War risks · market overview
UAH 5 billion in premiums, half a billion in payouts and UAH 4.7 billion in reported claims: the payout peak is still ahead.
NASU · Published 3 November 2026 · PDMA data, 17 insurers · ≈ 8 min read
Reported claims reserve
4,694.5
UAH m
was UAH 977 m on 01.07.2026
Insurance premiums
5,027.9
UAH m
incl. ≈2.2 bn in Q3
Insurance payouts
501.2
UAH m
incl. ≈325 m in Q3
Contracts
298,172
pcs
Ind. 272,544 · Legal 25,628
Lloyd’s annual capacity
~600
USD m
+ DFC 125+ m USD · EBRD 150 m EUR
Contents
The main event of Q3 was a sharp rise in losses from the strikes. After the massive attacks of July–August, the reported claims reserve — the amount not yet paid on claims that clients have already reported and that are now being settled — grew almost fivefold in three months to UAH 4.7 billion. 96% of this amount relates to property, primarily corporate.
Demand for cover did not fall but accelerated: around UAH 2.2 billion in premiums was collected in Q3 — more than in any previous quarter — and property premiums of legal entities doubled over the quarter. The state premium compensation programme plays a major role in this. International reinsurers bear most of the reported claims — 93%.
| Line of business | Insurance premiumsUAH | Contracts | Contractsindividuals / legal entities |
|---|---|---|---|
| CASCO | 2,685,645,458 | 66,797 | 46,493 / 20,304 |
| Property | 1,721,694,894 | 15,391 | 14,694 / 697 |
| Life | 318,991,249 | 126,550 | 126,407 / 143 |
| Cargo | 260,890,931 | 3,274 | 3 / 3,271 |
| Other lines | 40,636,443 | 86,160 | 84,947 / 1,213 |
| Total | 5,027,858,974 | 298,172 | 272,544 / 25,628 |
Other lines — medical, liability, financial risks and assistance (travel) insurance: together less than 1% of premiums.
| Line of business | Insurance payoutsUAH | Payoutsindividuals / legal entities, UAH | Reported claims reserve?UAH |
|---|---|---|---|
| CASCO | 110,145,841 | 58,113,628 / 52,032,213 | 91,583,827 |
| Property | 342,493,967 | 21,810,230 / 320,683,737 | 4,528,118,484 |
| Life | 1,981,460 | 720,458 / 1,261,002 | 141,000 |
| Cargo | 46,212,746 | — / 46,212,746 | 74,045,563 |
| Other lines | 370,509 | 370,375 / 134 | 616,528 |
| Total | 501,204,522 | 81,014,691 / 420,189,832 | 4,694,505,402 |
Contracts
Individuals 91.4% · Legal entities 8.6%
Premiums
Individuals 42.7% · Legal entities 57.3%
Payouts
Individuals 16.2% · Legal entities 83.8%
Individuals Legal entities
Individuals concluded over 91% of contracts, but legal entities generated 57% of premiums and 84% of payouts. In other words, by volume the market is mass and retail, but financially it rests on business.
| Indicator | Q1 202614 insurers | H1 202617 insurers | 9 months 202617 insurers |
|---|---|---|---|
| Insurance premiums, UAH | 982,979,344 | 2,828,351,984 | 5,027,858,974 |
| Insurance payouts, UAH | 47,110,307 | 176,525,173 | 501,204,522 |
| Reported claims reserve, UAH? | — | ~977,000,000 | 4,694,505,402 |
Compared with H1, growth accelerated. Premiums rose from UAH 2.83 billion to UAH 5.03 billion, meaning around UAH 2.2 billion was collected in Q3 alone. Payouts increased from UAH 176.5 million to UAH 501.2 million: in a single quarter insurers paid almost twice as much as in the whole first half-year.
Two models have taken shape on the market. The individual approach involves an underwriter’s targeted work with a specific asset: the war component has its own price, a separate premium and an individually calculated sum insured. Under the comprehensive approach, war threats are already integrated into the basic contract with no separate pricing. Throughout this overview we refer to them as contracts under the individual approach and contracts under the comprehensive approach.
Individual approach?
2,424.5 UAH m in premiums
36,882 contracts: individuals 23,416 · legal entities 13,466
Comprehensive approach?
2,603.4 UAH m in premiums
261,290 contracts: individuals 249,128 · legal entities 12,162
| Indicator | Individual approach? | Comprehensive approach? |
|---|---|---|
| Insurance premiums, UAH | 2,424,501,168 | 2,603,357,806 |
| Premiums, individuals / legal entities, UAH | 514,239,887 / 1,910,261,280 | 1,633,830,167 / 969,527,639 |
| Contracts, individuals / legal entities | 23,416 / 13,466 | 249,128 / 12,162 |
| Insurance payouts, UAH | 435,096,863 | 66,107,659 |
| Reported claims reserve, UAH? | 4,620,396,598 | 74,108,804 |
In premium terms the two models are almost equal, but risk is distributed unevenly. Large corporate assets are concentrated in contracts under the individual approach, and this is where the main burden on insurers arises.
