In 2024, the insurance market of Ukraine continues to demonstrate positive dynamics, marking growth in all key indicators, including assets, insurance premiums, and payouts. According to last year’s results, total gross insurance premiums increased by 15%, reaching ₴53.1 billion. Among them, premiums for risk insurance also rose, reaching ₴47.4 billion.
This is reported by Finway
In the segment of transport insurance, there is a growth in premiums for KASKO programs by 3% and ОСАЦВ by 14%. At the same time, premiums for the “Green Card” insurance continue to decline, decreasing by 10% compared to the previous quarter. This is related to the fact that fewer Ukrainian cars are traveling abroad.
Dynamics in Personal Insurance
In the field of personal insurance, positive changes are observed only in life insurance, which increased by 17%. In contrast, health insurance premiums decreased by 12%, and tourist insurance (assistance) suffered the largest losses, dropping by 34%. Other types of insurance, such as liability insurance and cargo and baggage insurance, showed growth of 17% and 14% respectively.
Growth of Assets and Payouts
The assets of risk insurers also increased, reaching ₴46.1 billion. Insurance payouts rose to ₴20.4 billion, including ₴1.4 billion paid out in life insurance, while risk insurance recorded payouts of ₴19 billion. The payout ratio in 2024 increased to 40%. The growth in payouts has been ongoing since the beginning of 2023, primarily driven by inflationary processes and the devaluation of the hryvnia.