НАСУ https://nasu.com.ua НАСУ. Асоціація страховиків. Страхування. Показники діяльності страховиків Mon, 20 Jul 2026 13:23:32 +0000 en-GB hourly 1 https://nasu.com.ua/wp-content/uploads/2023/09/cropped-лого-NASU-прозорий-фон-32x32.png НАСУ https://nasu.com.ua 32 32 Insurers’ Appetite Map by Sector and Region https://nasu.com.ua/en/karta-apetytu-strahovykiv-za-galuzyamy-ta-regionamy-copy/ Mon, 20 Jul 2026 12:57:46 +0000 https://nasu.com.ua/?p=14531 Overview of insurers' interest, limitations, and coverage of war risks based on the NASU interactive dashboard data.

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Insurance and the Rebuilding of Ukraine: What the Market is Ready to Cover Today

Overview of insurers’ interest, limitations, and coverage of war risks based on the NASU interactive dashboard data.

Why this overview

Ukraine is on the threshold of a massive national recovery process. Preparation for the deployment of large-scale infrastructure, industrial, and social projects is already shifting from strategic discussions to practical planning. Attracting significant investments, donor funds, and private capital into the economy is objectively impossible without reliable risk management tools. Insurance plays the role of a fundamental safeguard in this process, ensuring financial stability and asset protection during the rebuilding.

That is why the main goal of this overview is to provide all stakeholders—the state, consumers, local businesses, and potential foreign investors—with the most objective and transparent picture of the domestic insurance market’s readiness to support recovery projects. We aim to clearly define the current risk appetite of companies, show which sectors can already rely on full protection today, and frankly highlight the key barriers, limitations, and risk zones that currently require additional state or international guarantees.

The basis for this analytical product is the results of a large-scale survey on products for recovery, developed by NASU (National Association of Insurers of Ukraine) taking into account the criteria of the Ukraine Recovery and Reconstruction Framework (URC), as well as the priorities of the EBRD, the World Bank, and the European Commission.

The collected data is highly representative, as the survey involved 17 participating companies of the NASU PDMA project (Project of Information Disclosure, Monitoring, and Analysis), of which 4 are life insurance companies and 13 are non-life insurers. Based on the results of 2025, this sample collectively accounts for 65% of all premiums in the Ukrainian insurance market.

The implementation of recovery projects requires investors and businesses to have a clear understanding of the existing risks. To make informed decisions, they need quick access to up-to-date data. Understanding this, the National Association of Insurers of Ukraine (NASU) made a fundamental decision: not to create yet another flat, multi-page report where searching for information is long and inconvenient. Instead, given the need for prompt and modern analytics, we have developed a special interactive dashboard based on the Power BI platform.

This tool makes insurance market data open and easy to analyze. It allows everyone to move away from standard reports and independently model their own scenarios. Thanks to cross-filtering, you can see the whole picture in one click—from the general interest of insurers in a particular industry to the analysis of deductibles and limits in specific regions. In fact, it is a convenient navigator for investors, instantly showing where insurance is fully available and where limitations apply.

 Key Takeaways in Two Minutes

  • Classic risks – no problem. Construction, agriculture, healthcare, and most “peaceful” sectors can already obtain full insurance coverage today.
  • War risks – a bottleneck. Only 31% of companies are ready to develop products covering damages from missiles, drones, or debris. The reason is simple: insurance relies on predictability, while war damages are unpredictable and can occur simultaneously for many clients.
  • Three main stop-factors: proximity to the frontline, proximity to critical infrastructure facilities, and the objectively high cost of such coverage.
  • The key to scaling – international reinsurance. The domestic capabilities of Ukrainian companies are limited, so large projects require the participation of the global market and state or international guarantees.

Which Sectors Are Insured Willingly and Which Are Not

Excluding war risks, the market’s priorities are clear. Insurers show the greatest openness to real estate and construction (50% of companies have a broad appetite), healthcare (40%), and the agri-food sector (34%). This is a positive signal for investors in civil infrastructure and the food industry.

The situation is more complicated in strategic sectors. Energy and critical materials (mining and processing) received only a 25% broad appetite, and over a third of insurers have either completely closed these areas or introduced strict limits. This is a direct consequence of systematic attacks on such facilities. Without state or international guarantees, companies are not ready to retain these risks on their own balance sheets.

The dashboard allows you to see this clearly: if you select the “Energy” sector, the risk rejection rate instantly jumps to 78.9%.

Fig. 1. Interactive data slice (cross-filtering)

War Risks. What Can Actually Be Insured

In global practice, the coverage of war and political threats has three levels – from basic to the broadest:

Type of coverage

What it covers

WRI (War Risk Insurance)

Damages from missiles, drones, air defense systems and their debris, as well as fires, explosions, and shock waves resulting from such strikes.

PVI (Political Violence Insurance)

Everything included in WRI, plus terrorism and sabotage, strikes, riots, civil commotion (SRCC), war and civil war, coups, and rebellions.

PRI (Political Risk Insurance)

Everything included in PVI, plus expropriation of assets, currency restrictions (ban on conversion or capital export), and default on obligations by state entities.

An important feature of the Ukrainian market is that classic PVI coverage in its full global sense is currently almost unavailable here. Instead, companies offer a hybrid “WRI+” format – basic war risk insurance to which specific PVI coverage elements are carefully and selectively added.

The greatest expertise in war risks is accumulated in motor insurance (CASCO) and classic property insurance. A cautious interest is emerging in construction and erection all risks (CAR/EAR) and even business interruption (BI) insurance. At the same time, energy remains a “red zone”: 78.9% of companies do not insure power grids, 77.1% – the oil and gas sector, and 72% refuse to cover nuclear energy, airports, and railway rolling stock.

Geography. Distance to the Frontline Decides Everything

Insurers apply a strict spatial approach – the closer to the frontline, the lower the chances of obtaining coverage. Frontline territories and the zone up to 30 km from the front are not considered at all. Noticeable easing of conditions begins only at a distance of 50 km, and more comprehensive coverage from 100+ km.

Even in rear regions, a critical stop-factor is the proximity of the object to energy or other critical infrastructure. Proximity to a potential attack target can be a reason for refusing to conclude a contract.

How Much the Market is Ready to Cover. Limits and Deductibles

The key indicator here is net retention – the maximum loss amount that a Ukrainian company is ready to pay out independently from its own reserves, without transferring the risk to international partners. For basic war risks, this limit remains at the level of UAH 10 million, and for the expanded “WRI+” package, it drops to UAH 5 million – precisely because of the unpredictability of such threats. A notable exception is the insurance of international cargo transportation (Cargo), where conditions are more flexible.

Practical conclusion: Losses exceeding these amounts can only be covered by involving the international reinsurance market. Reinsurance is the only factor capable of radically increasing Ukraine’s insurance capacity.

The situation with deductibles – the portion of the loss covered by the client themselves – is also indicative. For war risks, the market applies the strictest deductibles, both fixed and percentage-based, for the vast majority of property and construction objects. The hardest thing is to get full business interruption (BI) protection – the barriers here are the highest.

Fig. 2. Focus on a specific risk

Insuring People. Health, Accidents, Life

Protecting employees is a mandatory component of any recovery project. Here, the insurers’ approach is generally more flexible than in property risks, but with noticeable differences between segments.

  • Classic risks: The most stable segments are voluntary health insurance (VHI) (30% of companies have a broad appetite, another 26% – significant) and personal accident (PA) insurance (31% broad appetite). The market is ready to provide basic social protection for personnel. Life insurance looks the most conservative: 48% of surveyed companies currently have no appetite for this area in the context of investment projects, with broad appetite at only 24%.
  • War risks: Health insurance proved to be the most adaptive: a total of 55.5% of insurers are ready to cover war risks (29.6% – broad appetite, 25.9% – significant), and only 7.4% completely refuse. Personal accident insurance is also accessible: 31% of companies have a broad appetite for covering war injuries, another 13.8% – significant. The most closed segment is life insurance: endowment programs with war risks are closed in 54.5% of companies, pension products – in 60%.

Per-person limits for war risks are significantly lower than for classic ones: for endowment life insurance – UAH 1 million versus 40 million, for personal accident insurance – UAH 1 million versus 20 million. Health insurance remains the most protected for corporate clients – the reinsurance limit for corporate VHI is determined individually and is practically unlimited (Infinity), allowing coverage for teams of up to 50,000 people. Another difference from property insurance is that percentage deductibles or their complete absence prevail in personal insurance for classic medical risks.

Fig. 3. Personal insurance analytical panel

Try It Yourself

Data transparency is the foundation of trust in the financial sector. Successful recovery requires not only capital but also a precise understanding of where the boundaries of insurance coverage lie today.

 

We invite investors, businesses, and state institutions to independently explore market indicators on our open interactive dashboard. It turns complex arrays of statistics into a convenient navigator for informed decisions at every stage of the recovery.

