News - НАСУ

NAIU has presented its H1 2025 activity report to its members and is providing its main points to the public. An analysis of the work performed shows not only the implementation of planned tasks but also an active and flexible response to the challenges of the time, which once again confirms NAIU’s role as a key driver of development and stability for the country’s insurance sector. The Association’s activities during this period were focused on several strategic areas, each of fundamental importance to the future of the industry.

Leadership in Shaping the Legislative Field

One of NAIU’s central priorities remains the systematic work on improving the regulatory framework. The Association plays a leading role in the dialogue with the regulator and legislative authorities, defending the market’s interests:

Implementation of new legislation. NAIU is actively supporting the implementation of the key laws “On Insurance” and “On MTPL,” as well as NBU regulations. This includes providing methodological support to insurers and forming a consolidated market position on new draft regulations.
Improving taxation. The Association continues to lobby for the introduction of tax incentives for life insurance and VHI (Voluntary Health Insurance), as well as the harmonization of the Tax Code with the requirements of IFRS 17 and the Law of Ukraine “On Insurance.” A significant achievement was the inclusion of these issues in the Government’s Priority Action Plan for 2025.
Simplification of financial monitoring. Understanding the specifics of insurance activities, NAIU initiated a dialogue with the NBU regarding the adaptation of financial monitoring procedures (Resolution No. 107) during claims settlement, which will reduce risks for consumers and eliminate legal conflicts.

This systematic work demonstrates that NAIU is not just an association, but a powerful intellectual center that shapes civilized and transparent rules of the game in the market.

Developing Infrastructure and Raising Market Standards

NAIU makes a significant contribution to the development of market infrastructure by implementing projects that have a long-term effect for all participants. The most indicative is the comprehensive approach to reforming the activities of insurance intermediaries. In response to new legislative requirements, the Association did not limit itself to consultations but created a full-fledged ecosystem:

Training platform: A unique platform, agent.nasu.com.ua, based on Moodle has been launched and is supported, where a separate training space is created for each participating insurer.
Training materials: Comprehensive materials (videos, texts, tests) have been developed for all training programs provided for by the Law of Ukraine “On Insurance,” with a total duration of more than 15 hours. Exclusive content on MTPL was created by the MTIBU (Motor (Transport) Insurance Bureau of Ukraine) specifically for this NAIU project.
Increasing financial literacy: Video materials are publicly available on the Association’s YouTube channel, and the “RPO.insurance” projects and a partnership with the NBU have been launched as part of an initiative for the defenders of Ukraine.

Another important infrastructure project is the development of the PRIMA platform. It has transformed into a powerful analytical tool that provides quarterly market reviews (including in English), ratings of insurers by key indicators and lines of business. This increases market transparency and provides its participants with data for making informed decisions.

International Integration and Interest Representation

Against the backdrop of Ukraine’s European integration aspirations, NAIU’s role as a reliable partner and representative of the Ukrainian insurance market on the international stage has grown significantly. In the first half of the year, the Association:

Joined the working group on financial services within the negotiation process for Ukraine’s accession to the EU.
Held negotiations with GIZ, IFC, and the World Bank on attracting investments, analyzing the war risk insurance market, and developing insurance for small and medium-sized businesses.
Became the sole market representative in the Ministry of Economy’s Ukraine Insurance Taskforce.

Proactive Response to Challenges

It is important to note that the Association’s activities were not limited to planned tasks. During the reporting period, NAIU responded promptly to the current needs of the market, which resulted in a number of additional initiatives: from creating an HR committee and addressing antitrust risks to participating in working groups of the NSSMC (National Securities and Stock Market Commission) on pension reform and the State Financial Monitoring Service on national risk assessment.

The results of NAIU’s work in the first half of 2025 clearly demonstrate its transformation from a classic association into a multifunctional strategic center. Thanks to a combination of deep expertise, the ability to conduct an effective dialogue with the authorities, and the implementation of large-scale infrastructure projects, NAIU not only represents the interests of its members but also makes an indispensable contribution to the stability, transparency, and European future of the entire Ukrainian insurance market.

