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.
