UKRAINE: Q1 shows that the local market is getting more concentrated

Q1 2018 shows that 100 local insurers accumulate 98.3% of the total market GWP. Total number of Ukrainian insurance companies as of the end of the 1st quarter - 292, at that 32 of them are life insurers and 260 - risk insurers.

However,the number of insurers keeps decreasing (15 less compared to the last year), informed the Ukrainian insurance portal FORINSURER.

GWP during the 1st quarter demonstrated growth at the level of 6.6% from UAH 10.9 billion up to UAH 11.6 billion while net premiums jumped by 26.7%, according to the data published on the website of the National Financial Services Committee. The main share of the market gross written premiums (98.3%) is generated by TOP-100.

The competition level is different in life and non-life segments. If, based on Q1 result, risk insurance segment had a rather high competition level; life segment, where 20 insurers have 99.9% market share, saw moderate concentrated market control, wrote FORINSURER.

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