Results of the Ukrainian Insurance Market for the First Half of 2026: Stability, Multi-Billion Payouts, and the Evolution of War Insurance

The midpoint of 2026 confirms the maturity and dynamic scaling of the Ukrainian insurance market. The institutional landscape demonstrates exceptional stability: the number of operating companies has remained unchanged for six consecutive months.

In the non-life segment, total premium collections for January–June reached UAH 35.5 billion, exceeding the results of the corresponding period in 2025 by 17%. The market maintains high profitability and investment attractiveness: the total net financial result reached UAH 3.9 billion, and unprofitable activity was recorded by only 6 insurers.

Market Concentration and Non-Life Operational Efficiency

The industry continues to be structured around leading systemic players — the top ten companies accumulate 74.9% of all market capital. The total volume of eligible assets to comply with solvency standards increased by 24%.

The financial stability indicators of the non-life sector demonstrate the controllability of key business processes:

• Loss Ratio: 50.3%. In simple terms: this is the share of funds returned directly to people to cover client losses (car repairs at service stations, payment for medical treatment, property restoration, etc.), excluding expenses for the company’s own maintenance and taxes.

• Combined Ratio: ~94.2% (confidently kept within the safe zone below 100%). This indicator reflects the total cost of doing business: how much the company spends on payouts to clients along with its own maintenance costs (salaries, agent commissions, etc.). A value below 100% means that the core insurance activity is profitable in itself.

• Operating Ratio: 84.5%. This is the most complete picture of financial health, taking into account not only all insurer expenses but also the income from investing reserves. The lower this percentage, the more efficiently the company generates final profit. A value of 84.5% indicates high operational success of the market.

TOP-10 Insurance Companies of Ukraine by Premiums (H1 2026)

Portfolio Structure and Key Business Lines

The core of the non-life market remains monolithic: motor lines and health insurance account for 81.5% of the total volume of attracted funds.

• MTPL (Motor Third Party Liability): Retains a 32% share of inflows. Thanks to new pricing mechanisms, the segment has become the main source of tax revenues for the insurance industry — UAH 328.5 million of income tax was accrued at a 3% rate.

• CASCO: Traditionally “adds” an average of 22% to premiums, securing a quarter of the entire portfolio (25%).

• Green Card: An expected “decline” in premiums, though insignificant – about 0.5%. The market share is approximately 7%.

• Health Insurance (VHI): Increased its market share by 1 p.p. due to premium growth of approximately 10%, which corresponds to medical inflation. The loss ratio remains in the forecasted range of 67–70%.

• Property Insurance: Closes the top five leading lines with UAH 2.4 billion in premiums (+40% year-on-year) – a 100% manifestation of policies with “war risks” coverage.

• Distribution Channels: Despite the digitalization of processes, classic agency networks generate 62% of all concluded contracts in the non-life sector.

TOP-5 Insurers by Premiums in Key Business Lines

Fulfillment of Obligations: Record Compensations into the Economy

The volume of paid insurance indemnities for the six months reached UAH 16.6 billion (+47%). Participants of the PRIMA project consolidate 87% of all payouts in the state, and NASU member companies provided 81% of the total array of covered losses.

• Motor and health insurance jointly accumulated 91% of all indemnities. UAH 3.2 billion (19%) was directed to cover medical care and medicines.

• MTPL Surge: The amount of indemnities increased by 102%. Thanks to the priority routing of funds directly to partner service stations, these resources instantly feed the real sector of the economy.

TOP-5 Non-Life Insurers by Payouts in Key Lines

War Risks: Product Evolution, Scaling, and International Support

The property segment is undergoing a fundamental transformation, adapting to continuous security threats (missile strikes, falling UAV debris, consequences of air defense operations). The total volume of reserves for reported but not yet settled claims in the market amounts to UAH 3.6 billion. Of these, according to the special reporting of 17 companies of the PRIMA project, UAH 977 million is reserved exclusively for the consequences of the war. The lion’s share of this specific reserve (UAH 898 million, or 92%) relates to property, and another UAH 28.1 million to logistics.

Key points of the war insurance market:

• Territorial Restrictions: The rules of the game remain strict — active combat zones, the 50–100 kilometer strip to the contact line, and occupied territories are excluded from insurance.

• Coverage Models: The market operates with a comprehensive approach (risks are integrated into CASCO or private property insurance without separate pricing) and individual underwriting (exclusive evaluation of large corporate objects).

• Catalyst for Business: A significant driver for corporate contracts was the state subsidy program, where the enterprise pays only 1% of the insured sum, which unlocked access to protection and led to 228 individual contracts already concluded.

• Green Generation: The industry successfully integrated the protection of renewable energy (SPPs, WPPs) and BESS systems. A key requirement is passing a strict geographical filter and the absolute absence of proximity to dual-use infrastructure.

• Logistics Flexibility: Policies cover cargoes not only during transit but also provide for temporary storage in warehouses for up to 45 days.

• New Niches: War risks were recorded for the first time in the segments of liability insurance and financial risks.

• Reinsurance Capacity: The market’s ability to absorb shocks completely depends on international partners. Key support is provided by Lloyd’s of London (capacity limit expanded to $600 million), DFC (over $125 million), and the EBRD (~$110 million).

• Survival Strategy: Having a policy becomes a critical requirement for business, but it demonstrates the highest efficiency in synergy with physical decentralization and relocation of hubs to safer regions.

Life Insurance: Accumulation, Trust, and a Surge in “Survival” Payouts

The life insurance segment continues its systemic growth: based on the first half of the year results, UAH 3.2 billion in premiums were attracted (+11% including medical programs). The volume of eligible assets grew by 15%, and only one institution recorded a loss.

• Concentration and Distribution Channels: The top 5 insurers retain 84% of inflows and 88% of payouts. Agency networks remain the undisputed driver of sales (69%).

• In-Force Business: The lion’s share of premiums (UAH 2.3 billion) was brought by recurring contributions under current multi-year contracts.

• Integration of War Risks and VHI: The inclusion of war threats into life insurance programs was recorded for the first time (over 5 thousand new agreements). Furthermore, VHI programs brought in UAH 159 million in premiums and generated UAH 89.9 million in payouts.

The total volume of payouts in the life sector amounted to UAH 756.7 million, demonstrating a slight correction of 7% year-on-year (the ratio between accumulation and risk programs is 66% to 34%).

The key event of the midpoint of the year was the rapid growth of payouts for the “survival” risk — by 41% at once. Currently, 20-year endowment life insurance programs concluded back in 2006–2007 are massively coming to an end. Clients receive their investments along with accumulated income, which in practice confirms the functionality of long-term instruments.

Life Insurance Market Leaders (H1 2026)

For deeper monitoring of key metrics, industry shifts, and to work with interactive analytical dashboards based on Power BI, we invite you to visit the specialized section on the NASU portal: https://www.nasu.com.ua/indicator/