Growth of the Ukrainian Insurance Market: Key Indicators for 2024

In 2024, the Ukrainian insurance market demonstrated stable growth across all major indicators, including assets, insurance premiums, and payouts. According to the data, total gross insurance premiums increased by 15%, reaching ₴53.1 billion. Among them, risk insurance stands out, generating ₴47.4 billion.

This is reported by AgroReview

The transport insurance sector also shows positive dynamics: premiums for comprehensive car insurance (CASCO) rose by 3%, while those for mandatory third-party liability insurance (OSAGO) increased by 14%. At the same time, premiums for the “Green Card” insurance continued to decline, decreasing by 10% compared to the previous quarter, which is related to the reduction in the number of Ukrainian cars traveling abroad.

Personal Insurance and Assets

In the personal insurance segment, positive dynamics are noted only in life insurance, where premiums increased by 17%. In contrast, health insurance saw a decrease of 12%, and travel insurance (assistance) dropped by 34%. Premiums for liability insurance also rose by 17%, while those for cargo and baggage insurance increased by 14%.

Insurance Payouts and Their Dynamics

Assets of risk insurers grew to ₴46.1 billion, while insurance payouts reached ₴20.4 billion. Among the payouts: life insurance – ₴1.4 billion, risk insurance – ₴19 billion. The payout ratio in 2024 rose to 40%, which is associated with the ongoing increase in payouts since the beginning of 2023, primarily due to inflationary processes and the devaluation of the hryvnia.