By KYIV. Nov 8 (Interfax-Ukraine) – Insurance companies of Ukraine in January-September 2022 collected UAH 28.4 billion of insurance premiums and made insurance payments for UAH 9.5 billion, which is respectively 25.4% and 29.3% less than in the same period last year.
"More than 40% of insurance premiums are traditionally accounted for by motor insurance (OSAGO, Green Card, KASKO). During the period of military aggression, the share of these types of insurance in the portfolio grew. The Green Card became a driver for supporting the insurance business. During the war, this type insurance increased by 76% compared to the same period last year," Governor of the National Bank of Ukraine (NBU) Andriy Pyshnyy said in a response to Interfax-Ukraine.
Taking into account the previously published data for the half year, in the third quarter, insurance premiums amounted to about UAH 10.8 billion, payments reached UAH 3.6 billion, which is worse than the indicators of the third quarter of last year by 18.8% and 24.5%, respectively, and indicates slowdown in the market decline.
According to the NBU, services are also provided for personal types of insurance (voluntary medical insurance, accident insurance, life insurance). Such insurance premiums make up more than 30% in the structure of the insurance portfolio.
Pyshnyy also said that at the end of September this year, the assets of insurers rose to UAH 71 billion, although from last June to June of this year they were about UAH 65.5 billion.
In addition, in the third quarter of this year, insurance reserves grew to UAH 39.9 billion compared to UAH 36.4 billion in the middle of this year and UAH 35.6 billion in September last year.
As the governor of the NBU said, the total number of insurance companies in Ukraine in the third quarter did not change – 137: 124 nonlife insurers and 13 life-insurers.
"The insurance market is working. The war has become a catalyst that showed the real state of affairs of each insurer. Financially stable companies continue their activities and are tested by the war," Pyshnyy said.
According to him, such insurers have established their operational activities, remote settlement of losses, they did not lose, but even increased their liquidity (placed funds in banking institutions), they invest in war bonds and support the state.
