STATISTICS:

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note, for second consecutive year there is a tendency of concentration on the local market, as for 41 insurers have been revoked licenses in 2016 and concentration of business among the top ten leaders is increasing (e.g.: in life the market share is 89% and 45% in non-life).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

Related articles

Ukraine: Winners of prestigious insurance awards 2017 were named

The champions of the Ukrainian insurance market were awarded at the XIth Edition of All-Ukrainian Competition "Insurance Company of 2017 year", organized by the Club Banker in partnership with the League of Insurance Organizations of Ukraine (LIOU) on 14 November 2017 in Kiev.

2017-11-23

ON THE MOVE

Swiss Re appoints new CFO and proposes new members to the BoD

Swiss Re announced that John DACEY, currently Group Chief Strategy Officer, is appointed Group Chief Financial Officer, effective 1 April 2018. He succeeds to David COLE, who will step down to pursue a non-executive career, while remaining a board member of several Swiss Re subsidiaries.

Piotr OZAREK is the PZU's first Ombudsman

Piotr OZAREK was appointed to perform the newly established function within PZU, as the first client's spokesperson of the insurer. His main task will be of helping in the most difficult and complicated cases in which PZU's clients are not satisfied with the solution.

Desmond BOHAN joins JLT Re as Senior Vice President

JLT Re, part of the global provider of reinsurance broking and consultancy, has appointed Desmond BOHAN as Senior Vice President in Stamford, Connecticut. He will focus on the continued expansion and development of JLT Re's Program practice in North America.

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all