Insurance Market in Ukraine

About the project

Insurance is a powerful financial and credit system which is practically in no way inferior to the banking sector. The development of national insurance markets is impossible without inclusion in the global insurance system.

In Ukraine, there is a liberalization of trade in insurance services, the consolidation and capitalization of insurance companies, an increase in the growth rates of certain types of insurance, and new types of insurance products are being introduced.

At the same time, there are a number of obstacles on the way to the integration of the insurance market of Ukraine: weak foreign economic relations of Ukraine in the field of insurance with other countries, underdevelopment of the national insurance infrastructure, insufficient level and potential of insurance development outside the country, low indicators of competitiveness of Ukrainian insurance companies. The analysis of the insurance market in Ukraine became the subject of the study conducted by Yasno Research & Consulting Group in order to study the readiness of the area for integration into the global insurance system.

Our solution

The screening of the situation on the insurance market was carried out using the desk search method.


According to the results of the study, the following conclusions were obtained.

In general, the level of development of the domestic insurance market is assessed as insufficient. The most important feature of its functioning is the accumulation of financial capital and gradual integration into the world market. But foreign investors show interest in it due to the large market capacity and weak competitiveness of domestic insurers.

In the ratio of net insurance premiums and payments, the most unprofitable segments are vehicle insurance, medical insurance, financial risk insurance, the most attractive are property insurance, life insurance, insurance against fire risks and natural disasters, and credit insurance.

The Ukrainian insurance market is distinguished by:

  • a small share in the global market – 0.073% and in the Eastern European market – 6.36% (while the share of Russia and Poland in the insurance market of Eastern Europe is 77.7%);
  • a relatively low share in the country GDP: in 2010, according to various sources, it was 1.3% – 1.8%, in 2011 – 1.3%, in 2012 – 1.2%;
  • a certain level of monopolization of certain types of insurance;
  • high rates of growth in the number of insurers (while most of them have a small amount of assets and are forced to transfer a significant proportion of their liabilities to reinsurance to insurance organizations of other countries);
  • low degree of security for the main risks.

Analysis of the insurance services market in Ukraine using the Desk Search method. Studying trends, legislative changes, types of insurance products, strategies of insurance companies and financial companies.

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