Strategic Market Intelligence: Insurance Industry in Ukraine - Key Trends and Opportunities to 2023

Strategic Market Intelligence: Insurance Industry in Ukraine - Key Trends and Opportunities to 2023


In 2018, the Ukrainian insurance industry recorded a GWP of UAH49.4 billion (US$1.8 billion), after increasing at a review-period (2014-2018) compound annual growth rate (CAGR) of 16.5%. General insurance remained the dominant segment, with the share increasing from 91.9% of the total GWP in 2014 to 92.1% in 2018. Commercial general insurance accounted for 54.1% of the general insurance DWP, and is expected to grow at a forecast-period (2018-2023) CAGR of 6.0%. Life insurance posted a review-period CAGR of 16.0%, to reach UAH3.9 billion (US$143.5 million) in 2018. Individual life insurance accounted for 97.1% of GWP in 2018.

As of 2018, 50.7% of the total general insurance business was concentrated between MAT and property insurance. Endowment insurance was the most popular life insurance product, accounting for 56.0% of the life insurance GWP in 2018. Commercial pension registered a decline in growth rate, although retail pension grew at a review-period CAGR of 31.9%.

Political instability, coupled with other factors such as the delay in the implementation of reforms related to health and pensions, has led to foreign insurers exiting the market. Foreign insurers such as Liberty, Aegon, Axa and Ecco have exited the Ukrainian market.

Furthermore, the licenses of GUTA-Ukraine, Allianz Ukraine and Garantia-Life were suspended by the Ukrainian National Commission for State Regulation of Financial Services Markets due to their predominant Russian ownership. The number of general insurance companies declined from 57 in 2016 to 20 in 2017. The number of life insurers also decreased from 39 in 2016 to 33 in 2017. The amendments to capital adequacy and profitability in 2018 led to a decline of 13 in the number of insurers in 2018.

The report Strategic Market Intelligence: Insurance Industry in Ukraine - Key Trends and Opportunities to 2023, provides in-depth market analysis, information and insights into the Ukrainian insurance industry. It provides a detailed outlook by product category for the Ukrainian insurance industry, and a comparison of the Ukrainian insurance with its regional counterparts. It provides values for key performance indicators such as written premium, claims, and penetration during the review period (2014-2018) and forecast period (2018-2023).

The report also gives a comprehensive overview of the Ukrainian economy and demographics, and provides detailed information on the mergers and acquisitions in the country. The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.

Companies mentioned: Uniqa Life Ukraine Life Insurance Company, IG TAS Life Insurance Company, Metlife Ukraine, Aska-Life Life Insurance Company, Uniqa Ukraine, Ukrainian Insurance Group PJSC, Oranta National JSC, Providna Insurance


This report provides a comprehensive analysis of the Insurance Industry in Ukraine -

  • It provides historical values for the Ukrainian insurance industry for the report’s 2014-2018 review period, and projected figures for the 2018-2023 forecast period.
  • It offers a detailed analysis of the key categories in the Ukrainian insurance industry, and market forecasts to 2023.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Ukrainian insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Ukrainian insurance industry.
  • Assess the competitive dynamics in the insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Chapter 1 Executive Summary
Chapter 2 Economy Overview
Chapter 3 Regulatory Risk
Chapter 4 Life Insurance - Summary Trend and KPIs
Chapter 5 Life Insurance - Market Share and Concentration by Line of Business
Chapter 6 General Insurance - Summary Trend and KPIs
Chapter 7 General Insurance - Market Share and Concentration by Line of Business
Chapter 8 Reinsurance Overview
Chapter 9 Competitive Landscape
Chapter 10 Competitor Profiles
Chapter 11 Insurtech
Chapter 12 Appendix

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