Go to the dashboard

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]]> Croatia’s Practical Lessons https://nasu.com.ua/en/croatias-practical-lessons/ Tue, 09 Jun 2026 11:54:53 +0000 https://nasu.com.ua/?p=14384 How the Ukrainian Insurance Market Can Prepare for the EU

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European integration offers not only strategic prospects but also poses serious challenges for the financial sector. To help the domestic insurance market adapt to these new realities, the National Association of Insurers of Ukraine hosted an expert meeting with Ksenija Milošević, Head of the Resolution Office at the Croatian Financial Services Supervisory Agency (HANFA).

The event was supported by the STEP IN 2 EU international cooperation program, implemented by the German federal enterprise Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

The event generated significant interest within the professional community, drawing over 100 participants to the online discussion. The audience and active discussants included representatives from leading insurance companies, the National Bank of Ukraine, as well as specialized higher education institutions and industry associations. We extend our sincere gratitude to Ksenija Milošević for her deep expertise and willingness to share practical insights, and to Jemma Furst, GIZ Ukraine Component Manager, for her continuous support of our initiatives. The high level of audience engagement underscores the market’s urgent need for this format of interaction. Therefore, we are pleased to announce that this event is just the first in a planned series of meetings dedicated to EU implementation.

In the Focus of Discussion: Unvarnished Real-World Experience

During the meeting, participants examined the Croatian case study of transitioning to the single European market. Ksenija Milošević spoke candidly about the transformation that local businesses had to undergo. The key topics included:

  • Macroeconomic shocks and competition: Discussing how the market responded to the opening of borders to European insurance giants and what occurred during the initial price wars.

  • Regulatory burden: The experience of adapting to stringent EU directives and the wave of mergers and acquisitions (M&A) that inevitably accompanies such processes.

  • Transformation of the MTPL market: A dedicated session explored the experience of mass insurance lines, detailing how European directives and open competition reshaped the landscape of the Motor Third Party Liability (MTPL) segment in Croatia.

  • Practical advice for local companies on how to retain their key corporate clients and safeguard qualified talent in an open market environment.

Croatia’s experience clearly demonstrates to Ukrainian insurers that preparation for European integration must begin today. Understanding others’ mistakes and successful solutions will help the domestic market develop effective adaptation strategies and enhance its competitiveness.

Background Information: The STEP IN 2 EU international cooperation program is co-funded by the governments of Germany and Norway, as well as the European Union under the EU4Business initiative, and is implemented by the German federal enterprise Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

The program aims to support Ukrainian state institutions in advancing the EU accession process under the economic chapters, as well as to create better economic conditions and financial opportunities for Ukrainian companies, enabling them to derive additional benefits from integration into the EU single market.

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]]> The Ukrainian Insurance Market — at Lloyd’s of London https://nasu.com.ua/en/the-ukrainian-insurance-market-at-lloyds-of-london/ Tue, 09 Jun 2026 11:24:41 +0000 https://nasu.com.ua/?p=14374 On June 3, 2026, the UK–Ukraine Insurance Industry Forum took place at the headquarters of Lloyd’s of London — a strategic event hosted under the auspices of the governments of the United Kingdom and Ukraine. The forum gathered global reinsurance leaders, representatives of Lloyd’s and the Lloyd’s Market Association, the Foreign, Commonwealth & Development Office […]

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On June 3, 2026, the UK–Ukraine Insurance Industry Forum took place at the headquarters of Lloyd’s of London — a strategic event hosted under the auspices of the governments of the United Kingdom and Ukraine. The forum gathered global reinsurance leaders, representatives of Lloyd’s and the Lloyd’s Market Association, the Foreign, Commonwealth & Development Office (FCDO), the Ministry of Economy of Ukraine, the European Commission, the EBRD, MIGA, DFC, alongside leading global brokers AON, Marsh, Howden, Willis Towers Watson, McGill & Partners, and Ukrainian insurance carriers INGO, ARX, UNIQA, and Knyazha VIG. The National Association of Insurers of Ukraine (NASU) was officially represented at the Forum by Elena Uljee, Chair of the Presidium.

Of particular professional significance for us is the fact that NASU’s analytical materials, above all the “INSURANCE MARKET IN 2025” review, formed the basis of the presentation on the Ukrainian insurance market delivered to the international audience. This comprehensive analysis does not merely reflect financial indicators; it meticulously captures a unique history of survival, profound transformation, and the achievement of genuine solvency by domestic companies amidst unprecedented security uncertainty. Objective, verified data regarding the industry’s high capitalization, operational efficiency, and strict transparency hold exceptional value for the global financial community. They provide international partners with a reliable analytical foundation to understand the true state of the sector and to make well-founded strategic decisions for long-term cooperation.

The working sessions focused on progress in delivering the Insurance Market Taskforce recommendations, in particular, the implementation of standard London contract wordings, the development of arbitral dispute resolution, process digitalization, the resolution of tax asymmetries, the development of a national risk pool, and the further implementation of the Solvency II, IDD, and MID directives. Separately, the meeting underscored the theme of the rule of law — a critically important aspect in insurance, specifically regarding the clear understanding of the scope of insurance coverage, risks, and exclusions.

Ukraine’s reconstruction needs are estimated at $588 billion over the next decade. Today, war risk insurance is the determining factor that unlocks the path for private capital to participate in recovery projects. We are sincerely grateful to Ukraine’s international partners who, despite the war, continue to support our state by providing reinsurance capacity for war risk insurance. The importance of the state program for compensating a portion of insurance premiums to cover war risks was also highlighted.

Ukrainian insurers who are members of NASU do not only shape the analytical framework but also demonstrate an exceptional capacity for adaptation and tangible practical results.

For instance, ARX shared the experience of evolving its approach to war risk insurance, transitioning over the war years from perceiving large-scale threats as uninsurable to building an effective protection model. Beginning with testing the retail segment, the company subsequently offered limited property coverage for corporate clients and private households. Accumulated experience and the formation of a balanced portfolio with the support of broker Aon enabled the attraction of DFC as a reinsurer, resulting in the first quota share treaty for war risk reinsurance in DFC’s history, followed later by a successful return to the Lloyd’s market with a significant expansion of limits. The product created by the company ultimately became a true benchmark and market standard for most insurers in Ukraine.

ARX’s modern approach relies on deep, data-driven underwriting and the management of distance between insured objects to prevent the accumulation of catastrophic losses, while excluding potential strike targets and border zones from coverage. The company’s key lesson shows that classical actuarial models do not work under conditions of high wartime volatility; however, disciplined analysis allows for the selection of safer locations where the probability of loss is accidental rather than systemic. ARX’s practice proves to the international community that underwriting war risks during an active conflict is not only vital for attracting capital but can also be a financially sustainable and profitable business for investors and reinsurers alike.

INGO also presented its vision and achievements, showcasing deep and systemic expertise in managing war risks and consistently developing this area as a distinct, viable insurance class. Today, the company provides large-scale protection for corporate and residential property, while executing EBRD-supported programs covering logistics and transport risks. INGO’s practical experience, backed by the successful settlement of hundreds of claims, confirms that war risks can be effectively underwritten under conditions of strict discipline, aggregation control, and close cooperation with international reinsurers.

At the same time, INGO highlighted a key strategic challenge: today, the Ukrainian insurance market no longer faces a demand problem; the true constraint is the lack of capacity. Despite the war, the sector has demonstrated unprecedented resilience and is currently accumulating unique practical experience in operating high-volatility portfolios. However, to make large-scale reconstruction projects bankable and to unlock the market’s growth potential, Ukraine critically requires the stable participation of long-term capital and the scaling of international reinsurance capacity.

It is telling that NASU members became the main drivers of the state program for compensating a portion of insurance premiums for war risk coverage. ARX and INGO demonstrated undeniable leadership in this initiative, accumulating the lion’s share of all applications from Ukrainian businesses and becoming the core supporting force for the practical execution of this strategic state mechanism.

For NASU, participation in the Forum represents direct work on the architecture of future public-private partnerships and the practical integration of the Ukrainian insurance market into the European financial space.

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]]> INSURANCE MARKET IN Q1 2026 https://nasu.com.ua/en/insurance-market-in-q1-2026/ Mon, 01 Jun 2026 14:28:26 +0000 https://nasu.com.ua/?p=14342 The market is becoming more capitalized and profitable

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The results of the first quarter of 2026 highlighted several interesting developments:

  • Stabilization of the number of market players.
  • A “leap” in payouts to clients.

Let’s dive into the details.

Landscape stability and record concentration

For the first time in the history of observations, there was no change in the number of market participants during the quarter. 47 companies continue to operate in the non-life sector, and 10 in the life sector.

However, fierce competition hides beneath the surface. The top ten companies account for 74.3% of the entire non-life market. Notably, a year ago, concentration was 3 percentage points lower, standing at around 71%.

