STATISTICS: UKRAINE, 1H2016: Despite the shrinking number of insurers, the premiums have seen double digit growth rates

In the first half of 2016, GWP collected by local insurers totaled UAH 16.4 billion, up by 21.2% y-o-y, of which UAH 15.1 billion were collected on the non-life insurance segment (up by 20%), while life insurance GWP marked a significant increase, by almost 40%, indirectly supported by the halving number of surrendered 5 years contracts.

At the same time, for the second consecutive year there is a tendency of concentration on the local market. For example, in 1H2015 the number of insurance players decreased by 23 units, while in the analyzing period the market has lost 53 players (note: 11 life insurers and 42 non-life companies). The process is expected to further continue, given the market's need of sound and well capitalized companies.

Despite the regulatory authority's efforts, several foreign groups left the Ukrainian insurance market lately. However, among the M&A operations were also some entrances.
  • At the end of 2015, MetLife Global Holding Company II GmbH (Switzerland) bought MetLife Insurance Company (Kiev) from American Life Insurance Company (USA).
  • The Bulgarian EUROINS Insurance Group (EIG), a subsidiary of the EUROHOLD financial holding acquired HDI Strakhuvannya, formerly belonging to the Hannover based insurer TALANX International.
  • By the end of September 2016 the Dutch insurer AEGON announced that it will exit the Ukrainian market after less than four years, by selling 100% of AEGON Life Ukraine to local insurance firm TAS Group.
Access www.xprimm.com and download the 1H2016 Ukraine insurance market statistics.

Read more about the Ukrainian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

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

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