"Ukraine Insurance Report 2014" Published

The overall panorama of the insurance sector in Ukraine remains very uninspiring. In part because of underwriting of risks on non-commercial terms, prices and margins remain under downwards pressure in the highly fragmented non-life segment. Over the last year or so, nothing has changed to fundamentally improve a general business environment that remains challenging.

Nevertheless, it appears that non-life penetration is rising in 2013. If it turns out that this is the case, it represents a major change. In general, the trend in penetration has been resolutely downwards since 2005. For now, we tentatively assume that non-life penetration will continue to creep upwards through the forecast period.

A part of the problem is the lack of profitability in the sector. Ukraine's insurance sector is open to competition from local subsidiaries of regional (like VIG, PZU, GRAWE, ERGO and UNIQA) or global (like AXA) multinationals. However, none of the Ukrainian operations have scale. Put another way, there is no obvious catalyst for wholesale consolidation in what remains an extremely fragmented competitive landscape.

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Life insurance premiums and density are rising rapidly, but from an extremely low base. As is the case in Russia, it appears that subsidiaries of foreign groups (such as MetLife Alico) have the edge over local groups. The barriers to the growth of life insurance remain formidable. We continue to expect that it will still be extremely underdeveloped at the end of the forecast period.

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