Insurance Business Association Proposes Alternative 2030 Market Development Strategy
The IBA has released a comprehensive strategy for the insurance sector, featuring tax reform proposals and three distinct growth scenarios.
🏢БізнесPhoto: Інтерфакс-Україна: економіка
Key points
- Three-scenario market growth model for 2030
- Advocacy for abolishing the 3% insurance income tax
- Focus on tangible insurance coverage metrics
The Insurance Business Association (IBA) has unveiled a new strategy for the development of Ukraine's insurance market, positioning it as an alternative to the roadmap proposed by the National Bank of Ukraine. The document details six strategic priorities and ten reform areas to be implemented by 2030.
The strategy focuses on data-driven planning rather than arbitrary targets. It outlines three potential growth trajectories: inertial, baseline, and accelerated. Under the baseline scenario, the association estimates that insurance premiums could reach 146.5 billion UAH by 2030, representing approximately 0.97% of the nation's GDP.
A significant portion of the proposal focuses on fiscal policy adjustments. The IBA advocates for the abolition of the special 3% income tax for insurers, as well as the introduction of incentives for corporate life insurance and private health insurance. As stated by IBA CEO Viacheslav Cherniakhovskyi: "Every strategic goal must stem from the actual state of the economy and the insurance market, be calculated, and have a clear mechanism for achievement."
Source Інтерфакс-Україна: економіка — interfax.com.ua/news/economic/1235661.html ↗
Read next
💼Ринок праціSkyUp Airlines Appoints Dmytro Popel as New CEO Amid Group Transformation
SkyUp Airlines has announced management changes, with Dmytro Popel taking over as CEO while former head Dmytro Seroukhov moves to a group-level commercial role.
🛒Ціни та тарифиUAV debris damages power line in Poltava region, leaving hundreds without electricity
Enemy drone debris damaged a power line in the Poltava region, cutting off electricity for about 450 consumers.
🏢БізнесYelyzaveta Pushko-Tsybuliak joins supervisory boards of Centrenergo and OPZ
A former member of the Accounting Chamber has been appointed as an independent director at two major state-owned enterprises.
🛒Ціни та тарифиUkraine and EU Coordinate Aid for the Upcoming Winter Season
Prime Minister Denys Shmyhal (referenced as Koretskyi in source) discussed critical energy and infrastructure needs with EU Commissioner Janez Lenarčič (referenced as Adj…
🛒Ціни та тарифиKharkiv to Increase Water Utility Rates Starting in 2027
The Kharkiv City Council executive committee has approved a tariff adjustment for water supply and sewage services effective January 1, 2027.
🛒Ціни та тарифиUkraine and Poland Agree to Boost Fuel Supplies and Prepare for Winter
During a meeting in Dublin, Volodymyr Zelenskyy and Donald Tusk discussed strengthening Ukraine's energy resilience by expanding logistics for fuel imports and accelerati…