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Ukraine Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 27
With the establishment of more liberal regulations on foreign participation in the insurance industry, Ukraine has welcomed a notable number of foreign-owned insurance companies in its insurance market. However, despite this growth in both domestic and foreign companies, the demand for insurance services remains low. The non-life business is still undeveloped and life insurance is virtually non-existent. The insurance industry consists of two segments, life and the non-life. The non-life segment accounts for a larger share of the market, as compared to the life segment, due to the increasing investment in voluntary property (motor & real estate) insurance. Apart from property, the health insurance has also boosted the growth of the non-life business in the country.
The growth registered in annual insurance premiums in the past few years is attributed to the expanding economy, increasing income, growing demand for non-life products due to increasing investment in health, real estate, and automobiles. The life insurance segment has been recording growth on account of the rising interest on the part of Ukrainians, as well as introduction of new marketing strategies by the insurers. The newly ratified law lays the foundations for a mandatory health insurance program in 2009. The market offers new growth opportunities on account of the low penetration of products and rising interest in insurance among the population, which would lead to introduction of new products as well as employment of new sales promotional strategies. The insurance market of Ukraine is highly fragmented with Oranta being the biggest insurer.
The present report gives an overview of Ukraine’s insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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