TOP-10 Ukrainian insurance companies by premiums (Q1 2026)

Place

Non-Life Market

Life Market

1

SG TAS

MetLife

2

UNIQA

SK TAS

3

ARX

GRAWE UKRAINE

4

INGO

PZU Life

5

Arsenal Insurance

UNIQA Life

6

VUSO

ARX Life

7

Kniazha VIG

ASKA – LIFE

8

USG

KD Life

9

PZU Ukraine

Forte Life

10

ORANTA

Kniazha Life VIG

Despite operating under the shadow of war risks, the financial “health” of the system is impressive. The combined net financial result of both segments reached 1.5 billion UAH. Eligible assets for meeting solvency requirements increased by 28% compared to last year, reaching 88.6 billion UAH.

Non-life sector performance indicators:

  • Portfolio loss ratio: 54%
  • Combined loss ratio: ~99% (confidently staying below the critical threshold of 100%)
  • Operational efficiency: 89%

Non-Life. MTPL and the demand for “War risks”

The non-life insurance market showed restrained but confident growth of 18%, collecting 15.5 billion UAH in premiums (+2.5 billion UAH compared to the same period in 2025). The structural core of the market remains unchanged: 81% of the total portfolio is formed by motor lines (CASCO, MTPL, “Green Card”) and “Health Insurance”.

  • MTPL (Motor third party liability). After an explosive surge in 2025 (+123%), this market predictably reached a plateau, adding a moderate 22% (5.2 billion UAH). The main driver here is the new legislation that allowed insurers to freely regulate prices and radically changed the rules of the game for drivers. As a result, the share of MTPL in the total portfolio grew to 35%.
  • Motor Casco. Collections increased by 22% (up to 4 billion UAH) due to inflationary processes and a massive demand for war risk coverage.
  • Health Insurance. This segment generated 3 billion UAH (+20%). This reflects a reaction to medical inflation and highlights a steady trend—businesses are providing insurance as a foundational element for employee retention.
  • “Green Card”. Revenues continue to gradually decline—down 2.3% for the quarter.

TOP-5 Insurers by premiums in key lines of business

Place

MTPL

Motor Casco

“Green Card”

Health Insurance

1

SG TAS

Arsenal Insurance

PZU Ukraine

UNIQA

2

ORANTA

ARX

SG TAS

INGO

3

Kniazha VIG

UNIQA

USG

UNIVERSALNA

4

Arsenal Insurance

VUSO

Persha

VUSO

5

INGO

USG

Kniazha VIG

ARX

Demand for security. War risk insurance

Property business lines and protection against the consequences of war deserve special attention. For the first time in the market, the National Association of Insurers of Ukraine (NAIU) conducted a thorough review of this segment.

The deteriorating security situation constantly stimulates additional demand, with war risks increasingly becoming an integral part of basic contracts.

  • Property of individuals. 99% of contracts use a comprehensive approach, where war risks are automatically included in the property insurance policy as additional coverage without a separate tariff.
  • Motor Casco. Demonstrates stable dynamics. About 66% of contracts are bundled comprehensively. Notably, insurers primarily retain these risks themselves without significant transfer to reinsurance.
  • Property of legal entities. The lion’s share of contracts for large businesses is concluded on tailored terms. A significant demand driver is the state subsidy program—the enterprise pays only 1% of the insured sum, and the rest of the premium is compensated by the state.

Regarding the financial backing for these risks, payouts for “property” insurance in Q1 2026 amounted to 132 million UAH. However, insurers have already built a robust reserve for reported claims—over 3 billion UAH is set aside for probable future payouts, ensuring obligations to clients will be met.

Payouts. Money returns to the economy

The most striking trend of the quarter is the substantial increase in insurance payouts. While company premium collections increased by 18%, the amount paid out to clients jumped by 46.7%, reaching 7.9 billion UAH.

The vast majority of this amount (93%, or 7.3 billion UAH) came from the main market “drivers”:

  • MTPL: 2.7 billion UAH (+104.2%) — payouts doubled;
  • Motor Casco: 2.5 billion UAH (+49.5%);
  • Health Insurance: 1.6 billion UAH (+8.6%);
  • “Green Card”: 0.7 billion UAH (+23%).

Today, MTPL generates 34% of all indemnities in the market. Since most of this money now goes directly to auto repair shops (service stations), funds instantly return to the real sector of the economy. Simultaneously, this type of insurance provides over a third of all tax revenues in the industry thanks to a 3% tax.

TOP-5 Non-Life insurers by payouts

Place

MTPL

Motor Casco

“Green Card”

Health Insurance

1

SG TAS

Arsenal Insurance

SG TAS

UNIQA

2

ORANTA

ARX

USG

INGO

3

Kniazha VIG

SG TAS

PZU Ukraine

VUSO

4

INGO

VUSO

Guardian

UNIQA

5

Arsenal Insurance

USG

INGO

Transmagistral

Digitalization vs Agents

Despite the rapid development of technology, traditional sales channels maintain their leadership positions. Corporate agency networks account for 56% of all sales in the non-life segment, and 80% in Life. Direct sales make up 14%, and bancassurance holds third place with a 13.5% share.

Digital platforms and online aggregators are successfully defending their ground with a 15% share in MTPL sales and 17% in “Green Card” sales.

Life. Time to reap the rewards of years of trust

The life insurance market, where 9 out of 10 companies are participants in the PRIMA project, grew by 11%—reaching 1.6 billion UAH (including premiums for “health insurance”).

The portfolio distribution remains classic: 70% for endowment (savings) programs and 30% for risk insurance. The most telling metric is the 10% growth in premiums for “existing business” (premiums paid by policyholders on active long-term life insurance contracts at a set frequency). This indicates a high level of public trust and regular reviews of insured sums, meaning clients are actively increasing their risk coverage limits.

The total volume of payouts in the Life sector grew by 29%, amounting to 510 million UAH.

Payouts for “survival” risks also increased by 29%. The Ukrainian market has entered the active completion phase of classic 20-year long-term contracts signed back in 2006-2007. Clients who have invested in accumulation instruments for decades are now receiving their capital along with the generated investment income en masse.

Regarding “Health Insurance,” a relatively new line for Life insurers, here are the core metrics:

  • Premiums: 75.2 million UAH
  • Payouts: 31 million UAH

Life Insurance market leaders (Q1 2026)

Place

Endowment (Savings) Products

Non-Endowment (Risk) Products

Rating by PREMIUMS:

  

1

MetLife

MetLife

2

SK TAS

ARX Life

3

GRAWE UKRAINE

UNIQA Life

Rating by PAYOUTS:

  

1

MetLife

MetLife

2

SK TAS

ARX life

3

GRAWE UKRAINE

UNIQA life

Drivers of change

To briefly outline the position and market share of insurers participating in the National Association of Insurers of Ukraine: by the end of Q1 2026, participants held 80% of the non-life market and 95% of the Life insurance market.

And for those who prefer to skip the heavy reading in favor of visualizations and raw numbers—welcome to our website, where updated market indicators and analytical reviews, including a detailed 2025 review in our usual convenient format, are constantly posted.

 

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]]> Ukrainian Insurance Market Overview І – 2026 https://nasu.com.ua/en/oglyad-strahovogo-rynku-ukrayiny-za-i-kvartal-2026-copy/ Mon, 01 Jun 2026 13:59:46 +0000 https://nasu.com.ua/?p=14228 Ukrainian Insurance Market Overview І – 2026 Insurance premiums NON-LIFE The beginning of 2026 demonstrates a strong upward trend in the non-life insurance market. Based on the results of the first three months, the total volume of gross written premiums amounted to UAH 16.5 billion, which is 18% higher than in the same period last […]

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І – 2026

Insurance premiums NON-LIFE

The beginning of 2026 demonstrates a strong upward trend in the non-life insurance market. Based on the results of the first three months, the total volume of gross written premiums amounted to UAH 16.5 billion, which is 18% higher than in the same period last year.

The market continues to consolidate around key lines of insurance and leading players.

The Market Core (Motor and Health Insurance): these segments generate 81.2% of the total premium volume.

  • MTPL (Avtotsyvilka): continues to maintain a stable position, accounting for approximately 31% of the market.

  • CASCO: demonstrates steady growth at 20–23%, securing a share of around 24%.

  • Health Insurance: shows positive dynamics, increasing its share to 18% compared to last year.

The TOP 10 insurers accumulate over 74% of all premiums, which is 3 percentage points higher than in the first quarter of 2025.

Non-Life Insurers Ranking for Q1 2026

Insurance premiums

Claims paid NON-LIFE

The first quarter of 2026 served as a clear confirmation that the insurance market remains the primary tool for maintaining clients’ financial peace of mind during challenging times. The total amount of insurance claims paid reached UAH 7.9 billion, representing a 46% increase compared to the same period last year.

