Boston, MA -- (SBWIRE) -- 10/15/2013 -- Ukrainian GDP growth fell from 5.2% in 2011 to 2.5% in 2012. A decline in exports and economic uncertainty due to the eurozone debt crisis were considered the key reasons behind the fall. Subdued economic conditions had an adverse impact on the country's insurance industry, which declined at a CAGR of -2.7% during the review period (2008-2012). The industry has undergone key structural and legislative changes since coming in to existence in 1991. The main structural changes include a decline in the number of insurance companies from 700 in 1992 to 414 in 2012, while on the legislative front, foreign insurers are now permitted to directly participate in the industry by opening offices in Ukraine.

Key Highlights

- The industry is developing dynamically and is predominantly controlled by the non-life insurance segment, which accounted for a significant share of the industry's gross written premium during the review period
- Over the forecast period the key growth drivers are anticipated to be government initiatives to introduce compulsory health insurance, foreign investment and a guarantee pool for life and agriculture insurance
- The Ukrainian insurance authority encouraged investment from foreign insurers by allowing them to open offices in the country
- Increased investment from foreign companies will improve the quality of insurance services and spur product development
- In 2012, there were 112 foreign companies operating in the Ukrainian insurance industry
- The government has declared that a reform of the healthcare system will begin in 2014, and compulsory healthcare insurance will be put in place during 2015-2016

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Scope

This report provides a comprehensive analysis of the insurance industry in Ukraine:

- It provides historical values for the Ukrainian insurance market for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Ukrainian insurance market, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Ukraine and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast market data related to the Ukrainian insurance industry and each segment within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Ukrainian insurance industry
- Assess the competitive dynamics in the Ukrainian insurance industry
- Identify the growth opportunities and market dynamics within key segments
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Companies Mentioned in this Report: Axa Insurance Ukraine, Insurance company TAS, PZU Ukraine Life Insurance, JSIC Ingo Ukraine, Ukrainian insurance group

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