STATISTICS: UKRAINE, FY2017: total market growth amounted to more than 23%; non-life up by 25% in local currency
In 2017 the market produced GWP in the amount of UAH 43.4 billion (about EUR 1.3 billion), at that 92.16% of total GWP were generated by non-life sector (UAH 40.5 billion), and in its turn the biggest part of the non-life sector (more than 78%) was collected by voluntary classes (more than UAH 34 billion). Significant contribution to voluntary segment in 2017 was made by insurance of financial risks (almost 13% segment share), motor insurance (also about 13%), other property insurance (about 12%), cargo insurance (~ 11%), fire and other perils insurance, civil liability and others. Compulsory non-life segment produced more than 14% of the non-life GWP with MTPL and Green Card traditionally biggest shares.
In local currency GWP of all main classes saw growth in 2017, but in European currency many classes had a declining trend, especially life sector (which in UAH had almost 6% growth, and in EUR - dropped by more than 10%). That relates to Ukrainian hryvnia's fall against euro by almost 18% last year. Life insurance market's share is rather small and in 2017 it even decreased (in 2016 life sector had about 8% of the market share and in 2017 - about 7%).
Total claims in local currency also increased (more than 19%), although in euro this increase was really moderate. In general in 2017 Ukrainian insurers paid UAH 10.5 billion, about UAH 10 billion of which were paid in non-life sector (more than 78% of claims made by voluntary classes).
Despite outdated regulatory environment and very moderate economic growth insurers provided the growth of key financial indicators (153 companies of 295 market insurers ended 2017 with profit), announced Alexander ZALETOV, a member of the National Financial Services Commission of Ukraine. According to him the insurance market every year is growing and getting more and more investment-attractive and competitive. Regardless of the big number of insurers, 97% of all paid claims in Ukraine are made by 90 P/C insurers and 10 life insurers.
Leaders of non-life sector by GWP, included into TOP-20, were CREMEN (UAH 3.8 billion, 9% market share), UNIQA (UAH 1.7 billion, 4%), Insurance (about UAH 1.7 billion, ~4%), ARSENAL Insurance (about UAH 1.6 billion) and PZU Ukraine (about UAH 1.3 billion). In terms of paid claims the leaders are Insurance, UNIQA, INGO Ukraine, PROVIDNA and PZU Ukraine. Life sector, having less than 7% of the total market, is supported by 10 insurers among which in terms of GWP first places in 2017 took METLife (UAH 748 million, more than 25% sector share), UNIQA Life (about UAH 451 million and 15%) and TAS (UAH 442 million, 15%),
Access www.xprimm.com and download the FY2017 Ukrainian insurance market statistics.
- Market portfolio: GWP, claims, growth rates, shares.
- Life & non-life rankings: GWP, claims, growth rates, market shares.