“Motor” and “Health Insurance” continue to dominate the claims structure. Motor insurance remains the foundation of the market. The group of “motor” insurance lines (CASCO, MTPL, and “Green Card”) accounts for 75% of all payouts.

  • MTPL (Motor Third Party Liability) became the main growth driver in the payouts segment, showing a 104% surge compared to last year.

  • Health Insurance. The volume of payouts in this sector reached UAH 1.5 billion, accounting for 23% of the total market indemnities.

  • Assistance (“Travel”) demonstrated one of the highest growth rates for the period at +40%.

Insurers participating in NAIU provided 81% of all insurance payouts in the country, highlighting their crucial role in fulfilling financial obligations to clients.

The high representativeness of the PDMA project, whose share in total payouts reached 87%, makes it possible to consider this data an objective indicator of the overall efficiency of the entire insurance sector.

Non-Life Insurers Ranking for Q1 2026

Claims paid

Useful Non-Life Observations

Based on the results of early 2026, we can highlight the following key facts:

  • MTPL demonstrates an unprecedented surge in insurance payouts of +104%, but the lion’s share of these payments “returns” to the country’s economy due to the prioritization of direct payments to vehicle service stations.

  • Traditional sales remain a priority: 56% of policies were sold through agency networks.

  • Travel Insurance. A substantial increase in payouts (+40%) significantly outpaces premium growth (+17%).

  • Health Insurance. The loss ratio “traditionally” holds steady at 70%.

  • Property Risks. While payouts for “property” insurance lines amounted to UAH 132 million, reported claims (reserves for future payouts) reached a striking UAH 3.4 billion. This indicates an impending “surge” in actual insurance indemnities. It means insurers are processing claims with potential payouts in the billions of hryvnias, which are undoubtedly driven by “war risks.”

  • MTPL remains the leader in paid income tax on insurance contracts (the 3% tax), amounting to UAH 150.9 million.

  • The overall eligible assets of the market grew by 28%.

  • Employee payroll expenses account for over 50% of the costs related to insurance activities.

  • The net financial result of the market totaled +UAH 1.2 billion.

Insurance premiums LIFE

The life insurance segment demonstrates a moderate yet steady upward trend.

  • In the first quarter of 2026, companies accumulated UAH 1.6 billion in insurance premiums. This represents an 11% increase compared to Q1 of the previous year (including health insurance).

  • The Life insurance market remains highly consolidated, with the TOP 5 companies accounting for an 88% market share.

  • An important trend among life insurers that we continue to monitor is the growth of “Health Insurance” products. These products recorded UAH 75.2 million in premiums, already accounting for almost 5% of the total market volume.

Life Insurers Ranking for Q1 2026

Insurance premiums

Claims paid LIFE

Based on the results of Q1 2026, the total amount of insurance payouts reached UAH 510 million, which is a 29% increase compared to last year (including health insurance).

  • NAIU members confirm their status as market leaders, accounting for 95% of all payouts.

  • The market remains highly concentrated, with the TOP 5 leaders controlling 89% of the market.

  • The distribution between endowment (savings) and risk-based programs remains stable. However, payouts are growing faster specifically in the endowment segment, with a ratio of 77% to 23%.

  • Payouts for health insurance are growing in line with the expansion of the portfolio for these products. Current payouts have reached UAH 31.1 million, compared to just UAH 2.9 million at the beginning of 2025.

  • According to data from PDMA project participants, there is a recorded 29% increase in payouts for the “survival” risk (maturity benefits).

Life Insurers Ranking for Q1 2026

Claims paid

Useful Life Observations

  • The volume of eligible assets of life insurers has reached UAH 27.2 billion, with almost half of these funds invested in domestic government bonds.

  • NAIU members confirm their status as market leaders, accounting for 95% of all payouts.

  • The market remains highly concentrated, with the TOP 5 leaders controlling 88% of the market.

  • The distribution between endowment (savings) and risk-based programs remains stable at 70% to 30%. Health insurance within the life segment still remains a narrow niche, but its share is steadily growing.

  • According to data from PDMA project participants, there is a positive dynamic in the “in-force business” (recurring premiums/contributions from policyholders paid more than once), showing a +10% increase compared to Q1 2025.

  • The agency network traditionally generates the vast majority of sales, accounting for 86% of all premiums.

  • Payouts for the “survival” risk (maturity benefits) increased by 29%.

Insurers Ranking by Lines of Business for Q1 2026

Insurance premiums






















*Health Insurance — the sum of the “Health (excluding medical insurance)” and “Health (medical insurance)” lines of business.

Insurers Ranking by Lines of Business for Q1 2026

Claims paid






















*Health Insurance — the sum of the “Health (excluding medical insurance)” and “Health (medical insurance)” lines of business.

Insurers Ranking for Q1 2026

Other indicators













The market review has been prepared by NAIU using data published by the National Bank of Ukraine (Key performance indicators of insurers (by institution)) and data from the PRIMA information exchange.
The use of this market review or any of its parts, rankings (including their elements), and visualizations (including their elements) without reference to NAIU is prohibited.

The post Ukrainian Insurance Market Overview І – 2026 first appeared on НАСУ.

]]> War risk insurance market overview for Q1 2026 https://nasu.com.ua/en/war-risk-insurance-market-overview-for-q1-2026/ https://nasu.com.ua/en/war-risk-insurance-market-overview-for-q1-2026/#respond Mon, 04 May 2026 14:11:59 +0000 https://nasu.com.ua/?p=13928 As of early 2026, a product line of war risk insurance for the retail and corporate segments has been formed in the market. The list of risks accepted for coverage has remained stable since 2022

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War risk insurance market overview

for Q1 2026

Product Coverage and Scope of Liability

As of early 2026, a product line of war risk insurance for the retail and corporate segments has been formed in the market. The list of risks accepted for coverage has remained stable since 2022.

Basic war risk coverage includes damages caused by:

  • missile and drone strikes and their debris — the primary risk by frequency of occurrence;
  • operation of air defense systems — both direct damage from the systems and falling downed objects;
  • fires, explosions, and shock waves accompanying all the above events.

The scope of coverage is differentiated by the object of insurance and has the following features by category:

  • Property. The objects of insurance are the structural elements of a building — load-bearing structures, interior and exterior finishing, and engineering networks. Movable property inside the premises (furniture, appliances, equipment) is included in the basic coverage. Goods in a warehouse can be insured under a separate policy.
  • Transport (CASCO). Both partial damage and total constructive loss of a vehicle are covered. War risks are issued in two ways: as an additional option (extension) to a standard CASCO contract or as a separate contract specialized exclusively in war risks.
  • Cargo. Coverage applies to damage and destruction of cargo both during transportation and during temporary storage for up to 45 days. The inclusion of the storage period in the coverage is a significant advantage of such insurance products.
  • Life and Health. Death, disability, and bodily injuries caused by military actions are recognized as insured events. The payout is made to the insured person or beneficiaries in accordance with the terms of the contract.

Two approaches to structuring war risk coverage have emerged in the market:

  1. Comprehensive approach. War risks are included in the standard tariff of the base product (CASCO, property, PA, etc.) within established liability limits and exclusions. Separate pricing of war coverage in the contract is not applied. (For such products, data on insurance premiums include coverage of both standard and war risks, while data on insurance payouts are only for war risks).
  2. Individual approach. War risks are separated into an insurance product with its own tariff, insurance premium, limit, or sum insured. Issued as a separate contract or an extension to the base policy, requiring an individual risk assessment by an underwriter.

Territorial Limits

The geographical location of the object is a key underwriting factor. Territories where the probability of an insured event approaches 100% are excluded from insurance coverage, as the risk loses its insurance qualities (due to the lack of fortuity).

Standard exclusions include:

  • Temporarily occupied territories, active combat zones — without exception.
  • Frontline territories. Objects located closer than ~100 km from the line of contact are not subject to insurance.
  • Border areas with the russian federation. Given the intensity of cross-border shelling, a strip of ~50–100 km from the state border with the aggressor country is excluded from insurance (the specific width depends on the region and terrain).

Restrictions by Type of Weapons

The insurance product is focused on covering the risks of long-range strikes (missile and drone attacks) in rear regions. Weapons typical for the combat contact zone are excluded from standard coverage.

In particular, damages caused by the following are not compensated:

  • guided aerial bombs (KABs);
  • barrel and rocket artillery;
  • small arms;
  • actions of sabotage and reconnaissance groups (SRGs).

Artillery and KABs are mainly used in frontline zones, which are already excluded on a territorial basis. Furthermore, the unpredictable nature of such strikes makes actuarial risk modeling and the determination of an adequate insurance premium by reinsurers impossible.

Restrictions by Type of Objects

Underwriting policy implies the exclusion from coverage of objects that are priority targets for the aggressor country or have strategic importance, in order to avoid the accumulation of losses in the insurer’s portfolio.

