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Insurance in Ukraine: Market and IT Overview Report Published by Celent

In a new report, Insurance in Ukraine: Market and IT Overview, 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.