Insurance in Ukraine: Market and IT Overview

by Nicolas Michellod, February 14, 2008

Abstract

Zurich, Switzerland 14 February 2008

Insurance in Ukraine:  Market and IT Overview

The insurance market in Ukraine will experience further mutations and Celent expects insurers to increase IT spending by more than 60% over the next three years.

In a new report, , Celent discusses key drivers in the insurance market and how insurers should be positioning their IT to take on upcoming challenges. Following the collapse of the Soviet Union, Ukraine has experienced drastic changes. Its fast growing economy is attracting much interest from overseas. The Ukrainian insurance industry is characterized by low levels of investment in IT. M&A activity currently drives the insurance market and could initiate more IT investment in the future.

IT providers will have to offer flexible solutions and demonstrate their ability to lead IT consulting projects not only in technology but also in organizational aspects of IT such as business process reengineering.

Celent estimates IT spending will grow fast in the near future. The Non-Life insurance sector will still generate the highest proportion of IT spending, but the strong growth of Life insurance will need big IT investment in the next three years.

"Ukraine is certainly one of the Commonwealth Independent States countries having the highest potential," notes report author and insurance senior analyst Nicolas Michellod.

This report looks in more detail at the size and structure of the Ukraine insurance market and discusses salient IT trends.

The 24-page report contains 11 figures and 3 tables. A table of contents is available online.

Members of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.  

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Zurich, Switzerland 14 February 2008

Insurance in Ukraine:  Market and IT Overview

Executive Summary 04
Introduction 05
About Ukraine 07
The Ukrainian Insurance Market 09
Market Growth and Drivers 17
Insurance and Technology 19
Technology Trends 22
Conclusion 24

 

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