Such exclusions include:

  • critical energy infrastructure objects (generation, distribution networks);
  • defense-industrial complex (DIC) enterprises;
  • military objects and dual-use infrastructure utilized by the military.

Key Market Performance Indicators in Q1 2026

The analysis is based on data from 15 insurance companies — participants in the PRIMA information exchange. More analytical data is available at the link.

Today, the war risk insurance market covers 8 lines of business: personal accident (PA), CASCO, property insurance, cargo insurance, cumulative and risk life insurance products (Life), health insurance (Medical), and travel insurance (Travel).

Insurance Premiums *

Line of BusinessInsurance Premiums, UAHContracts, pcs.Contracts Individuals, pcs.Contracts Legal Entities, pcs.
CASCO592,804,79612,7818,5024,279
Property326,725,4464,1524,025127
Cargo48,205,8519851984
PA13,992,60025,75924,81085
Life1,159,0505655641
Medical697,6071,3661,33531
Travel54,000381919
Total982,979,34445,64639,2565,526

Insurance Payouts *

Line of BusinessInsurance Payouts, UAHPayouts Legal Entities, UAHPayouts Individuals, UAH
Property21,090,75817,725,1933,365,565
CASCO18,103,9178,018,93910,084,979
Cargo7,840,9037,840,903–
PA62,700–62,700
Life12,029–12,029
Total**47,110,30733,585,03413,525,272

Analysis by Line of Business

CASCO

Distribution of premiums and contracts by approach:

CASCOPremiums Individuals, UAHContracts Individuals, pcs.Premiums Legal Entities, UAHContracts Legal Entities, pcs.
Comprehensive approach373,488,1276,005137,532,5622,400
Individual approach49,825,9382,49731,958,1691,879
Total423,314,0658,502169,490,7314,279

Distribution of payouts by approach:

CASCOPayouts Individuals, UAHPayouts Legal Entities, UAH
Comprehensive approach4,305,1703,683,835
Individual approach5,779,8094,335,103
Total10,084,9798,018,939

The CASCO segment demonstrates the most stable development dynamics without significant fluctuations in indicators:

  • 66% of contracts are concluded under the comprehensive approach (war risks are included in the main policy).
  • The average insurance premium under the comprehensive approach is about UAH 60,000, under the individual approach — UAH 19,000. The difference reflects the scope of liability and the value of the insured vehicles.
  • Risks are predominantly retained by insurers at their own retention without significant transfer to reinsurance.
  • For most contracts, the liability limit is set at 10% of the sum insured, but not more than UAH 3 million per one insured event.

Property Insurance

Distribution of premiums and contracts by approach:

PropertyPremiums Individuals, UAHContracts Individuals, pcs.Premiums Legal Entities, UAHContracts Legal Entities, pcs.
Comprehensive approach43,332,6043,988605,27928
Individual approach2,718,33437280,069,22899
Total46,050,9384,025280,674,507127

Distribution of payouts by approach:

PropertyPayouts Individuals, UAHPayouts Legal Entities, UAH
Comprehensive approach3,325,381–
Individual approach40,18417,725,193
Total3,365,56517,725,193

Property Insurance for Individuals (Retail)

The retail segment is developing more dynamically than the corporate one, but it also has a number of constraining factors:

  • 99% of contracts are concluded under the comprehensive approach.
  • Most contracts cover the full value of the housing with the application of a deductible (the share of the loss that remains on the policyholder’s liability).
  • The average insurance premium under a war risk coverage contract is about UAH 11,000.
  • The conversion of requests into concluded contracts is about 50%.
  • The main barriers to scaling are the high cost of policies and territorial coverage restrictions. At the same time, the deterioration of the security situation constantly stimulates additional demand.

Property Insurance for Legal Entities (Corporate)

The corporate segment is the most complex from the underwriting perspective, as the high cost of the contract is combined with limited coverage conditions:

  • About 80% of contracts are concluded under an individual approach with a separate assessment of each risk.
  • The insurer’s own retention reaches UAH 20 million per contract; taking into account reinsurance coverage, the sum insured can reach UAH 100 million.
  • The average insurance premium is about UAH 2.8 million.
  • The conversion of requests into concluded contracts is about 20%; annual demand capacity is estimated at 2,500 contracts.
  • In 2026, a state subsidy programme for legal entities was launched in Ukraine. Under this programme, legal entities pay only 1% of the sum insured for property insurance, while the State covers the rest of the premium (up to a limit of UAH 3 million).

Cargo Insurance

  • The volume of collected premiums is UAH 48,205,851, the amount of insurance payouts is UAH 7,840,903.
  • A key feature of the product is the coverage of cargo not only during transportation but also during temporary storage (up to 45 days).
  • The development potential of the segment is limited by reinsurance capacity: the available EBRD line is USD 110 million, which acts as the actual limit for portfolio growth.

Personal Accident Insurance

  • The segment is characterized by the largest number of contracts in the war insurance portfolio — over 25 thousand.
  • All contracts (100%) are concluded under the comprehensive approach.
  • War risks are covered within the liability limit established by the contract.

Reinsurance

Structure of Ceded Risks and Market Capacities

According to market participants:

  • The total volume of insured sums under contracts ceded to reinsurance reaches almost UAH 8 billion. Actually, over UAH 5 billion was transferred to reinsurance.
  • The “own retention / reinsurance” ratio for corporate property insurance contracts remains stable at the level of 10% to 90%, respectively. The reinsurance premium rate correlates with the intensity of shelling and fluctuates in the range of 3.5–12% of the sum insured.
  • The total volume of compensation received from reinsurers is about UAH 14 million. **

As of the end of 2025, the nominal supply of international reinsurance capacity exceeds actual demand, no quantitative shortage of capacity is observed. The main limitation for the final policyholder is the cost of reinsurance, which determines the final tariff of insurance protection.

The structure of capacities in 2026 is as follows:

  • International market (Lloyd’s of London) — the largest source of capacity with a cumulative limit of ~$350 million. Access is limited by conservative underwriting policy and the high cost of the reinsurance premium.
  • DFC — capacity exceeds $125 million.
  • EBRD ~$110 million.
  • Local market. The own capacity of Ukrainian insurers is about ~$350 million (estimated, based on the results of 2025).

The key problem of the market is the limited availability of capacity at a price acceptable to final policyholders. A significant obstacle in interaction with international markets remains the volatility of pricing. Reinsurance tariffs are sensitive to the information background: massive shelling or resonant events in the combat zone are promptly reflected in quotations, which in peak periods reach 12% of the sum insured.

Notes:

* For insurance products with a comprehensive approach, data on insurance premiums include coverage of both standard and war risks, while data on insurance payouts are only for war risks. As a result of such reporting, a significant disproportion arises between the amount of insurance premiums and the amount of insurance payouts.

** The data is collected and published for the first time. The amount of insurance payouts refers to past periods, data for which were not collected and not made public, thus an objective disproportion arises between the amount of current insurance premiums and the amount of insurance payouts.

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]]> https://nasu.com.ua/en/war-risk-insurance-market-overview-for-q1-2026/feed/ 0 INSURANCE MARKET IN 2025 https://nasu.com.ua/en/insurance-market-in-2025/ Mon, 06 Apr 2026 13:38:44 +0000 https://nasu.com.ua/?p=13818 Having overcome survival threats and achieved real solvency, the Ukrainian insurance market in 2026 confidently continues its movement towards the EU

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The Ukrainian insurance market today is a successful story of survival, deep transformation, and true maturation. Looking back, we see a time of tectonic shifts. Just imagine that since 2016, 304 insurance companies have left the domestic market. It was a painful but critically necessary path of cleansing. The industry has gone through a digitalization revolution, withstood the tightening of solvency requirements in 2019, survived the large-scale “Split” in 2020, and implemented the new, progressive Law of Ukraine “On Insurance”. And all this took place against the backdrop of Russia’s full-scale invasion and unprecedented security uncertainty. This time has become a period of rigorous transparency and the achievement of real solvency for those who stood their ground.

Ahead of us lies a new, equally serious challenge — integration into the European financial space, which will inevitably bring even stronger competition. Market participants have limited time to consolidate their positions within the country and prepare to operate under EU rules. For successful adaptation and increasing the competitiveness of domestic insurers, it is critically important to remove local barriers not inherent in European practice, for example, to optimize excessive financial monitoring requirements in the non-life insurance segment, and to comprehensively regulate the issues of insurance intermediaries’ activities in Ukraine.

So, with what baggage have we crossed the 2025 milestone?

Concentration and financial strength as the market landscape

As of the end of 2025, the market landscape looks as consolidated as possible. There are 47 companies operating in the non-life insurance sector, and only 10 remain in life insurance. Today, this is a highly concentrated and fiercely competitive environment where the top ten companies accumulate 74.3% of the entire non-life market. In the life insurance segment, the situation is even more illustrative: the entire market consists of these 10 players, with one single insurer holding almost 50% of the industry.

