STATISTICS: UKRAINE, FY2016: timid signs of recovery; market concentration continues

In 2016, GWP collected by local insurers' have grown up by 18.28% compared with 2015 (note: in 2015/2014 the growth rate reached 21.2% y-o-y).

"The market has given a timid hope for the industry's exit from the prolonged crisis. Despite the 18.3% nominal GWP growth in 2016, with the adjusting according official inflation rate (in 2015 and 2014), the growth rate was only 5% compared to 2015 and almost 22% less than the same adjusted figure in 2014", is the opinion of Vyacheslav CHERNYAKHOVSKY, Head of the Insurance Commission, the Ukrainian Society of Financial Analysts. He added that the level of insurance penetration in GDP remains at a rather low level of 1.5%.

Overall the insurance market followed the tendency of the national economy, challenged by sensible monetary policy, currency depreciation, income deterioration, lowering of private consumption etc. On the same note, for second consecutive year there is a tendency of concentration on the local market, as for 41 insurers have been revoked licenses in 2016 and concentration of business among the top ten leaders is increasing (e.g.: in life the market share is 89% and 45% in non-life).

Find detailed 2016 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - FY2016, to be launched on 22 May.


Access www.xprimm.com and download the 1H2016 Ukraine insurance market statistics.

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

Share |

Related articles

VIG to make acquisitions in Ukraine

Austrian insurer VIG intends to become a Top3 insurer in the Ukrainian insurance market, and "is mulling the possibility of acquiring another risk insurance company", wrote the local business portal open4business.com.ua.

2018-09-18

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all