Insurances

The Insurances market in Ukraine is expected to reach a projected market size (gross written premium) of US$1.29bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$716.20m in 2024.
The average spending per capita in the Insurances market is estimated to be US$33.92 in 2024.
When compared globally, it is evident that the United States holds the highest nominal value, reaching US$3.8tn in 2024.
The gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 0.34%, resulting in a market volume of US$1.31bn by 2029.
The United States is projected to generate the highest gross written premium in 2024, amounting to US$3.8tn.
The insurance market in Ukraine is witnessing a surge in demand for health insurance coverage due to an increasing awareness of the importance of healthcare.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Insurances market in Ukraine has been experiencing notable growth and development. Customer preferences in the insurance market in Ukraine indicate a growing demand for a wide range of insurance products, including health, life, property, and car insurance. Customers are increasingly seeking comprehensive coverage and customized insurance solutions to meet their specific needs and provide financial security for themselves and their families. Trends in the market show a shift towards digitalization and online platforms for purchasing insurance policies in Ukraine. Insurers are investing in technology to streamline their operations, improve customer experience, and offer more accessible and convenient services. Additionally, there is a growing focus on innovation in product development to address emerging risks and provide more value to customers. Local special circumstances in Ukraine, such as regulatory changes and increasing competition among insurance providers, are shaping the dynamics of the market. The implementation of new regulations and initiatives aimed at enhancing transparency and consumer protection is influencing the way insurance companies operate and interact with customers. Moreover, the competitive landscape is driving insurers to differentiate their offerings and improve their overall market position. Underlying macroeconomic factors, including economic stability, income levels, and demographic trends, are playing a significant role in the development of the insurance market in Ukraine. As the economy continues to grow and consumer purchasing power increases, there is a greater awareness of the importance of insurance as a means of risk management and financial planning. Demographic shifts, such as an aging population and changing lifestyle preferences, are also influencing the demand for insurance products and services 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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.