87% · 98%
of payouts and of the reported claims reserve fall on contracts under the individual approach
| CASCO | Premiumsindividuals, UAH | Contractsindividuals | Premiumslegal entities, UAH | Contractslegal entities |
|---|---|---|---|---|
| Comprehensive approach | 1,359,087,651 | 23,364 | 596,738,469 | 8,733 |
| Individual approach | 500,617,416 | 23,129 | 229,201,922 | 11,571 |
| Total | 1,859,705,067 | 46,493 | 825,940,391 | 20,304 |
The largest segment by premiums. The comprehensive approach accounts for 48% of deals, yet these deals bring 73% of the segment’s income (H1: 55% and 79%).
The average comprehensive policy costs about UAH 60,900 (H1: UAH 62,000), while individual contracts stay at about UAH 21,000 (H1: about UAH 19,000). CASCO payouts amount to UAH 110.1 million, of which UAH 76.6 million under the individual approach.
| Property | Premiumsindividuals, UAH | Contractsindividuals | Premiumslegal entities, UAH | Contractslegal entities |
|---|---|---|---|---|
| Comprehensive approach | 190,498,674 | 14,407 | 13,943,259 | 323 |
| Individual approach | 13,622,472 | 287 | 1,503,630,489 | 374 |
| Total | 204,121,145 | 14,694 | 1,517,573,748 | 697 |
This segment accounts for two thirds of all market payouts (UAH 342.5 million) and 96% of the reported claims reserve.
Legal entities. Corporate property insurance is the most complex area for underwriting and the central topic of war risk insurance. More than half of the deals here require a tailored threat assessment and an evaluation of each location, and these 374 individual contracts generate 99.1% of the segment’s corporate premiums. The average premium per such contract is about UAH 4.0 million. Legal entities received UAH 320.7 million, or 94% of property payouts.
Premiums, legal entities
1,517.6 UAH m
×2 vs H1
Contracts, legal entities
697
of which 374 individual
Payouts, legal entities
320.7 UAH m
94% of property payouts
Reported claims
4,504.1 UAH m
property, individual approach
| Property of legal entities | H1 2026 | 9 months 2026 |
|---|---|---|
| Premiums, legal entities, UAH | 772,765,833 | 1,517,573,748 |
| Contracts, legal entities | 456 | 697 |
| of which individual | 228 | 374 |
| Share of individual contracts in corporate premiums | 98.8% | 99.1% |
| Average premium per individual contract, UAH | ~3,300,000 | ~4,020,000 |
374 contracts
under the individual approach generate 99.1% of corporate premiums in the Property segment
The state programme works even in the hardest quarter
Q3 was the hardest quarter of the year for the market: the most strikes, attacks on warehouses and logistics, shrinking supply of cover and rising prices. Despite this, the number of contracts with legal entities under the individual approach grew from 228 to 374 — by 146 in a single quarter. The state programme of insurance premium compensation (CMU Resolution No. 1541 of 28.11.2025, operated by ECA) deserves much of the credit: businesses pay only 1% of the insurance premium and the state compensates the rest.
The effect of the programme far exceeds its cost. The state compensates part of the premium, while reported claims on property of legal entities under the individual approach have already reached UAH 4.5 billion — tens of times more than the amount spent on premium compensation. Modest budget spending gives businesses access to protection that actually pays out.
The average premium of UAH 4 million is an aggregate indicator, not the price of a policy. The actual cost depends on what is insured (a single warehouse or an entire property complex), the declared limit of liability and the configuration of cover. The rate for each asset is calculated individually.
Individuals. 98% of property contracts of individuals were concluded under the comprehensive approach (H1: 95%), with an average ticket of about UAH 13,200.
In this segment war risks are not sold separately: they are built into risk life insurance contracts. Cover for death or disability resulting from hostilities is thus part of standard protection rather than an exclusion from it. Over nine months, 126.6 thousand such contracts were concluded for UAH 319.0 million.
| Cargo | PremiumsUAH | Contracts | PayoutsUAH |
|---|---|---|---|
| Comprehensive approach | 83,462,062 | 1,753 | 1,622,931 |
| Individual approach | 177,428,869 | 1,521 | 44,589,815 |
| Total | 260,890,931 | 3,274 | 46,212,746 |
Virtually all contracts were concluded with legal entities. Reinsurers covered over 90% of payouts under the individual approach.
The quarter brought a substantial widening of cover:
Period of cover
45 → 90 days
for cargo in storage or transshipment. Fewer risks are left uncovered because of logistics delays.