Does an insurance policy seem like rocket science, and communicating with an insurance company feel like a difficult quest? To change this, the National Association of Insurers of Ukraine (NAIU) has launched the educational project “PRO.Insurance.” This is an initiative whose main goal is to speak about financial services in simple and accessible language, increasing the financial literacy of Ukrainians and fostering a community of informed consumers.

Educational Mission: From a Confusing Obligation to a Reliable Partner

At the core of the “PRO.Insurance” project is a simple but important philosophy: to transform insurance from a complex and sometimes incomprehensible obligation into a reliable and effective tool for financial protection for every family. We strive to ensure that every Ukrainian not only buys a policy but consciously chooses the protection that meets their needs, understands their rights, and knows how to use them confidently.

From Simple to Complex: How the Project is Structured

“PRO.Insurance” is implemented in an audio-podcast format, where experts break down the most diverse aspects of insurance. The project is built on the logical principle of “from simple to complex.”

The first episodes were dedicated to the basics: listeners learned what insurance is in principle and the key difference between non-life and life insurance products. This allowed for a solid foundation to be laid for understanding more specialized topics.

Subsequently, the project delves into a detailed analysis of specific products that are most relevant to Ukrainians – CASCO, VMI (Voluntary Medical Insurance), property insurance, and life insurance with and without a savings component.

Transparency and Objectivity — A Key Principle

It is important to emphasize that “PRO.Insurance” is an exclusively educational, not an advertising, initiative. The key principle of the project is objectivity. Each episode is prepared based on a thorough analysis of real products offered by market leaders, but the information is presented in a generalized way to give listeners an objective picture of the market. We always stress that the terms and conditions of different insurers may vary, and we urge consumers to carefully read their specific contract before signing.

What’s Next: Project Development Plans

NAIU has a long-term development plan for the project to cover the entire spectrum of topics important to the consumer. In addition to specific products, in the episodes of “PRO.Insurance,” we also break down:

Pre-contractual relations: what information a client should receive before concluding a contract.
Actions in the event of an insured incident: step-by-step instructions without panic.
Consumer rights: how to effectively protect your rights and where to turn in case of disputes.

“PRO.Insurance” is not just a podcast, but a strategic initiative of NAIU aimed at building transparent and trusting relationships between insurers and their clients. After all, an informed consumer is the key to a healthy, stable, and civilized insurance market.

We invite you to join the community of informed consumers and listen to the project’s episodes on NAIU’s official resources on YouTube.

A Joint Step Towards Protecting Consumer Rights: NASU and NBU Hold a Working Meeting on Consumer Rights Protection

The National Association of Insurers of Ukraine (NAIU) held an important and productive working meeting with representatives of the Consumer Rights Protection Department of the National Bank of Ukraine (NBU).

This open dialogue was a response to the deep interest of insurers in improving market standards and proactively protecting the rights of their clients. Insurers are genuinely interested in a thorough understanding of the regulator’s approaches to enforcement, as this enables them to systematically improve their own processes and enhance the quality of services.

That is why the market initiated a discussion on key issues:

Pre-contractual practices and the conclusion of agreements;
Current approaches to insurance claims settlement;
Requirements for the transparency and completeness of information on insurers’ websites;
General aspects of activity monitoring and consumer rights protection.

NAIU expresses its sincere gratitude to the NBU’s Consumer Rights Protection Department team for their readiness to cooperate, detailed clarifications, and constructive stance. Such support is extremely important for the market’s efforts to raise service standards.

We are convinced that such meetings not only help improve compliance with regulatory requirements but also strengthen consumer trust and confidence in insurance services. The market demonstrates its readiness to work on building a civilized and reliable environment for every client under the supervision of the NBU.

In the context of a full-scale war, the issue of protecting property, life, and business is of utmost importance. The Ukrainian insurance market, demonstrating remarkable resilience and adaptability, has developed and actively offers effective mechanisms for insuring against war risks. In a series of interviews with leading Ukrainian media outlets, Denys Yastreb, General Director of the National Association of Insurers of Ukraine (NAIU), explained in detail how this system works, dispelled common myths, and outlined future prospects.

