By KYIV. Nov 30 (Interfax-Ukraine) – In the third quarter of 2022, insurers of Ukraine could not further reduce the cost of doing business, increasing their volume for the first time in a year, according to a review of the non-banking financial sector prepared by the National Bank of Ukraine and published on its website.
According to the regulator, acquisition and other operating expenses have grown significantly, which has led to an increase (deterioration) in the combined ratio to 93%. The overall risk insurance loss ratio deteriorated to 44%.
At the same time, positive dynamics was observed in the investment income of risky insurers: they increased by almost 1.5 times compared to the second quarter. Securities income was almost unchanged, while income from deposits increased by 84% Q-over-Q and doubled year-over-year. The performance efficiency ratio was 87%.
Despite the termination of activities of inactive insurers, the assets of market participants increased by 7.5% over the quarter and reached UAH 71 billion, partly due to their revaluation in foreign currency. In July-September, the volume of risk insurance premiums increased by more than a third, and payments – by 22%. However, both indicators are still lower than in the third quarter of last year – by 15% and 29%, respectively. Life insurance premiums for the quarter increased by more than a quarter, but at the same time were 18% less compared to the same period in 2021.
At the same time, payments increased by 40% compared to the second quarter and by 23% compared to July-September last year. The volume of insurance premiums increased for all types of insurance, the most rapidly in the segment of property and fire risk insurance and cargo and luggage. Payouts for these types of insurance, as well as financial risk insurance, have also increased rapidly.
