49.708 billion, which is 10% more than a year earlier (UAH 45.185 billion). Of these, receipts from individuals amounted to UAH 27.912 billion, from reinsurers – UAH 1.890 billion (in 2020 – UAH 4.201 billion).
In addition, according to the regulator, in 2021, Ukrainian insurers paid UAH 17.671 billion of net insurance payments (+22.3% by 2020). The level of net payments increased to 38.4% from 35.8%.
According to the NBU, gross insurance payments increased by 20.9% to UAH 17.958 billion. The level of gross payments increased to 36.1% from 31.9%
According to the regulator, the volume of insurance payments owned by reinsurers in 2021 amounted to UAH 8.623 billion (+1.6%), of which non-resident reinsurers – UAH 4.9023.652 billion (+34.3%).
The regulator also reports that last year the volume of formed insurance reserves increased by 7.2% – up to UAH 36.566 billion. At the same time, with a decrease in the total assets of insurers by 1.1%, to UAH 64.209 billion, the volume of assets determined by law to represent insurance reserves increased by 2.3% compared to 2020, to UAH 47.159 billion. The volume of paid authorized capital decreased by 18.7% – to UAH 7.924 billion.
The regulator also reports that in 2021, 131.562 million contracts were concluded, while a year earlier, 120.586 million insurance contracts were concluded.
According to the NBU, the total number of insurance companies in Ukraine as of December 31, 2021 was 155, while on the same date a year earlier it was 208.
Accrued insurance premiums under Green Card international insurance policies signed by member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) grew by 45.4% in January-February 2022 compared to the same period in 2020, to UAH 422.7 million.
As reported on the MTIBU website, the number of Green Card policies concluded over this period rose by 90.2%, to 186,300.
At the same time, the amount of compensation paid on claims decreased 0.72%, to EUR 1.836 million, while the number of paid claims fell by 0.24%, to 823.
MTIBU is the only association of insurers that provides compulsory insurance of civil liability of owners of ground vehicles for damage caused to third parties.
Green Card is a system of insurance coverage for victims of a road traffic accident, regardless of their country of residence and the country of registration of the vehicle. The Green Card covers the territory of 47 countries in Europe, Asia and Africa.
According to the decision adopted by the General Assembly of the Council of the Bureaux of the Green Card international auto insurance system in Luxembourg in May 2004, Ukraine since January 1, 2005 has been a full member of this system.
PrJSC Insurance company Alfa Insurance (Kyiv) in January-September of this year collected UAH 1.073 billion of gross premiums, which is 35.99% more than in the same period in 2020, Standard-Rating reported in the information on the confirmation of the company’s financial strength rating at the “uaAA+” level on the national scale based on the results of work for the nine months of 2021.
According to the press release, receipts from individuals for the reporting period increased by 47.40%, to UAH 727.6 million, and from reinsurers, on the contrary, decreased by 33.81%, to UAH 6.441 million. Thus, individuals continue to prevail in the insurer’s client portfolio, as evidenced by their share in gross premiums of 67.81%.
Insurance premiums sent to reinsurers for the nine months of 2021 compared to the same period in 2020 increased by 26.69%, to UAH 15.163 million. As a result of high growth rates of gross premiums over the growth rates of premiums sent to reinsurers, the coefficient of participation of reinsurers in insurance premiums decreased by 0.07 percentage points, to 1.41%.
According to the results of the first three quarters of 2021, the company’s net premiums increased by 36.09%, to UAH 1.058 billion, and earned premiums – by 38.03%, to UAH 1 billion.
For the nine months of 2021, Alfa Insurance paid out UAH 292.601 million of insurance indemnities to its customers, which is 37.26% more than the volume of payments for the same period in 2020. As a result, the level of payments increased by 0.25 percentage points, to 27.27%.
According to the results of operations for the first three quarters of 2021, the financial result from operating activities amounted to UAH 36.749 million, and net profit amounted to UAH 30.933 million.
The company’s assets as of September 30, 2021 increased by 12.86%, to UAH 855.994 million, equity capital increased by 10.12%, to UAH 336.552 million, liabilities increased by 14.72%, to UAH 519.442 million, cash and cash equivalents decreased by 6.29%, to UAH 402.293 million.
PrJSC Ukrainian Insurance Group (Kyiv) in January-September 2021 collected UAH 1.072 billion in net premiums, which is 8% more than in the same period in 2020.
According to the company’s report, posted in the information disclosure system of the National Securities and Stock Market Commission, its gross premiums for this period increased by 22.3% – to UAH 1.673 billion. Some UAH 620.292 million (more by 73.4%) was transferred to reinsurance.
For the nine months the company paid out UAH 451.034 million, which is 1.2% more than in the same period a year earlier.
Administrative expenses of the company amounted to UAH 75.370 million (more by 23%), sales expenses – UAH 491.644 million (more by 16.6%)
The pretax financial result amounted to UAH 60.896 million, which is almost three times less than in the nine months of 2020. Net profit amounted to UAH 7.861 million against UAH 105.932 million profit for the same period a year earlier.
Ukrainian Insurance Group is a company with 100% foreign capital. It has been working in the Ukrainian conventional insurance market since 2000. It is part of one of the world’s largest insurance groups, the market leader in Central and Eastern Europe – Vienna Insurance.
GRAWE Ukraine insurer (Kyiv) in January-September 2021 collected UAH 92.503 million in net premiums, which is 18.4% more than in the same period last year, according to the company’s report posted in the information disclosure system of the National Securities and Stock Market Commission.
It is also noted that the company’s gross premiums for the reporting period increased by 24.5%, to UAH 104.247 million. Some UAH 6.031 million was transferred to reinsurance (more by 5.6%).
For the nine months, the company paid out UAH 56.727 million, which is 18.5% more than in January-September 2020.
Administrative expenses of the company amounted to UAH 11.363 million (less by 5.7%), sales expenses – UAH 37.271 million (more by 12.7%).
Pretax financial result was a loss of UAH 10.037 million against a negative financial result of UAH 4.539 million for the nine months a year earlier. Net loss was UAH 13.164 million against its indicator of UAH 7.050 million in January-September last year.
INPRO insurance company became a member of the Austrian financial concern GRAWE (Grazer Wechselseitige Versicherung AG) on April 10, 2008 and was renamed PrJSC Insurance Company GRAWE Ukraine. The regional network of the company includes about 23 customer service centers throughout Ukraine.
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.