The Insurance Industry in Ukraine, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-04 15:51:02
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 (2008â2012).
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.
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 2015â2016.
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