GWP of Ukrainian insurers in 2018 increased by 13.67% y-o-y, to UAH 49.36 billion (EUR 1.56 billion), as data published by the regulator show. The market growth in Euro was over 20% due to a more favorable exchange rate of the national currency at the end of 2018.
GWP increased in almost all insurance types: Motor Hull, MTPL and Green Card by 22.3%, fire and other perils by 25%, property insurance by 26%, medical by 21%, accident insurance by 34%, life insurance by 34%, etc. While in some classes GWP dropped, for example, by 38% in cargo insurance, and by more than 8% in financial risks.
Paid claims went up by 22%, to UAH 12.86 billion. The paid claims level increased from 24.3% to 26.1%. Rapid growth of paid claims was observed in health insurance, voluntary personal insurance and non-state compulsory insurance.
In 2018, life insurers generated UAH 3.9 billion in GWP (+34%), 97.1% of GWP were received from individuals and 2.9% from legal entities. Paid claims of life insurers grew by 26.7% to UAH 704.9 million. The total number of life insurers in Ukraine dropped from 33 to 30 last year. The TOP-20 life insurers generated 100% of life GWP.