Ukraine Insurance Industry – Key Trends and Opportunities to 2027

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Ukraine Insurance Market Report Overview

The gross written premium (GWP) of the Ukraine insurance market was UAH39.7 billion ($1.2 billion) billion in 2022. The market is expected to achieve a CAGR of more than 2% during 2023-2027. The Ukraine insurance market research report provides in-depth market analysis, information, and insights into the Ukraine insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

Ukraine Insurance Market Outlook, 2022-2027 (UAH Billion)

Ukraine Insurance Market Outlook, 2022-2027 (UAH Billion)

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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Ukraine economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Market Size GWP (2022) UAH39.7 billion ($1.2 billion)
CAGR (2023-2027) >2%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Segments ·        Life Insurance

·        General Insurance

Key Line of Business (General Insurance) ·        Motor

·        Liability

·        Financial Lines

·        MAT

·        Miscellaneous

Leading Players ·        Alpha Insurance

·        Arx Insurance

·        Uniqa Insurance

·        Tas Insurance

·        MetLife

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Ukraine Insurance Market Trends

Marine Insurance:  Some reinsurance companies backed out of the Ukraine market due to losses in the country. Marine insurers have stated that they will not be able to provide war risk coverage in the country. Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, and Ukrainian territorial risks.

Health Insurance: On August 25, 2023, the Ministry of Health of Ukraine approved a road map for the introduction of enhanced medical insurance. The ministry proposed to add additional medical insurance to the current package at the expense of the national budget. The current health insurance does not include improved quality of treatment, access to additional medical services, faster access to specialist doctors, coverage of expensive medicines and treatments, and is not covered by the medical guarantees program. The new enhanced medical insurance will include an increased choice of healthcare providers and improved quality of services provided by insurers. In addition, the development of pharmaceutical insurance is also anticipated, which involves the reimbursement of expenses for the purchase of medicines and/or medical devices.

Ukraine Insurance Market by Segments

The key segments in the Ukraine insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.

General Insurance: The general insurance segment led the market in 2022. Motor and marine, aviation, and transit (MAT) insurance were the leading lines of business. The growth in the motor sector can be attributed to the rise in the sale of new vehicles. An increase in the sale of new cars resulted in the rise of motor third–party liability insurance in the country.
Life Insurance: The life insurance segment includes whole life, pension, and other life insurance. Growth in premiums of life insurance is projected to recover at a slower pace with the implementation of martial law, due to which citizens face difficulty saving for the future.

Ukraine Insurance Market Analysis by Segments, 2022 (%)

Ukraine Insurance Market Analysis by Segments, 2022 (%)

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Ukraine Insurance Market – Competitive Landscape

The key companies in the Ukraine insurance market are –

  • Alpha Insurance
  • Arx Insurance
  • Uniqa Insurance
  • Tas Insurance
  • MetLife

Alpha Insurance was the largest insurer in 2022 in terms of GWP.

Ukraine Insurance Market Analysis by Players, 2022 (%)

Ukraine Insurance Market Analysis by Players, 2022 (%)

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Segments Covered in the Report

Ukraine Insurance Market Segments Outlook (Value, UAH Billion, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Ukraine insurance industry –

  • It provides historical values for the Ukraine insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
  • It offers a detailed analysis of the key categories in the Ukraine insurance industry and market forecasts for 2027.
  • It profiles the top life insurance companies in Ukraine and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the Ukraine insurance industry.
  • A comprehensive overview of the Ukraine economy, government initiatives, and investment opportunities.
  • The Ukraine insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Ukraine insurance industry’s market structure gives details of lines of business.
  • Ukraine’s reinsurance business’s market structure gives details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Ukraine insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Ukraine insurance industry.
  • Assess the competitive dynamics in the Ukraine insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Metlife
Alpha Insurance
Arx Insurance
Ingo Insurance
Uniqa Insurance
Arsenal Insurance
Tas Insurance
Vuso Insurance

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LOB

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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