In 2022, the insurance market of Ukraine collapsed by 70% due to the war – expert

However, in the first quarter of 2023, the insurance market recovered and exceeded the figures of 2021 for the same period. This information was announced at a briefing at the Media Center Ukraine – Odesa by Denys Yastreb, general director of the National Association of Insurers of Ukraine.

“In the first months of the war, the performance indicators fell sharply – in some places, there were losses in insurance premiums of up to 70%. But in May, we realized that we needed to resume our activities and began to process more intensively the requests of the population for payments for damaged property. In the summer and fall, the market began to recover,” – the expert said.

The Green Card service, an insurance policy that must be purchased when travelling abroad, showed the greatest growth in 2022. It ranked third among other services.

“This happened because our citizens fled the war to Europe. In 2022, the volume of insurance premiums for this type of insurance amounted to UAH 4 billion (approx 1 bln EURO), while in 2021 this figure was UAH 1.7 billion (approx 0.45 bln EURO). The growth is more than 100%,” Yastreb said.

He added that in the first quarter of 2023, insurance premiums for this type of insurance amounted to UAH 1 billion 156 million. And there is a slight downward trend, as Ukrainians are gradually returning home, but still, the volumes for this type of insurance will be “quite large” in 2023.

Mr. Yastreb also noted that in the first quarter of 2023, the insurance market indicators exceeded those of 2021 for the same period, but this is mainly due to the inflation rate in Ukraine.

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