Relevance of the Topic: From Caution to Accessible Protection

At the beginning of the full-scale invasion, Ukrainian insurers acted with extreme caution due to the complete unpredictability and lack of statistics regarding war risks. However, over time, having accumulated data, companies were able to develop and offer real products to citizens. Today, insuring property and vehicles against the consequences of missile attacks or falling drone debris has become an accessible and viable option for millions of Ukrainians.

As Denys Yastreb emphasizes, the demand for insuring housing and cars against the consequences of strikes is currently fully covered by the capacities of Ukrainian companies. This demonstrates the maturity and self-sufficiency of the domestic market, capable of providing financial protection even in the most challenging conditions.

Focus on Insurance: What, How, and How Much?

A key aspect is understanding what exactly can be insured and under what conditions.

What Can Be Insured? The service extends to housing (apartments, houses), vehicles (often as an option in CASCO/comprehensive auto insurance), as well as life and health. There are even programs for insuring individual elements, such as windows and doors.

What Does the Policy Protect Against? The insurance covers direct damage caused by falling missiles, drones, and their debris. It is important to note that risks associated with direct combat actions (artillery shelling, airstrikes) in territories near the front line are usually not covered.

Cost and Coverage Prices have become significantly more affordable. For example, an annual policy for a two-bedroom apartment in Kyiv can cost from UAH 5,000 with coverage of several million hryvnias. The cost of insuring a car is approximately 1% of its value.

Reliability Services are primarily provided by companies from the TOP-15 of the market, whose activities are supervised by the National Bank of Ukraine, which guarantees their solvency and reliability.

Unlike state compensation programs, insurance payments are made more quickly and can be used at one’s own discretion, giving citizens more flexibility in restoring their property.

A Look into the Future: Challenges and Legislative Initiatives

The main challenge remains the insurance of large industrial facilities, where losses can be colossal. To solve this problem, reinsurance mechanisms involving international partners are necessary. To this end, a draft law on war risk insurance is currently being discussed, which provides for the creation of a state agency for risk distribution and the establishment of clear rules for all participants. Although the project requires refinement, it can become a solid foundation for a partnership between business and the state in protecting Ukraine.

To bring this important information to the general public, the head of the National Association of Insurers of Ukraine conducted a series of clarifying interviews. Expert commentary was featured on Chornomorska TV, Kyiv TV channel, Radio Promin, and Hromadske Radio, and was also published in the “Komersant Ukrainskyi” newspaper.

Such media activity underscores the insurance community’s commitment to being transparent, providing citizens with comprehensive information, and increasing financial literacy on issues directly related to their safety and well-being.

NAIU has developed and provides educational materials for insurance intermediaries, managers, and sales persons.

Currently, we offer the following topics:

Consumer rights protection and ensuring accessibility of insurance services. This section covers key principles of consumer protection and the rights that insurers must uphold. We provide real-life examples and practical recommendations. Additionally, we have prepared useful guidelines for delivering services and interacting with people with disabilities, including practical advice to ensure comfortable service for individuals with various functional impairments.
Procedures and conditions for insurance payments. This topic explains general regulations and highlights specific features of different classes of insurance.
Legislation governing insurance and pension provision. We provide an overview of all relevant laws, with a detailed explanation of the three key laws and the most important regulatory acts of the National Bank of Ukraine (NBU).

Currently, more than 220 minutes of video training materials are available. These materials are available for free on NAIU’s YouTube channel: https://www.youtube.com/@НАСУ-Україна and can be used by anyone for learning and self-education.

To make it easier to find videos on specific topics, we have also dedicated a special Education section on our website:
https://osvita.nasu.com.ua/navchalni-materialy-dlya-poserednykiv/

For NAIU members, these materials, along with educational programs and tests, are provided free of charge through the Moodle platform, which ensures a structured learning process for insurance intermediaries, managers, and sales persons, with tracking of progress and achievements.

All materials will be updated as legislation evolves.
Please note that these materials have been created by the National Association of Insurers of Ukraine and may not be used for commercial purposes

Challenges of climate change. Digitalization as a tool for financial inclusion. Concepts of sustainable development. The need for an explanation of the essence, features, and importance of insurance, also to regulators. Changing approaches to pension provision. A choice that determines the future. Insurance of electric vehicles and insurance fraud. Cyber resilience and personal data. Consumer rights protection and new tools they can use. Approaches to solvency and the impact of reinsurance. These are urgent topics in insurance that currently concern European insurers.

