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Ukrainian insurers increase advertising, marketing expenses by 19.2% in Q2 versus Q1 – NBU
KYIV. Aug 30 (Interfax-Ukraine) – Expenses of Ukrainian insurance companies on advertising and marketing in April-June 2021 increased by 19.2% compared to the first quarter and amounted to UAH 21.1 million, according to the website of the National Bank of Ukraine (NBU).
In addition, expenses for concluding and prolonging insurance contracts in the second quarter amounted to UAH 2.846 billion, which is 6.2% more than in the first quarter. In particular, expenses on agency fees increased by 5.6%, to UAH 2.680 billion.
Expenses for concluding and prolonging reinsurance contracts increased 2.3 times, to UAH 31.8 million. In particular, fees for brokers increased 2.7 times, to UAH 29 million, of which for nonresident brokers – by 71.8%, to UAH 6.7 million.
According to the regulator, during this period, expenses for settling insurance claims increased by 16.3%, to UAH 106.3 million. At the same time, the cost of appraisers’ services increased by 5%, to UAH 31.3 million, and expenses of emergency commissioners increased by 55.5%, to UAH 1.4 million.
Expenses for assistance payments increased by 28% and amounted to UAH 61.3 million. At the same time, payment for nonresident assistance services increased by 56.2%, to UAH 2.5 million.
As reported, Ukrainian insurance companies in January-June 2021 collected net premiums in the amount of UAH 23.480 billion, which is 25.6% more than in the same period a year earlier. The volume of gross insurance premiums amounted to UAH 24.780 billion (more by 17.9%).
According to the NBU, the total number of insurance companies in Ukraine as of June 30, 2021 is 181, while on the same date a year earlier – 215, including 19 (20) insurers specializing in life insurance. At the same time, 166 insurance companies submitted reports on their activities to the regulator.
