Largest Non-Life Insurance Companies in Ukraine

In 2023, insurance companies in Ukraine generated approximately $1.2 billion in gross insurance premiums and around $420 million in insurance claims, as reported Beinsure Media by the National Bank of Ukraine and Insurance TOP data.

Ukrainian insurers saw their gross written premiums (GWP) increase by 18.7% in 2023, reaching UAH 47 bn

Individuals contributed UAH 28.76 billion (around $719 million), legal entities added UAH 17.2 billion (approximately $430 million), and reinsurers provided UAH 1.06 billion (about $26.5 million).

Motor insurance, which includes Motor Hull, MTPL (Motor Third Party Liability), and Green Card, led in premiums. The growth attributed to the emigration of Ukrainians might have reached its peak, but claims paid increased significantly by 59% for MTPL and Green Card insurance.

The insurance industry in Ukraine has shown notable transaction volumes over the past year. In total, claims paid reached a significant UAH 16.86 billion, which when converted using the exchange rate of 40:1, equates to $421.5 million.

The breakdown of these payments reveals that individuals received $228.8 mn insurance claims

Legal entities were paid UAH 7.6 billion, approximately $190 million, while reinsurers received UAH 134 million, or $3.35 million. These figures highlight the substantial flow of funds within the sector, emphasizing the insurance industry’s role in risk mitigation and financial stability for both individuals and corporations.

In terms of Gross Written Premiums (GWP), ARX leads the market with UAH 3.69 billion, followed closely by TAS with UAH 3.53 billion, and UNIQA with UAH 3.21 billion. When converted to $, these figures stand at $92.25 million for ARX, $88.25 million for TAS, and $80.25 million for UNIQA, respectively.

TOP-25 Non-Life Insurers in Ukraine by premiums and claims

These statistics not only reflect the competitive landscape of the Ukrainian insurance market but also demonstrate the substantial scale of operations among the top players in the industry.

Over 40% of the market premium portfolio is traditionally occupied by motor insurance (MTPL, Motor Hull and Green Card summed). During the period of military aggression, the share of these types of insurance in the portfolio increased.

The Green Card segment became the insurance business support driver, while the other segments recorded a drop in volumes.

Risk insurers’ assets grew by 1%, while life insurers’ assets increased by 17%, as noted in the NBU’s quarterly Review of the non-banking financial sector.

Risk insurers made $47.5 mn in profit, with a 10% return on equity, lower than in 2022 but higher than in 2021.Life insurers earned $12.5 mn in profit, with a 19% return on equity.

TOP-25 Non-Life Insurers in Ukraine by assets and capital

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Edited & fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding