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.
