The National Bank of Ukraine (NBU) on August 11 announced its intention to conclude a contract with IC “VUSO” (Kiev) for medical insurance of employees, according to the electronic procurement system Prozorro. At the expected cost of purchasing the service of UAH 106.912 mln, the company’s price offer amounted to UAH 100.392 mln.
The tender was also attended by IC “Kraina” – UAH 98.896 mln. The offer of which was rejected because the participant of the procurement procedure indicated in the tender offer unreliable information, which is essential for determining the results of open bidding, which was revealed by the customer.
In addition, the participants of the tender were IC Universalna – UAH 100.450 mln, INGO – UAH 100.480 mln.
As reported, the winner of the tender for VHI of NBU employees in 2023 and 2024 was IC “Universalna”, in 2020 – IC “Kraina”.
IC “VUSO” was founded in 2001. It is a member of MTSBU and NASU, a participant of the agreement on direct settlement of losses and a member of the Nuclear Insurance Pool.
As it was informed, JSC “Oschadbank” on July 29, 2025 announced its intention to conclude with IC “VUSO” the contract of voluntary medical insurance of employees. The offer of the company, the only participant of the tender amounted to UAH 134,285 mln against UAH 134,3 mln expected cost.
Global insured losses from natural catastrophes in the first half of 2025 reached $80 billion, which is almost double the 10-year average, according to the Swiss Re Institute.
According to its website, this already exceeds half of the projected annual figure of $150 billion.
Swiss Re Institute notes that wildfire losses have risen sharply over the past decade as rising temperatures, more frequent droughts and changing rainfall patterns combine with suburban sprawl and a concentration of high-value assets.
For example, he said, wildfires in Los Angeles County, USA, in January resulted in insured losses of about $40 billion in the first half of 2025, while insured losses from severe convective storms (SCS) reached $31 billion.
“By 2015, insured losses related to wildfires accounted for about 1% of all natural catastrophe-related insured losses. Since eight of the 10 most expensive wildfires in recorded history occurred in the last 10 years, the share of insured losses related to wildfires has risen to 7%,” the Swiss Re Institute explained.
Meanwhile, the institute said: although the first half of 2025 saw several devastating thunderstorms with severe hail and tornado outbreaks in the US, total losses caused by SCS fell below both the projected trend of $35 billion and the record-breaking events of 2023 and 2024.
“However, SCS continue to be a major driver of global natural catastrophe insurance losses, with annual volatility highlighting their ongoing threat to property and infrastructures,” Swiss Re Institute said in a statement
As insured losses rise globally, overall economic losses are also rising, with Swiss Re Institute reporting $143 billion in the first half of 2025, up from $130 billion in the same period in 2024.
The volume of the domestic private market for military risk insurance is estimated at UAH 40-60 million, which does not correspond to the scale of the risks involved, according to a meeting of the League of Insurance Organizations of Ukraine (LIOU) on the creation of a military risk insurance system.
As noted on the LIOU website, unlike in 2022, insurance companies have now accumulated statistics on military risk insurance and have experience in concluding insurance contracts, settling claims, and making payments.
Insurers emphasized that even in a situation where a significant number of international reinsurers are refraining from active cooperation, awaiting market stabilization and security guarantees, some Ukrainian insurers have nevertheless gained access to international reinsurance, which has made it possible to increase insurance coverage limits, primarily for small and medium-sized businesses.
However, with the increasing frequency and intensity of shelling, insurers and reinsurers are forced to constantly revise their terms and conditions. For example, reinsurers’ quotes (net rates) increase from 4-5% to 8-10% during certain periods. This shows that insuring against military risks in a country that is already at war is an extremely difficult task. This is why the Ukrainian market is not attractive to international reinsurers, according to the press release.
Modeling various options for creating a military risk insurance system, insurers also noted the importance of public-private partnerships with the involvement of international institutions in this process.
At the same time, they noted that, in their opinion, the availability of state subsidies is not a guarantee of obtaining reinsurance and resolving the issue, and may even complicate it, since the state is highly likely to incur 100% losses, meaning that such insurance ceases to be insurance and becomes financing. Therefore, the main question remains who will pay the compensation and how, since neither the state nor Ukrainian insurers are able to assume the country’s military risks during the war, the LSU notes.
According to market experts, the risks, conditions, and definitions must be understandable and acceptable to foreign reinsurers, and the model must correspond to international analogues (insurance against terrorism (sabotage) risks). In addition, a working group should be set up with the participation of MPs, representatives of the Ministry of Economy, the NBU, international brokers, and insurers providing such insurance to study these issues and present the market’s position at a meeting with international reinsurers and other partners. These proposals will be forwarded to the parliamentary committee on finance, tax, and customs policy.
“International practice in insuring military risks does not have a ready-made solution for Ukraine, so developing one is primarily a task for specialists in the global insurance and reinsurance markets, and this is a real challenge,” emphasized Viktor Berlin, president of the LSU, whose words are quoted in the report.
On July 21, PJSC National Energy Company (NEC) Ukrenergo announced its intention to conclude a voluntary medical insurance agreement for its employees with the TAS insurance group (Kyiv). According to the Prozorro electronic public procurement system, SG TAS offered UAH 85.159 million against the expected cost of services of UAH 88.013 million. Another tender participant, SK VUSO, offered UAH 87.967 million.
As reported, the winner of a similar tender a year ago was also SG TAS, which offered UAH 58.793 million against almost the same expected cost.
Ukrenergo operates trunk and interstate power transmission lines and provides centralized dispatching of the country’s unified energy system. NEC is a state-owned enterprise under the authority of the Ministry of Energy and Coal Industry of Ukraine.
Ukrposhta JSC (Kiev) on July 17 announced a tender for services of compulsory insurance of civil liability of owners of motor vehicles (OSAGO).
As reported in the electronic public procurement system “Prozorro”, the expected cost of the service -13.246 million UAH. Documents are accepted until August 17.
On July 9, the municipal enterprise Cherkasyelectrotrans announced its intention to conclude a contract with IC Euroins Ukraine for the purchase of services of compulsory civil liability insurance of owners of land vehicles (OSAGO). According to the electronic public procurement system “Prozorro”, the company’s price offer amounted to UAH 1.19 million against UAH 1.681 million of the expected cost of purchasing the service.
IC “Euroins Ukraine” is a universal insurance company, which has been operating in the Ukrainian market since 1992. It is a part of Bulgarian insurance group Euroins, one of the largest independent insurance groups in the countries of Central, Eastern and South-Eastern Europe.
Cherkasielektrotrans, IC Euroins Ukraine, INSURANCE, TRANSPORTATION
