Ukraine Insurance Report 2013
Business Monitor International, October 2012, Pages: 91
The Ukraine Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ukraine's insurance industry.
At first glance, Ukraine's insurance sector appears to be one of the largest, and the fastest growing in Central and Eastern Europe (CEE). However, the weaknesses and threats continue to outweigh the strengths and opportunities. As of late 2012, it is not obvious that any material progress has been made in resolving the problems in the non-life segment, which accounts for almost all the sector's activity. These problems include non-use of insurance by over 80% of the population, widespread poverty, a volatile economic and political environment and the very small scale of the domestic insurance companies. In contrast to Russia for example, there is no large former state-owned (near) monopoly that has doubledigit market share thanks to absolute scale, brand and massive branch network. Also unlike Russia, is the non-life segment is not bolstered by substantial compulsory medical expenses insurance (CMEI). Ukraine is home to about 400 insurance companies and we believe most of these are effectively captives or investment companies.
Notwithstanding that several multinationals have taken the view that Ukraine is not a market they need to be in, the number that remain is surprisingly large. However, in no case would the sudden closure of the Ukrainian subsidiary or affiliate have a significant impact on the multinational parent company. This reflects the weaknesses of the market. It may also be a contributing factor. Unlike in almost all other markets in CEE, there is no incentive for the major foreign insurance companies to assist with the development of the sector through channelling capital, encouragement of global best practice, product innovation and so on.
The life segment barely exists. Some – but not all – of the multinationals who are committed to building a regional business across CEE are present. However, in a country where the average person spends less than US$5 a year on life insurance, it is clear that the constraints and obstacles are huge.
Our bleak assessment of Ukraine's insurance sector is generally the same as it was in 2011 and 2010. As of late 2012, we do not see any catalysts for change.
Executive Summary 5
Table: Ukraine's Total Premiums, 2010-2017 5
Key Insights And Key Risks 5
SWOT Analysis 7
Ukraine Insurance Industry SWOT 7
Ukraine Political SWOT 8
Ukraine Economic SWOT 9
Ukraine Business Environment SWOT 9
Life Sector 10
Central And Eastern Europe Life Sector Overview 10
Table: Central And Eastern Europe Life Premiums, 2010-2017 (US$mn) 10
Ukraine Life Sector Update 12
Life Industry Forecast Scenario 14
Table: Total Life Premiums, 2010-2017 14
Growth Drivers And Risk Management Projections 15
Population 15
Table: Ukraine Insurance Key Drivers, Demographics, 2010-2017 15
Non-Life Sector Overview 17
Central And Eastern Europe Non-Life Sector Overview 17
Table: Central And Eastern Europe Non-Life Premiums, 2010-2017 (US$mn) 17
Ukraine Non-Life Sector Update 20
Non-Life Industry Forecast Scenario 21
Table: Ukraine's Non-Life Premiums, 2010-2017 21
Growth Drivers And Risk Management Projections 22
Macroeconomic Outlook 22
Table: Ukraine Economic Activity, 2011-2016 23
Political Stability Outlook 24
Table: Europe Security Risk Ratings 28
Epidemiology 29
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2010-2017 29
Motor 30
Insurance Risk/Reward Ratings 32
Table: Ukraine's Insurance Risk/Reward Ratings 32
Table: Central And Eastern Europe Insurance Risk/Reward Ratings 33
Competitive Landscape 34
Competitive Landscape Analysis 34
Major Players In Ukraine's Insurance Sector 35
Company Profiles 37
AIG 37
Allianz 41
AXA 44
Ukraine Insurance Report 2013
© Business Monitor International Ltd
Page 4
BNP Paribas Cardif 47
ERGO 50
Generali PPF Holding 53
GRAWE 59
MetLife 62
PZU 65
QBE Insurance Group 69
Talanx 72
UNIQA Group 76
Vienna Insurance Group 79
Demographic Outlook 83
Table: Ukraine's Population By Age Group, 1990-2020 (‘000) 84
Table: Ukraine's Population By Age Group, 1990-2020 (% of total) 85
Table: Ukraine's Key Population Ratios, 1990-2020 86
Table: Ukraine's Rural And Urban Population, 1990-2020 86
BMI Methodology 87
Insurance Risk/Reward Ratings 88
Table: Insurance Risk/Reward Indicators And Rationale 89
Table: Weighting Of Indicators 90
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