Here is the top 10 of the insurance market in 2025 by insurance premiums:

non-life life
1. TAS IG
2. ARX
3. VUSO
4. Arsenal Insurance
5. INGO
6. UNIQA
7. USG
8. Kniazha VIG
9. ORANTA
10. PZU Ukraine 		1. MetLife
2. TAS Life
3. GRAWE UKRAINE Life Insurance
4. PZU Life
5. UNIQA Life
6. ARX Life
7. ASKA – LIFE
8. Forte Life
9. KD Life
10. Kniazha Life VIG

Despite the war and highly complex working conditions, companies have demonstrated impressive resilience. The net financial result of both segments amounted to UAH 6.8 billion, with only 9 insurers finishing the year with losses. At the same time, the market as a whole remains reliably capitalized, as eligible assets to meet solvency requirements reached UAH 86.2 billion, which is 31% higher than in 2024. The strong operational health of the non-life sector is best evidenced by the figures: the portfolio loss ratio is 49.1%, the combined ratio dropped below the psychological threshold and stands at 97%, while operational efficiency fixed at a high level of 88.6%. Such results of our non-life market can only be sincerely applauded.

Record premiums and the MTPL phenomenon in Non-Life

Following the results of 2025, the non-life market showed a record jump in recent years, adding 41.2%. The total amount of collected premiums reached UAH 65.6 billion compared to UAH 46.5 billion a year earlier. If we dive into the structure of this portfolio, we will see that it remains traditionally unchanged, and 83% is formed by classic “motor” lines, i.e., CASCO, MTPL, and “Green Card”, as well as health insurance. However, the real phenomenon and the main driver was exactly MTPL.

It is worth recalling that after the updated law came into force, insurers finally got the opportunity to freely regulate prices for MTPL. Moreover, the rules of the game for the consumer have radically changed, and now payouts are prioritized directly to service stations, without taking into account the deductible and depreciation of parts, which previously could “eat up” up to 70% of the compensation. This gave a tremendous boost to growth. As a result, the share of MTPL grew to 35% of the total portfolio, reaching UAH 23 billion. This is a colossal increase of 123% compared to last year and an impressive 270% compared to 2023.

Other systemic lines also showed confident dynamics. CASCO premiums amounted to UAH 15.9 billion, adding 20.4%, which is an expected consequence of inflationary processes and the growing demand of car owners for war risk coverage. Health insurance generated UAH 10.2 billion with a 17% increase, directly reflecting medical inflation and the rising cost of clinic services. At the same time, receipts from the “Green Card” expectedly decreased by 4% and amount to UAH 5.3 billion. This is explained by the fact that the intensity of trips abroad has somewhat dropped, and a portion of our citizens already buy policies directly in their countries of temporary residence.

Let us present the top 5 insurers by premiums by lines of business:

MTPL CASCO Green Card Health Insurance
1. TAS IG ARX TAS IG UNIQA
2. ORANTA Arsenal Insurance USG VUSO
3. Kniazha VIG VUSO PZU Ukraine UNIVERSALNA
4. Arsenal Insurance UNIQA Kniazha VIG INGO
5. INGO UNIVERSALNA Persha TAS IG

Insurance as a tool to protect business from war

Property lines of business deserve special attention. Although their share in the total portfolio is small and amounts to only 5.8%, the volume of premiums showed a significant growth of 30%. This jump is directly related to society’s demand for real estate insurance against the consequences of war. Interestingly, 75% of clients here are legal entities. Ukrainian business is actively seeking protection and finding it through the involvement of foreign reinsurance capacities, in particular such global giants as Lloyd’s of London. And although this line still remains unprofitable with a combined ratio of 111.11%, insurers continue to faithfully fulfill their mission, offering war risk coverage services to an increasing number of enterprises and individuals.

Payouts and taxes as the reverse side of the coin

The rapid growth in premiums is accompanied by equally rapid payouts to clients. The total amount of indemnities in the non-life segment was UAH 24.7 billion, which is 30% more than in 2024. The lion’s share — 91%, or UAH 22.4 billion — was generated by the big four drivers: companies paid UAH 7.7 billion for CASCO (a 23% increase), UAH 6.6 billion was reimbursed for MTPL (plus 47.5%), health insurance brought UAH 5.6 billion in payouts (adding 20.2%), and UAH 2.4 billion was returned under the “Green Card” (up 9.9%). Along with record MTPL premiums, we see unprecedented payouts, as this line of business generates over a quarter (26.7%) of all indemnities in the market, but at the same time provides more than a third of all tax revenues of the industry thanks to the 3% tax on income under insurance contracts.

We present the top 5 rating by payouts by lines of business:

MTPL CASCO Green Card Health Insurance
1. TAS IG ARX TAS IG UNIQA
2. ORANTA Arsenal Insurance USG VUSO
3. Kniazha VIG VUSO PZU Ukraine UNIVERSALNA
4. Arsenal Insurance UNIQA Kniazha VIG INGO
5. INGO UNIVERSALNA Persha TAS IG

The invisible war for the client in distribution channels

As for how Ukrainians buy insurance, there have been no radical quantitative changes, but there are certain shifts. The agency and proprietary networks of companies continue to totally dominate, providing 57% of all non-life sales. Direct sales account for 14%, and bancassurance stably holds the bronze with a 13% share. At the same time, online aggregators have already captured 15% of the MTPL sales market and 17% in the “Green Card” segment. This trend indicates that in the segment of standardized (particularly, compulsory) insurance products, consumers increasingly prefer digital sales channels. However, one should not expect total digitalization of the market due to the specifics of the service itself. Insurance is a complex financial instrument that requires a conscious approach and is rarely a subject of spontaneous demand. That is why the preservation and development of classic agency networks is an objective necessity and a basic condition for the high-quality functioning of the industry. EU markets have a developed and strong agency network that provides more than 80% of insurance premium revenues, so our task is to be ready to compete. Automated platforms are currently unable to fully replace a qualified financial consultant whose competencies include individual risk assessment, explaining coverage conditions, and supporting the client at the claims settlement stage. The most illustrative in this context is the life insurance sector, where 83% of premiums are generated precisely through agency distribution channels. Long-term financial planning, savings programs, and life insurance objectively require personalized communication, professional expertise, and the formation of a high level of trust, which goes beyond the capabilities of digital algorithms.

Savings, health, and trust in Life insurance

The life insurance sector is stably formed by the participants of the PRIMA project, representing 9 out of 10 operating companies. The total volume of this market grew by 9.9% compared to last year and reached UAH 6.2 billion (including health insurance premiums). The portfolio distribution remains classic, with 70% falling on savings and 30% on risk insurance. An extremely positive signal is that clients increasingly trust companies, because the volume of recurring premiums for existing business grew by 11%, and sales of new policies added 13% (in savings). In addition, Ukrainians have begun to terminate agreements much less frequently: the share of early terminated contracts dropped to 31% compared to 49% a year earlier. This is direct evidence that citizens are starting to perceive life insurance as a reliable tool for preserving funds.

Rankings of life insurers by premiums in 2025:

Savings products Non-savings products
1. MetLife MetLife
2. TAS Life ARX Life
3. GRAWE UKRAINE Life Insurance UNIQA Life

An interesting new trend is the expansion of life insurers into the health segment. Already 4 companies (MetLife, TAS Life, ARX Life, UNIQA Life) have obtained the relevant licenses and, as of the end of the year, collected UAH 240.5 million in premiums. Although this is currently a niche product, accounting for almost 3% of all health insurance in the market, it has significant potential to become an independent, substantial share in companies’ portfolios. The total amount of payouts in life insurance was UAH 1.8 billion (of which UAH 1.7 billion was provided by NASU members). About 77% of indemnities traditionally fall on contracts with a savings component.

Rankings of life insurers by payouts in 2025:

Savings products Non-savings products
1. MetLife MetLife
2. TAS Life ARX Life
3. GRAWE UKRAINE Life Insurance UNIQA Life

It is worth paying attention to exclusive data from NASU participants. Payouts for the “survival” risk in 2025 jumped by 28% at once, which is an important signal for the market to carefully monitor the process of contract renewal in 2026.

The role of NASU in the market

Finally, it is important to note the colossal impact of the participants of the National Association of Insurers of Ukraine (NASU) on the formation of these results. As of the end of 2025, they occupy 79.2% of the non-life market, having generated UAH 52 billion in premiums, which is 45% more than the previous year. The lion’s share of this growth is driven by the demand for MTPL and war risks. In the top 10 non-life companies, 9 are our members, and among the participants of the PRIMA project — all 10. They are the ones who paid the largest share of all indemnities — 78%, or UAH 19.3 billion, and occupy the first ten positions in the payout ranking.

For the first time, NASU publishes such a comprehensive market cross-section along with our comments and analytics.

