Page 32 - Turkinsurance Digital Magazine

30 country profile

Average expected lifespan is 72.1 years after birth, which is 77.1 port volume is 44.42 billion USD. Country’s major export part-
years for women and 67.4 years for men. Health expenses ac- ners are Russia, Poland, Turkey, India, Italy, China and Germa-
count for 7.1 percent of the Ukrainian GDP. ny.

Gross domestic product stands at 368.8 billion USD, and GDP General overview of Ukrainian
per capita equals 8 thousand 700 USD. In terms of its distri-
bution by markets, service sector gets a share of 58.2 percent, insurance market
followed by the industry sector with a share of 27.8 percent, and
agriculture with a share of 14 percent. According to the statistics by the National Financial Services
Commission of Ukraine broadcast on Xprimm, 31 insurance and
3.8 percent of the population lives 260 risk insurance companies operate in the Ukrainian insur-
ance market as of July 2018. During the first half of the fi-
below the poverty line nancial year, number of insurance companies decreased by 9.
Market results indicate that 98 percent of the GWP belongs to
Major agricultural products of Ukraine are grains, sugar beet, 100 insurance companies; while life segment has reached a mild
sunflower, vegetables, milk, and beef; while major sectors are competition level. In 2017, the market grew by 23.49 percent,
coal, electricity, iron, machinery, marine, chemical and food pro- non-life segment growing over the market averages.
cessing. Total labor force of the country equals to 17.99 million;
5.8 percent of which is employed in agriculture, 26.5 percent in GWP produced by the insurance and reinsurance companies
industry and 67.8 percent in the service sector. Currently, unem- during the first six months of 2018 reached 23.4 billion UAH
ployment rate of Ukraine stands at 9.5 percent. 3.8 percent of (766.33 million EUR), 36.6 percent of which were gained from
the country lives under the poverty line; while the inflation rate individual customers and 63.4 percent from corporate custom-
for 2017 was reported as 14.4 percent. ers. According to these results, premium production grew by
10.38 percent compared to the previous year. Gross written
With a total export volume of 36.85 billion USD, Ukraine’s im- premiums produced by risk insurers stood at 21.69 billion UAH