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Over the past decade, the Life insurance market in Ukraine has shown steady growth and development. Customer preferences in the Ukrainian Life insurance market have been shifting towards more comprehensive coverage options that provide not only financial protection but also investment opportunities. Customers are increasingly looking for policies that offer a combination of life insurance and savings or investment components to help secure their financial future. Trends in the market indicate a growing demand for unit-linked insurance products in Ukraine. These products allow policyholders to invest in a variety of funds, offering the potential for higher returns compared to traditional life insurance policies. As the Ukrainian economy stabilizes and disposable incomes rise, more individuals are seeking investment-linked insurance products to grow their wealth over the long term. Local special circumstances, such as the historical lack of trust in financial institutions and the underdeveloped pension system in Ukraine, have contributed to the popularity of life insurance as a means of financial security. With low levels of financial literacy among the population, life insurance products offer a straightforward and accessible way for Ukrainians to protect their families and accumulate savings. Underlying macroeconomic factors, including regulatory reforms to improve transparency and consumer protection in the insurance sector, have also played a significant role in shaping the Life insurance market in Ukraine. As the regulatory environment becomes more robust and consumer confidence in financial services grows, the life insurance market is expected to continue its positive trajectory in the country.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)