And for those who do not like to read much but prefer visualization and figures — welcome to our website, where actual market indicators are constantly published https://nasu.com.ua/indicator/ as well as reviews https://nasu.com.ua/oglyady-rynku/, in particular, the 2025 review in the usual format https://nasu.com.ua/oglyad-strahovogo-rynku-ukrayiny-2025/.

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]]> Brief overview of ukranian insurance market 2025 https://nasu.com.ua/en/oglyad-strahovogo-rinku-ukrayini-za-9-misyacziv-2025-roku-copy-copy-2/ Mon, 06 Apr 2026 11:14:29 +0000 https://nasu.com.ua/?p=13724 Overview of the insurance market of Ukraine 2025 Insurance premiums NON-LIFE The results for 2025 highlight a remarkable surge in the Ukrainian non-life insurance market. Total gross written premiums (GWP) reached UAH 65.6 billion, representing a 41% increase compared to the previous year. Motor Insurance: Remains the cornerstone of the market, accounting for 67.5% of […]

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Overview of the insurance market of Ukraine

2025

Insurance premiums NON-LIFE

  • The results for 2025 highlight a remarkable surge in the Ukrainian non-life insurance market. Total gross written premiums (GWP) reached UAH 65.6 billion, representing a 41% increase compared to the previous year.

     

    • Motor Insurance: Remains the cornerstone of the market, accounting for 67.5% of the total volume. The MTPL (Motor Third-Party Liability) segment is particularly noteworthy, showing an extraordinary growth of +123%, with its share in the total portfolio reaching 35.1%.

    • Health Insurance: Firmly holds the second position with a market share of approximately 15.5%.

    • Market Concentration: The sector is characterized by high levels of consolidation. The TOP-10 insurers accumulate over 74% of all premiums. Notably, 9 out of the 10 leading companies are members of the National Association of Insurers of Ukraine (NASU).

     

  • The primary drivers of the market remain the NAIU member companies, whose growth rates consistently outpace the market average. By collecting UAH 52 billion in premiums (+45.5%), the Association secured a 79.2% share of the entire non-life segment. An even higher concentration is observed within the PDMA project, which accounts for 86.3% of the market.

NON-LIFE rating 2025

Insurance premiums

Claims paid NON-LIFE

  • In 2025, the insurance sector demonstrated high social efficiency by significantly expanding the scope of real financial protection. Total insurance claims paid to clients reached UAH 24.7 billion, a 30% increase over the previous year.

     

    • Segment Driver: MTPL (Motor Third-Party Liability) showed the highest growth dynamics in payouts, increasing by +47.7%.

    • Payout Portfolio Structure:

      • Motor Insurance (CASCO, MTPL, Green Card) remains the dominant category, accounting for 67.9% of all claims paid.

      • Health Insurance provided payouts totaling UAH 10.2 billion.

      • Property Insurance holds a 5.7% share of the structure (UAH 1.4 billion).

     

  • The market core remains stable and reliable. NAIU member companies accounted for 78% of all payouts in the country (UAH 19.2 billion). Notably, in 2025, all companies in the TOP-10 by payout volume (which collectively generate 75% of the market total) are members of the Association.

  • Furthermore, the share of PDMA project participants in total payouts reached 85%.

NON-LIFE rating 2025

Claims paid

Useful observations NON-LIFE

By the end of 2025, MTPL (Motor Third-Party Liability) has finally solidified its status as a key driver, accounting for 35% of the entire market. Premium volumes in this segment more than doubled (+122%):

  • The average policy cost reached UAH 3,313. This was a forced reaction to the sharp rise in repair costs – the average loss for 2025 amounted to UAH 45,050.

  • The upward trend in costs is only intensifying. As of the end of February 2026, the average payout increased to UAH 57,556.

  • The combined operating ratio decreased to 102.4%. This indicates that the market is close to an equilibrium point in the search for a “fair price” against the backdrop of a rapid increase in insurance payout amounts.

  • Traditional sales remain a priority – 57% of policies were sold through agency networks, while online aggregators crossed the 15% mark for MTPL.

In other lines of business, a “cautious” positive recovery is observed:

  • Travel Insurance. Premiums grew to UAH 1.8 billion (+67%), indicating an uptick in foreign travel; however, the combined operating ratio is still too high at 100.7%.

  • Health Insurance. With payouts exceeding UAH 5.6 billion, the segment demonstrates a “traditional” loss ratio of 70.6%.

  • Property Risks. Payouts increased by 83% (primarily due to war risk coverage). Despite the line’s unprofitability (combined operating ratio of 111%), insurers continue to provide property protection against the consequences of war. (excluding an anomalous outlier – a large loss of a single insurer)

  • From MTPL premiums alone, UAH 622.5 million was paid to the budget (+95% compared to 2024) in insurance income tax (3% tax) (this is more than a third of all industry tax revenues under the 3% rate).

  • Only 7 out of 47 non-life insurers recorded a net loss based on the 2025 results. The net profit of the non-life market amounted to UAH 4.9 billion.

Insurance premiums LIFE

  • The life insurance segment demonstrates a reserved but steady upward dynamic. Based on the results of 2025, companies accumulated UAH 6.2 billion in insurance premiums, which is 9.9% higher than the previous year’s figure (including health insurance).

  • The Life insurance market remains highly consolidated around NAIU members. Members of the Association control 92% of the segment, having collected over UAH 5.7 billion, while PDMA participants account for 97%.

  • An important trend has been the expansion of the product line of life insurers. In particular, the health component has already generated UAH 240.4 million in premiums (3.8% of the total volume). Although this share is still small, it indicates an active market transformation and the introduction of new classes of insurance.

LIFE rating 2025

Insurance premiums

Claims paid LIFE

  • The life insurance segment in 2025 demonstrated a high level of financial discipline. Total payouts to clients amounted to UAH 1.8 billion, indicating the steady fulfillment of long-term contracts.
  • NAIU members accounted for the lion’s share of market payouts — 95% (or UAH 1.7 billion). This confirms that the Association’s systemically important companies remain the primary guarantor of financial protection in the country.
  • PDMA project participants — 99%
  • Health insurance in the life sector currently remains a niche product — it accounted for only UAH 52.7 million in payouts. This indicates that classic endowment and risk life programs remain the core of the business.
  •  

LIFE rating 2025

Claims paid

Useful observations LIFE

  • The life insurance sector demonstrates high capital concentration and operational efficiency. The volume of eligible assets of life insurers reached UAH 26.7 billion, creating a solid foundation for long-term customer trust.
    NAIU members confirm their status as market guarantors, providing 95% of all payouts in the segment.
  • Despite challenging macroeconomic conditions, 80% of companies (8 out of 10) ended 2025 with a profit. This indicates high-quality risk management and the adaptability of business models.
  • The market remains highly centralized — the top three leaders control 77% of the segment, with the single largest player accounting for nearly half of the market (~50%).
Business Structure and Development Vectors
  • The traditional split between endowment and risk programs remains stable — 70% to 30%, respectively. Health insurance within the life segment currently remains a narrow niche.
  • According to data from PDMA project participants, a positive dynamic in “in-force business” (recurring premiums)—contributions from clients who pay more than once—has been observed for several consecutive periods.
  • Consequently, for 2025, there was an 11% increase in “in-force business” and a 13% increase in new business (i.e., new premiums in endowment).

Insurance rating by lines of business 2025

Insurance premiums

*Health insurance – the sum of the business lines “Health (excluding medical insurance)” and “Health (medical insurance)”

Insurance rating by lines of business 2025

Claims paid

*Health insurance – the sum of the business lines “Health (excluding medical insurance)” and “Health (medical insurance)”

Rating 2025

Other indicators

The market review has been prepared by NAIU using data published by the National Bank of Ukraine (Key performance indicators of insurers (by institution)) and data from the PRIMA information exchange.
The use of this market review or any of its parts, rankings (including their elements), and visualizations (including their elements) without reference to NAIU is prohibited.

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]]> NAIU 2025 Report https://nasu.com.ua/en/naiu-2025-report/ Mon, 09 Mar 2026 11:41:38 +0000 https://nasu.com.ua/?p=13334 NAIU summarizes 2025 results and consolidates its course toward European integration and transparency

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The work of the National Association of Insurers of Ukraine (NAIU) in 2025 was built on the foundation of the Annual Plan approved by the General Assembly and encompassed an exceptionally broad spectrum of tasks. From legislative initiatives and tax amendments to the implementation of innovative educational platforms and the deepening of international cooperation—throughout the year, the NAIU team not only completed all planned activities but also executed a series of additional projects, promptly responding to current market challenges. As part of our traditional public reporting, we detail the year’s main achievements below.