Wider supply
The EBRD expanded the capacity of its programme, allowing larger consignments and more shipments to be insured. New players have joined the programme, and containers themselves can now be insured.
In plain terms
The reported claims reserve is the amount insurers have not yet paid. A client has reported damage, the insurer has accepted the claim, and the loss is now being settled: it is assessed, documents are collected and the amount is agreed. Until the payout is made, the expected amount is held in the reserve.
Once the money is paid, the amount leaves the reserve and is counted as an insurance payout. Payouts and the reserve are therefore two separate figures that do not overlap: UAH 501.2 million has already been paid, and another UAH 4,694.5 million is still awaiting payment.
as of 1 July 2026
977 UAH m
×4.8
in a quarter
as of 1 October 2026
4,694.5 UAH m
As of 1 October 2026, insurers record reported but not yet settled claims of UAH 4.7 billion. At the beginning of July this reserve stood at UAH 977 million, so it grew almost fivefold in a quarter. The reason is the massive strikes of July–August 2026, which damaged a significant number of insured enterprises.
| Reported but not settled claims reserve | AmountUAH |
|---|---|
| Total market | 4,694,505,402 |
| incl. property (apartments, warehouses, commercial premises) | 4,528,118,484 |
| incl. CASCO | 91,583,827 |
| incl. cargo | 74,045,563 |
99.5%
of the property reserve relates to contracts under the individual approach (H1: 98%)
UAH 5.2 bn
total losses already recognised by insurers over 9 months: UAH 501.2 million paid and UAH 4,694.5 million of reported claims in reserve
Reported claims are almost ten times the amount paid over nine months and nearly equal to premiums for the period. The consequences of the summer attacks are therefore not yet reflected in payouts: most compensation will come in the following months, as the claims are settled.
Lloyd’s syndicates continue to provide the largest share of the external capacity the Ukrainian market relies on. The US DFC kept its volume unchanged, while the EBRD increased the capacity of its programme during the quarter.
| Source of capacity | Annual limit | Change vs H1 |
|---|---|---|
| Lloyd’s of London | ~$600 m | unchanged |
| DFC | >$125 m | unchanged |
| EBRD | ~€150 m | ↑ from ~€110 m |
The limits are annual: they show the capacity available for the year. How much of it remains available today is difficult to estimate from public data.
A stable base of international reinsurance and its gradual growth allow insurers to plan underwriting and accept large corporate risks without being limited to their own capital. How actively this capacity is already being used is shown by the actual figures for nine months:
39%
of premiums under the individual approach ceded to reinsurers — UAH 948.6 million of UAH 2,424.5 million. Property: 56%, cargo: 24%, CASCO: 7%
95%
of the reported claims reserve for property under the individual approach is borne by reinsurers — UAH 4,286.9 million of UAH 4,504.1 million
Thus reinsurers cover most of the large losses. For Ukrainian insurers this means that financial resilience in this segment depends directly on how fully reinsurance protection is recognised in their reporting and regulatory ratios.
1
Demand is accelerating. Around UAH 2.2 billion in premiums was collected in Q3 — more than in any previous quarter; over nine months in total, more than UAH 5 billion.
2
Corporate property is the centre of risk. Property premiums of legal entities doubled in a quarter to UAH 1.5 billion, and 374 individual contracts account for UAH 4.5 billion of reported claims. The number of such contracts grew from 228 to 374 in a quarter despite the hardest security situation — not least thanks to the state premium compensation programme.
3
Cover is widening. In cargo insurance the period of cover for storage and transshipment has doubled to 90 days, containers themselves can now be insured, the EBRD has expanded its programme capacity, and market supply is growing.
4
The payout peak is still ahead. After the July–August strikes, reported claims are almost ten times the amount paid.
5
Reinsurers cover over 90% of reported claims. International capacity from Lloyd’s, the DFC and the EBRD remains the foundation without which Ukrainian insurers could not accept these risks.
Notes and data source
Individual approach involves an underwriter’s targeted work with a specific asset. The war component is set apart as a standalone policy or a special extension with its own price, a separate premium and an individually calculated sum insured.
Comprehensive approach means that war threats are already integrated into the basic contract, with no separate pricing. For insurance products under the comprehensive approach, premium data include cover for both ordinary and war risks, while payout data cover war risks only. This creates a significant disproportion between premiums and payouts.
Reported but not settled claims reserve (RBNS) — the amount not yet paid by insurers on losses already reported and being settled; payouts already made are not included; as of the 1st day of the month following the reporting period. PDMA participants did not report this indicator for Q1 2026.
Data source — PDMA information exchange, reports of 17 insurance companies participating in the project for January–September 2026. More analytical data here.
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Premiums, payouts and reserves by line of business are available in the PDMA reports. Insurers outside NASU can join the data exchange free of charge.
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