The leaders of the Ukrainian insurance market in terms of premiums collected in January-July 2025 were insurance companies SG TAS with UAH 4.213 billion in premiums collected, ARKS with UAH 3.270 billion, and INGO with UAH 3.101 billion. Unica attracted UAH 2.897 billion, and VUSO attracted UAH 2.613 billion, according to the website of the National Association of Insurers of Ukraine (NAIU). It is noted that compared to the same period last year, INGO surpassed Unica, pushing it out of third place.
The top five companies in the compulsory motor third-party liability insurance market in terms of premiums collected in January-July this year are TAS (UAH 2.245 billion), Oranta (UAH 1.708 billion), Knyazha VIG (UAH 1.368 billion), INGO Insurance Company (UAH 724.1 million), and USG (UAH 619.1 million).
The leaders in the Green Card market in terms of premiums collected for the period are TAS (UAH 753.9 million), USG (UAH 651.2 million), PZU (UAH 427.7 million), which rose from fourth to third place, ahead of Knyazha VIG (UAH 216.1 million), and SK INGO (UAH 152.8 million) instead of SK Oranta, which left the top five.
There were also minor changes in the CASCO market. As before, it is led by ARKS Insurance (UAH 1.539 billion), Arsenal Insurance (UAH 1.425 billion), VUSO (UAH 723 million), which swapped places with Unica (UAH 658.3 million), and Universalna (UAH 640.8 million), which took the place of USG.
At the same time, there were no changes among the leaders in voluntary medical insurance: Unika Insurance Company (UAH 1.412 billion) remains the leader in this segment, followed by Universalna (UAH 710.3 million), INGO (UAH 646 million), VUSO (UAH 493.9 million), and ARKS (UAH 370.6 million).
There were minor changes in the top five life insurance companies in January-July. As a year ago, MetLife Insurance Company (UAH 1.693 billion) ranks first. The next places were taken by IC TAS (UAH 500.6 million), Grave Life (UAH 341.8 million), PZU Life (UAH 221 million), and Arks Life (UAH 203.4 million). At the same time, Unica Life, which was in fourth place at the end of the first seven months of 2024, dropped out of the top five leaders in this market.
As reported, as of the end of July 2025, there were 51 risk insurers operating in the Ukrainian insurance market (compared to 69 on the same date in 2024), 10 specializing in life insurance (down from 12), and one with special status (Export-Credit Agency, ECA).
Leaders of the insurance market of Ukraine in terms of premiums collected in January-June 2024 were insurance companies SG “TAS” (UAH 2.057bn), “Unica” (UAH 2.033bn), “ARKS” (UAH 1.955bn), “INGO” (UAH 1.527bn) and “Ukrainian Insurance Group” (UAH 1.409bn), according to the website of NASU.
It is noted that compared to 5M. 2024, IC “Unica” rose from the third position to the second, and IC “ARKS” took its place.
In the top-5 in the market of compulsory insurance of civil liability by collected premiums there have been no changes and following the results of six months of this year the leaders are SG “TAS” (UAH 642,3 mln), “Oranta” (UAH 605,1 mln), “Knyazha VIG” (UAH 473 mln), “ROM” (UAH 304,1 mln) and “VUSO” (UAH 201,6 mln).
The leaders in the market of “Green Card” on collected premiums for the reporting period are “TAS” (UAH 628,3 mln), “USG” (UAH 303,1 mln), “Knyazha VIG” (UAH 317,6 mln), “ROM” (UAH 258,6 mln) and “Oranta” (UAH 173,2 mln) (earlier the fifth position was occupied by IC “INGO”).
There have been no changes in the CASCO market, it is headed, as before, by IC “ARKS” (UAH 1,040 billion), “Arsenal Insurance” (UAH 865 million), “Unica” (UAH 533,7 million), “VUSO” (UAH 448,6 million) and “USG” (UAH 417,6 million).
At the same time among the leaders in voluntary health insurance there have been slight changes in the leadership, as before the top 5 in this segment is headed by IC “Unica” (UAH 907,8 mln), IC “Universalna” has risen from the fourth position to the second (UAH 386 mln), followed by IC “INGO” (UAH 342,5 mln), “ARKS” (UAH 277,7 mln), “VUSO” (UAH 270,3 mln).
According to PRIMA data, there were no changes in the leaders of the life insurance market in the first half of 2024. As before, the first position is occupied by IC “MetLife” (UAH 1,275 bln), IC “TAS” (UAH 330 mln), “Grave Life” (UAH 257,7 mln), “Unica Life” (UAH 203,5 mln) and “ROM Life” (UAH 186,7 mln).