The war in Ukraine is also among these topics. Denys Yastreb, Head of NAIU, had the honor to provide Insurance Europe with his vision of the ongoing war.

About the uncertainty of the first months, about the endurance, adaptability, and resilience of insurers, about the leadership of the NBU. As a citizen of Ukraine, as the head of the association of Ukrainian insurers, as a witness and participant in events.

The topic of insurance during war has become part of Insurance Europe’s annual report, the European Insurance and Reinsurance Federation.

NAIU is part of Insurance Europe, the only representative from Ukraine. The role of Insurance Europe is not only to provide expertise and experience of European regulation, which we are currently only implementing. Insurance Europe is a liaison between the European Commission and the insurance industry, contributing, in particular, to the resolution of issues related to the export of Ukrainian grain and other agricultural products, the import and export of other goods where insurers’ involvement is necessary.

The annual report of Insurance Europe will be useful to insurers and regulators, scientists and experts in insurance, to everyone who sees Ukraine as part of the European insurance family. The report is available here

Nobody, including insurers, is happy about the demand for such insurance.

Injuries from warfare, damaged homes and health, wrecked cars, and ruined businesses. It hurts everyone. But we’re glad that insurance can be a positive and beneficial force amid this horror.

The insurance market has not only adapted to working during war but has also adapted its products. Insurance association members feel the need for such insurance from their clients. We, as an association, are researching this through the activities of our participants and media inquiries on this matter.

Over the past few weeks, Denis Yastreb, the head of NAIU, has given several interviews on war risk insurance.

Can property and life be insured? How to report to an insurer? Will there be full compensation?

Denis answered questions and provided examples. We believe this is important, so we are ready to answer these questions in the future as well.

Let’s answer a few of them here.

Is there war risk insurance available for citizens and businesses in Ukraine now? Yes, there is. Insurers have been providing such services for over a year, adapting existing programs and developing special ones. This process of meeting the need for insurance continues and improves.

Which insurers offer war risk insurance? The number of such insurers is growing, and their number is measured by the volume of almost the entire “active” insurance market, which is estimated at up to 50 companies. The majority of insurers offer such insurance in one form or another.

Is it necessary to conclude a separate war risk insurance contract? This depends on the product developed or adapted by the insurer. Some have developed separate contracts – and then yes, such a “war” contract must be signed. Some have expanded the boundaries of existing conditions or excluded standard “war” grounds for refusal, and then you can conclude an additional contract to the existing insurance contract. And there are insurers who have included war risk insurance in standard, basic risk packages.

What can be insured “from war”? You can insure cars and real estate, health and life, production and business. Insurers are ready to provide depending on their own policies and capabilities.

Is there anything that cannot be insured? This also depends on the terms of each insurer. Usually, insurance coverage is limited by proximity to the zone of active hostilities, certain war instruments, insured person’s activities.

Do life insurers have war insurance programs? Yes, life insurers were among the first to offer such protection to their clients and complied with existing conditions.

What should be done in case of an insurance event? First of all, make sure that you are safe, and if it is safe, provide assistance to those around you. After that, take photos, video, or otherwise document the event and call your insurer. They will provide clear instructions on what to do.

Will there be full compensation for damaged or destroyed property due to war? The insurance terms and insured sums (i.e., the maximum amount that the insured can receive) are determined by each insurer separately. Currently, most insurance companies offer property insurance against war damage within certain limits, not at the full value of the property. However, the possibility of insurance with full coverage of losses is also possible but will significantly affect the cost of such insurance.

We believe that war risk insurance will remain in the past to be studied in insurance textbooks. However, as long as the war continues, insurers provide financial protection from it to our citizens and businesses.

Voluntary health insurance remains consistently in focus for NAIU’s efforts – participating insurers maintain leadership positions in this segment, while the Office works on tax incentives, digitization, and enhancing collaboration between insurers and their partners.

