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Ukraine's insurance market returns to normal business cycle, adapts to work under quarantine conditions – NBU
KYIV. Sept 17 (Interfax-Ukraine) – The dynamics of the performance indicators of the insurance market of Ukraine over the past four quarters testifies to the return of the market to a normal business cycle and adaptation to work under conditions of quarantine restrictions, the head of the insurance market supervision department of the National Bank of Ukraine (NBU), Iryna Syrenko, said at the XXI International Finance Forum in Odesa.
At the same time, she noted that in addition to a slight drop in premium collection (by 1%) in the first quarter of 2021, the quarterly growth in the activities of insurers ranges from 2% to 3%.
According to her, the total signed premiums in the first half of 2021 increased by 18% compared to the same period a year earlier and amounted to UAH 24.8 billion. At the same time, an upward trend is observed in both risk insurance and life insurance. The volume of paid insurance claims for the six months of 2021 in the market as a whole increased by 20%, while in risk insurance by 46.6%. The payout rate was 35%.
She also noted that 36% of premiums collected by insurers accounted for motor insurance (OSAGO, KASKO, Green Card). At the same time, the insurance portfolio by types of insurance in the first half of 2021 is almost the same as the portfolio a year earlier. So, in particular, OSAGO in the current year accounted for 13% of collected premiums (in the first half of 2020 some 14%), KASKO – 19% (17%), respectively, voluntary medical insurance – 13% (13%), property and fire risks insurance – 13% (10%), financial risk insurance – 6% (7%), other types of insurance 18% (15%), Green Card – 4% (3%).
She stressed that at the end of 2020, the level of insurance penetration into the country’s GDP was 1.5%, it is planned that by the end of 2024 it should be at least 2%. The share of life insurance in the total volume of received net insurance premiums was 12.2%, it is assumed that in 2024 it should be at least 20%.
The XXI International Finance Forum is taking place in Odesa on September 15-18, 2021 with the support of the League of Insurance Organizations of Ukraine. The organizer of the event is the Perspective (Perspektyva) Center for Business Strategies.
