INSURANCE MARKET IN Q1 2026

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 (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

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)

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.