"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note, for second consecutive year there is a tendency of concentration on the local market, as for 41 insurers have been revoked licenses in 2016 and concentration of business among the top ten leaders is increasing (e.g.: in life the market share is 89% and 45% in non-life).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.