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Insurance market loses almost third of business in H1 2022 – NBU

KYIV. Sept 22 (Interfax-Ukraine) – According to the results of the first half of the year, the insurance market of Ukraine lost almost a third of its business, or 28% in premiums and 32% in insurance payments throughout the market, Yulia Khrystoliubska, the deputy head of the department for supervision of insurance companies of the National Bank of Ukraine, said at a meeting with insurance market participants on Thursday.

She also noted that, according to the NBU, signed premiums collected by the market in the first half of the year amounted to UAH 17.6 billion, while the reduction in volumes took place to a greater extent in non-life companies – "minus" 29%, while the volume of premiums of life insurance companies decreased by 15%.

The volume of paid insurance claims for January-June of the current year in the non-life segment decreased by 32%. In particular, the reduction in payments was affected by a decrease in the number of applications for OSAGO and KASKO. The average level of payments in the market has not changed – 34%

The dynamics of indicators for the last four quarters indicate that the largest decline in activity volumes was at the end of the first quarter of 2022. In the second quarter, the fall continued, but it was not so rapid. Insurers were able to organize and set up work in wartime conditions, the banker noted.

As for reinsurance, the volume of outward reinsurance in the first half of 2022 decreased by half (51%), from UAH 4.7 billion to UAH 2.3 billion compared to the same period a year earlier, while reinsurance within the country decreased by four times – from UAH 1.9 billion to UAH 500 million.

The share of outward reinsurance in total insurance premiums decreased from 19% to 13% compared to the same period in 2021.