Improvement of Tax Legislation and Sectoral Reforms

One of the Association’s unwavering priorities remained the tax stimulation of market development. This year, we succeeded in ensuring the inclusion of issues related to the improvement of insurance taxation in the Government’s Priority Action Plan for 2025. This was a logical continuation of previous years’ work, when NAIU, in close cooperation with the National Bank of Ukraine (NBU), agreed upon amendments to the Tax Code. These changes pertained to stimulating the development of personal insurance lines, harmonizing tax legislation due to the market’s transition to the international reporting standard IFRS 17 , and aligning the Code’s provisions with the requirements of the new Law of Ukraine “On Insurance.”

In 2025, NAIU developed a regulatory concept for the activities of insurance intermediaries, which also necessitates corresponding amendments to the Tax Code. Throughout the year, the Association provided support for this draft law, delivered comprehensive argumentation to stakeholders, and discussed the necessity of these innovations during meetings with the NBU Board.

In parallel, extensive work continued on implementing the laws “On Insurance” and “On Compulsory Third-Party Liability Insurance for Owners of Land Vehicles.” Responding to requests from market participants, NAIU formulated consolidated positions and provided methodological support for the new regulations. To make this process as convenient as possible for insurers, we created an “Expert Center” on the Association’s official website—a dedicated section for the centralized publication of NBU clarifications and recommendations. The Association’s experts processed a significant volume of the regulator’s draft normative-legal acts submitted for public discussion and initiated amendments to specific requirements. Interaction with the Consumer Rights Protection Department was also a vital aspect; we held joint meetings and established a regular exchange of information regarding law enforcement practices.

New Rules for Insurance Intermediaries and Educational Projects

The Concept of amendments to the regulation of insurance intermediaries developed by NAIU proposes a clear division of their functions. One part of these functions covers direct client interaction, while the other covers the organization of insurance product distribution, which includes managing agent networks, training, and recruiting. The Concept also distinguishes a group of intermediaries whose primary service is providing access to their own clients and lead generation. Such changes will allow for the legal formalization of relations with insurance intermediaries in accordance with their true nature. This, in turn, will make the interaction between insurers and intermediaries maximally transparent, leaving no room for fraud or manipulation.

The implementation of new legislative requirements regarding the training of insurance intermediaries became one of the most extensive projects of the year. NAIU created a specialized platform and launched websites for training the intermediaries of the Association’s members. We produced high-quality educational video content, text materials, and tests, which were made freely available on the newly created “NAIU-Ukraine” YouTube channel. This served as an effective response to insurers’ urgent need to train their partners. Furthermore, the Association conducted training for insurers themselves on agent registration procedures, and, together with market participants, developed standard application forms and a list of required documents for intermediaries of all ownership forms. We also organized consultations with aggregators regarding information disclosure and created a convenient communication platform for sharing experiences.

Financial Monitoring and Reporting Transparency

In the realm of financial monitoring, the key objective was to simplify customer due diligence procedures. Our goal was to improve regulation, harmonize it with the updated Law of Ukraine “On Insurance,” and fully account for the specific nature of insurance activities. NAIU held a series of working meetings with the NBU and submitted official appeals with detailed justifications for the necessity of amending Resolution No. 107, specifically concerning the settlement of insurance claims and the payment of indemnities. The Association also directly participated in a working group under the State Financial Monitoring Service to conduct a national risk assessment, and ensured the consolidated submission of a questionnaire for the annual typological study on money laundering and terrorist financing risks.

Another major challenge was resolving issues surrounding the Standard Audit File for Tax (SAF-T UA). The Association initiated appeals to the Ministry of Finance and the tax authority, pointing out the primary risks: the unauthorized disclosure of insurance confidentiality and the failure to account for industry specifics, as the SAF-T UA file is oriented toward commodity exchange operations, which are not characteristic of insurance. At the same time, an important victory of the year was the elimination of a legal collision regarding insurance confidentiality and the introduction of corresponding amendments to the stock market regulator’s decisions.

International Cooperation, War Risks, and Looking to the Future

Ukraine’s movement toward the EU also defined the international vector of our work. The Association ensured active participation in the working group on financial services, where the state’s negotiating positions were formulated, and held consultations on adapting Ukrainian legislation to European standards. International activities also encompassed cooperation with the IFC on a market review, participation in the “Responsible Business for the Recovery of Ukraine” conference alongside representatives from the European Commission and the OECD, as well as specialized meetings with UkraineInvest. Additionally, we commenced promising cooperation with GIZ within the STEP IN 2 EU program.

Responding to the challenges of the times, NAIU continued its active work on a war risk insurance mechanism jointly with the Government, the NBU, and the World Bank. The Association joined a Memorandum of Understanding involving leading global players such as Marsh McLennan, Lloyd’s, AON, and the EBRD, working on the development of a state compensation system for war risks. Simultaneously, issues regarding the optimization of the implementation of Solvency II requirements were addressed in collaboration with the National Bank.

The development of human capital was not overlooked. The Association created an internal HR committee and intensified its work on financial literacy by launching its own “RPO.Insurance” project. We became a proud partner of the NBU’s initiatives “Financial Literacy for the Defenders of Ukraine” and the “FinLit Forum.”

In 2025, a new participant, IC “Express Insurance,” joined the PRIMA project, and NAIU welcomed IC “Arsenal” to its membership.

In concluding the year, the Association not only planned its current operations but also developed a comprehensive “Strategic Digest of the Insurance Market 2026–2028.” This document, created by experts from NAIU’s “Strategic Planning and Analysis” committee, contains a profound vision for the market’s development over the next three years. The Digest covers forecasts for market indicators, the factors influencing them, as well as an assessment of the consequences of implementing future regulatory acts. Such foundational planning allows us to look confidently into the future and continue building a reliable, transparent, and European insurance market in Ukraine.

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]]> NAIU’s Participation in Insurance Europe https://nasu.com.ua/en/naius-participation-in-insurance-europe/ Mon, 09 Mar 2026 11:31:37 +0000 https://nasu.com.ua/?p=13329 The strategic partnership between NAIU and Insurance Europe confirms the maturity of the domestic insurance sector and integrates it into the single European economic space

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Recently, the National Association of Insurers of Ukraine (NAIU) took a significant step toward strengthening the financial sector “from the inside” by signing a Memorandum of Cooperation with GIZ within the framework of the “STEP IN 2 EU” program. This partnership serves as our foundation for doing our “homework,” as it encompasses market training, support for small and medium-sized enterprises (SMEs), and the implementation of European directives.

However, European integration is a two-way street. It is not enough to simply adapt the rules at home; it is vital to be present where these rules are created. Therefore, in parallel with the GIZ projects, NAIU recently officially confirmed its membership in Insurance Europe.

Thanks to this, we are no longer merely observing European integration, but are actively participating from within the processes that are shaping the economic future of the continent.

Insurance Europe is not just a professional association; it is the “voice” of the insurance industry across the entire European Union. To grasp the weight of this confederation, one need only look at the figures that make it one of the most influential players in the global insurance market:

  • The organization represents the interests of companies that generate 95% of the European insurance premium market.

  • Association members manage capital exceeding €10 trillion.

This makes them key financial partners for EU governments and the European Commission. No strategic decision in Europe (from the Green Deal climate programs to digital legislation) is adopted without consulting Insurance Europe.

For NAIU, being part of this structure means having direct access to the “mission control center” of the European economy. This serves as a “quality mark” and a recognition of our market’s maturity.

For investors, NAIU’s presence in Insurance Europe acts as another powerful signal that the Ukrainian market is viable and open for business. This is the foundation of trust necessary to attract significant capital for Ukraine’s future reconstruction projects.

Let us elaborate slightly on what this brings to the Ukrainian market. First and foremost, it provides the opportunity to shift the focus from “putting out fires” to strategic development. Membership unlocks opportunities that will serve as growth drivers right now:

  • Ukraine is preparing to implement Solvency II. Through Insurance Europe, we have access to the expertise required to adapt these regulations soundly. Consequently, we become co-authors of our own rules, rather than merely their implementers. We have the opportunity to avoid the mistakes made in the EU and to protect the interests of local companies by applying the principle of proportionality.

  • Standards for digitalization, artificial intelligence, and cyber insurance are being developed in Insurance Europe’s working groups right now. Ukrainian insurers receive this knowledge firsthand, building services that often outpace their European counterparts.

While politicians negotiate the procedures for EU accession, the insurance market is effectively already becoming part of the single European space. Through NAIU, Ukrainian insurance companies are integrating into the European legal framework, erasing borders for business.

Confirming our position in Insurance Europe demonstrates that Ukraine is viewed as an equal partner in Europe. Insurers are paving the way to the EU not with slogans, but with deeds—harmonizing standards and building bridges of trust.

Thus, NAIU’s ongoing cooperation with GIZ and its membership in Insurance Europe represent the two wings of our integration. The Association’s insurers are already taking their place in shaping the future of Europe’s financial system, and we will utilize this opportunity to ensure that the Ukrainian market continues to be strong, reliable, and protected.

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