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

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

Market Concentration and Non-Life Operational Efficiency

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

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

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

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

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

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

Portfolio Structure and Key Business Lines

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

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

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

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

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

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

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

TOP-5 Insurers by Premiums in Key Business Lines

Fulfillment of Obligations: Record Compensations into the Economy

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

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

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

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

War Risks: Product Evolution, Scaling, and International Support

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

Key points of the war insurance market:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Life Insurance Market Leaders (H1 2026)

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

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%.

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.

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.

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)

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

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 (NASU) 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

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 PDMA 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)

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.