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Insurance portfolio of Ukrainian insurers undergoes changes in H1 2022

KYIV. Sept 23 (Interfax-Ukraine) – The full-scale war unleashed by Russia has significantly changed the structure of the insurance portfolio over the past six months, the Deputy Head of the Insurance Supervision Department of the National Bank of Ukraine (NBU) Yulia Khrystoliubska said at a meeting with participants in the insurance market.

According to her, as before, the main drivers of portfolio formation in the first half of the year continued to be a car insurance (compulsory civil liability insurance of land vehicle owners, also known as OSAGO, voluntary car insurance, known as KASKO, the Green Card), while its share increased from 36% in the first half of 2021 to 44% in January-June 2022. Just as then, one third of the portfolio accounts for voluntary medical insurance and insurance from the accident, while the volume of these species has somewhat decreased.

According to the NBU, the insurance portfolio of the Ukrainian market consists of: 19% – KASKO, 16% – OSAGO, 15% – other types of insurance, 14% – VHI, 13% – life insurance, 9% – Green Card, 7% – property insurance, 4% – accident insurance, and 3% – financial risk insurance.

The regulator also said that today the only type of insurance that shows growth is the Green Card (73% more). And the greatest reduction in the specified analyzed period demonstrated insurance of property and insurance risks (64% less) and KASKO (30% less), while accident insurance and life insurance fell by 16%, and OSAGO dropped by 13%.