Reducing the Number of Insurance Companies in Ukraine 

by Olha Povaliaieva
Thursday, January 21, 2022
Reducing the Number of Insurance Companies in Ukraine 

During the first 9 months of 2021, the net revenue of insurance companies in Ukraine amounted to $9.9 million, but the number of such licensed companies has almost halved

Although the number of insurers in the market is declining, their total income grows annually by 17%. For example, in the first 9 months of 2020, their income amounted to $127 million, but for the same period in 2021, gross revenues amounted to $148.2.

According to researchers, low levels of old-age payments are a favorable condition for the profitability of companies. According to the amount of earned net insurance premiums among life insurance companies in Ukraine, five leaders were identified:

  • Metlife – USA;
  • TAS Insurance Company – Ukraine;
  • PZU Ukraine Life Insurance – Poland;
  • Unique Life – Austria;
  • ASKA – Ukraine.

Experts say that in the market of life insurers, the dynamics are not very intense because the market is very narrow and has a high entry threshold for new companies.

We will remind you insurers in Ukraine started working under new rules. The Verkhovna Rada, the central government body in Ukraine, approved a review that introduced several proposals for changes for insurance companies. In particular, changes are beginning in insurers' regulation and establishing precise requirements for entry/exit of the insurer to the market.

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