Tuesday, September 17, 2013

Market Overview: Insurance Industry Market Growth In Panama , Ukraine & Morocco 2013 - 2017



Insurance Industry In Panama , Ukraine & Morocco , Key Trends and Opportunities 2013 - 2017


The report provides in depth market analysis, information and insights into the insurance industry in Panama, including:

  • The Panama insurance industry’s growth prospects by insurance segments and categories
  • The competitive landscape in Panama's insurance industry
  • The current trends and drivers of Panama's insurance industry
  • The challenges facing Panama's insurance industry
  • The regulatory framework of Panama's insurance industry

Executive summary

Panama’s insurance industry is the one of the largest in Central America. Since 2004, the country has recorded economic growth and maintained a stable political environment, which helped the growth of the insurance industry. The country is also among the largest recipients of foreign direct investment (FDI) in Latin America. Panama’s economic growth is centered upon the Panama Canal which links the Atlantic and Pacific Oceans and serves as a key intersection for global trade. An expansion plan for the Panama Canal, considered to be one of the largest infrastructure projects in the world, is expected to positively impact on Panama’s economy and insurance industry. The country’s insurance industry is highly concentrated.


The report provides in depth industry analysis, information and insights into the insurance industry in Ukraine, including:

  • The Ukrainian insurance industry’s growth prospects by insurance segments and sub-segments
  • The competitive landscape in the Ukrainian insurance industry
  • The current trends and drivers of the Ukrainian insurance industry
  • The challenges facing the Ukrainian insurance industry
  • Detailed regulatory framework of the Ukrainian insurance industry
  • Regional benchmarking analysis of Ukrainian insurance segments

Executive summary

Ukrainian GDP growth fell from 5.2% in 2011 to 2.5% in 2012. A decline in exports and economic uncertainty due to the eurozone debt crisis were considered the key reasons behind the fall. Subdued economic conditions had an adverse impact on the country’s insurance industry, which declined at a CAGR of -2.7% during the review period (2008–2012). The industry has undergone key structural and legislative changes since coming in to existence in 1991. The main structural changes include a decline in the number of insurance companies from 700 in 1992 to 414 in 2012, while on the legislative front, foreign insurers are now permitted to directly participate in the industry by opening offices in Ukraine.


The report provides in depth industry analysis, information and insights of the insurance industry in Morocco, including:

  • The Moroccan insurance industry’s growth prospects by insurance segments and sub-segments
  • The competitive landscape in the Moroccan insurance industry
  • The current trends and drivers of the Moroccan insurance industry
  • The challenges facing the Moroccan insurance industry
  • The regulatory framework of the Moroccan insurance industry

Executive summary

The Moroccan insurance industry is one of the largest in the Arab region and the second-largest in Africa. Insurance penetration stood at 3.1% in 2012, while the premium per capita stood at MAD788.7 in the same year. Despite social unrest, low income levels, high urban unemployment and high poverty in rural areas, Morocco’s insurance industry penetration was among the highest in the region in 2012. The industry grew at a CAGR of 6.8% during the review period. 

This growth was partly driven by favorable government strategies to expand the insurance industry, including compulsory provisions such as compulsory third-party motor insurance and the implementation of other favorable provisions such as the Contrat Programme in 2011. Growth was further supported by economic development, the expanding mortgage market, growth in the travel and tourism industry and the introduction of the bancassurance channel.

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