Non-life insurances - Ukraine

Ukraine

The Non-life insurances market market in Ukraine is expected to reach a market size (gross written premium) of US$716.20m in 2024.
Furthermore, the average spending per capita in the Non-life insurances market market is projected to amount to US$18.88 in the same year.
With an estimated annual growth rate (CAGR 2024-2029) of -0.56%, the gross written premium is anticipated to result in a market volume of US$696.40m by 2029.
In a global comparison, the United States is predicted to generate the highest gross written premium, reaching US$2,500.0bn in 2024.
The non-life insurance market in Ukraine is experiencing a significant growth due to increasing demand for property and casualty coverage.

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Analyst Opinion

Over the past few years, the Non-life insurances market in Ukraine has been experiencing significant growth and development.

Customer preferences: Customers in Ukraine are increasingly leaning towards non-life insurance products due to the rising awareness of the importance of protecting assets such as property and vehicles. The demand for insurance coverage against risks such as accidents, natural disasters, and theft is on the rise as individuals and businesses seek to safeguard their investments.

Trends in the market: One of the notable trends in the Non-life insurances market in Ukraine is the increasing adoption of digital channels for purchasing insurance policies. Insurers are leveraging technology to offer convenient online platforms for customers to compare different plans, receive quotes, and make payments. This shift towards digitalization is not only improving customer experience but also streamlining the insurance process.

Local special circumstances: The political and economic situation in Ukraine has played a significant role in shaping the Non-life insurances market. Instability in the region has led to a growing sense of uncertainty among individuals and businesses, prompting them to seek out insurance solutions to mitigate potential risks. Additionally, regulatory changes and efforts to improve transparency in the insurance sector have contributed to a more competitive market environment.

Underlying macroeconomic factors: The overall economic growth in Ukraine has had a positive impact on the Non-life insurances market. As disposable incomes increase and the standard of living improves, more people are willing to invest in insurance products to protect their assets. Moreover, the government's initiatives to promote financial literacy and risk management have also fueled the demand for non-life insurance policies across the country.

Methodology

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.