STATISTICS: UKRAINE, 1H2015: Top 20 non-life insurers outperformed the market average growth rate

In the first half of 2015, GWP collected by local insurers totaled UAH 13.4 billion, up by 21.4% y-o-y, of which UAH 12.5 billion were collected on non-life insurance segment (up by 17.6%). Life insurance GWP amounted to UAH 939 million (down by 3.9%). However, considering the over 50% y-o-y inflation rate recorded in Ukraine, in real terms, as well as denominated in European currency, the results show a strong downturn trend.

In the reporting period, the net written premiums growth was up by 39.9%, to UAH 12.2 billion.

According to the Insurance TOP rating, in the analyzed period the gross written premiums collected by TOP-20 increased from UAH 4.5 billion (in 1H2014) to UAH 5.9 billion in 1H2015, showing an above average growth rate and increasing their consolidate market share by about 3pp.

Thus, the first place in TOP-20 is held by UNIQA Insurance Company with UAH 0.6 billion premiums (up by 60%), the GWP of the second largest insurance company AXA Insurance recording a 50% growth, to UAH 0.5 billion. According to the market experts' opinion, "customers mostly trust the large companies and those that have foreign capital. Moreover, the large companies hold the main part of corporate business and sales. At the same time, the corporate market falls more slowly than retail segment."

At the same time, the highest increase in premiums was demonstrated by the local subsidiary of the Polish PZU - over 70%, to UAH 345 million. According to the Chairman of the Board, PZU Ukraine, this high result is due to "portfolio diversification not only by type of insurance, but also by sales channels".

Another explanation of GWP growth is that the main shares of the successful companies' portfolio are held by such types of insurance as Green Card, Aviation Insurance, Motor Hull, Facultative health insurance which have been paid in foreign currency.

Access www.xprimm.com and download the 1H2015 Ukraine insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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