Continuing the path of public-private partnership, the community also works towards interacting with medical institutions, which are indispensable contributors to the quality of voluntary health insurance services.

Without interfering in the business activities of its participants but moving towards implementing high-level rules and standards in the insurance market, NAIU conducted a Roundtable of leaders from the medical and insurance industries.

The main topics of the meeting were the consolidation of efforts between the medical and insurance industries aimed at developing and utilizing unified approaches and standards for diagnosing and treating the most common diseases covered by medical insurance. This includes prevention and reduction of cases of overdiagnosis, polypragmasy, prescribing medications, and medical procedures without proven effectiveness or objective necessity. Simplifying approaches to interaction between insurers and medical institutions within the framework of regulating insurance cases using unified approaches and standards for diagnosing and treating by medical institutions.

The event allowed participants to openly and thoroughly outline the issues concerning medical institutions and insurers during cooperation, and for the NAIU Office to formulate tasks for its work, as well as identify specialized groups and topics for further collaboration.

We are pleased that the Roundtable has achieved its goal: to become not just a forum for slogans and calls, but a starting point for formulating specific tasks and goals, leading to further joint efforts.

Since February, representatives of the National Bank of Ukraine have been holding meetings with participants of the insurance market. The purpose of these meetings has been to discuss urgent and relevant issues arising during the alignment of insurers’ activities with the requirements of the new Insurance Law and regulatory acts of the National Bank adopted for its implementation.

The request for such communication was formulated by the market last year, and in December, during a meeting of insurers with the Board of the National Bank of Ukraine, we received approval for this work. The number of questions, answers, and participants in these meetings, which took place every Tuesday, is measured in hundreds, and the duration – in tens of hours.

Before each meeting, insurers studied the regulatory act, assessed its impact on their activities, identified problematic and unresolved issues, and formulated them. The NAIU office consolidated the requests of its participants and forwarded them to the Regulator. We can only imagine the incredible amount of preparatory work that the NBU has conducted to organize and conduct these meetings, and we can state that as a result, insurers received not only answers regarding the interpretation of individual provisions, but also the regulator’s vision, ideas underlying the norms, and the goal that we jointly strive to achieve.

We are grateful to the National Bank, especially to Serhii Savchuk and Lesia Burbel from the Department of Methodology for the Regulation of Non-Bank Financial Institutions, Tetiana Mosiichuk and Yulia Khristolyubska from the Department of Market Supervision of Non-Bank Financial Services, the Licensing Department, and other departments involved in the meetings. We are convinced that the guidelines received are a significant contribution to the successful preparation of insurers for the updated regulation currently underway.

There is still much work ahead, and questions continue to arise during the implementation of new requirements for insurers. We are grateful that this dialogue continues and that the NBU is open to explanations and communication with market participants.

Traditionally, the National Bank of Ukraine today presented its prepared Review of the Non-Banking Financial Sector for 2023.

In the review, the NBU noted that during the last quarter, gross premiums from non-life insurance decreased by 2% compared to the third quarter, but increased by 17% compared to the fourth quarter of 2023. Payouts increased by 15% quarter-on-quarter and by 39% year-on-year. Premiums for life insurance saw significant growth both quarterly and annually: by 22% and 19% respectively. At the same time, payout volumes increased significantly: by 19% quarter-on-quarter and by 41% year-on-year.

The National Association of Insurers of Ukraine has prepared its own observations on trends and activities of insurers in the Short Overview of the Insurance Market for 2023. Analyzing 2023, NAIU can say that despite all the challenges and risks faced by insurers, the insurance market demonstrates resilience and gradual recovery. Only 5% separate the non-life insurance market from the premiums of the “pre-war” 2021. And NAIU member insurers in 2023 were just 0.1% short of the premiums of 2021.

The insurance market shows positive trends across various indicators observed throughout the year. This includes an increase in the number of insured persons and insurance payments, a decrease in redemption payouts, and an increase in new business volume.

The indicators, trends, and highlights collected through our PDMA. The review can be downloaded here, or viewed in the images.

Also, we would like to remind you that you can independently explore indicators, trends, and dynamics, make comparisons, and make informed choices here.