As reported, as of the end of June 2024, 78 risk insurers operate in the insurance market of Ukraine, 12 specialize in life insurance, one – with a special status (“Export Credit Agency”, ECA).
The National Bank of Ukraine (NBU) has developed a regulation on the transition of the Ukrainian insurance market to European standards to bring insurers’ activities in line with Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the establishment and conduct of insurance and reinsurance activities (Solvency II).
According to the NBU’s website, the regulation on establishing requirements for insurer solvency and investment activities has been developed and proposed for public discussion and consists of two main blocks.
The first block includes requirements for ensuring solvency, in particular, establishes the procedure for calculating regulatory capital and eligible regulatory capital, taking into account restrictions on the composition and structure of eligible assets for their calculation, as well as the procedure for calculating solvency capital. Thus, the minimum capital under the simplified approach for certain categories of insurers, in particular, life insurers and non-life insurers with significant volumes of activities, is set at the level of at least UAH 48 million, and for others – UAH 32 million.
Insurers will apply a simplified approach to calculating solvency capital based on insurance premiums, insurance claims, technical reserves, etc. until 2027.
The second block includes requirements for the insurer’s investment activities, including assets to cover technical reserves and restrictions on investment.
The NBU notes that the regulation will come into force on January 1, 2024, and will provide for a six-month period for insurers to bring their activities in line with the new requirements. After that date, the NBU will not apply any enforcement actions to insurers for violating solvency requirements if they implement their recovery and/or financing plans.
Comments and suggestions on the draft are accepted until December 18, 2023.
The EU Solvency II Directive primarily concerns the amount of capital that insurance companies must hold to reduce the risk of insolvency. The next steps to strengthen the solvency requirements for insurers in Ukraine, according to this directive, will be to determine the procedure for assessing certain categories of eligible assets and to introduce requirements for calculating solvency capital and minimum capital under the basic approach for certain categories of insurers from 2027.
Ukraine, the European Commission, Switzerland, Norway, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) signed a Statement of Intent to restart the private insurance market to support Ukraine’s sustainability and recovery, Prime Minister Denis Schmigal said
“Rebuilding Ukraine will be the largest recovery project since World War II. We are involving all of our international partners in this process, as well as the private sector. It will be the engine of Ukraine’s reconstruction. Today on the margins of the conference in London, together with the European Commission, Switzerland, Norway, the EIB and the EBRD signed a Statement of Intent to restart the private insurance market to support the sustainability and recovery of Ukraine,” Shmygal wrote in the Telegram channel.
According to him, it will kick-start business insurance against military risks when investing in Ukraine.
“At the expense of donor support will be able to attract Ukrainian and international insurance and reinsurance companies again. Such an important step will help in the return of foreign investment in Ukraine. It means economic recovery, jobs and taxes to support our army,” he concluded.
Five risk insurers and one insurance broker left the Ukrainian insurance market in May, according to the website of the National Bank of Ukraine (NBU).
According to the NBU, as of May 31, 2023, 104 non-life insurers (109 in April) and 12 life insurers (number has not changed), one insurer with special status (ECA) and 56 insurance brokers worked in the non-bank market (57 in April).
Besides, two insurers had part of their licenses revoked voluntarily (on the basis of applications submitted by the companies), and one insurer had all of its licenses revoked.
In May, the National Bank received 323 requests from non-banking market participants for registration and licensing activities, 80 of them from the insurers.
As it was reported, in May the National Bank of Ukraine excluded “IC Unipolis” PJSC and “IC Speir” ALC (both in Kiev) and “IC Rik-Avtogarant” ALC (Lviv) from the State register of financial institutions due to the decision on the cancellation of all existing licenses. Also JSC “PROSTO-insurance” (Kiev) has been excluded due to cancellation of all previously available licenses due to non-compliance of insurer ownership structure with legislative requirements, and UJSIC “ASKA” (Zaporozhye) due to completion of accession to IC “VUSO”.
Besides, according to its application Insurance Advisors LLC is excluded from the State register of insurance and reinsurance brokers.
26 risk insurers and one life insurer will leave the insurance market of Ukraine in 2022, according to a review of the non-banking financial sector, published on the website of the National Bank of Ukraine (NBU).
According to the NBU, in the fourth quarter of 2022 the volume of gross premiums of life insurance companies increased by 9%, while the risk insurance, on the contrary, decreased by 8%.
In general in 2022 the volume of premiums on life insurance decreased by 17%, and risk insurance – by 21%. At the same time, insurers’ payouts were almost unchanged, for the quarter. At the same time for the year for life insurance premiums increased by 7%, risk insurance – decreased by almost a third.
The share of premiums on motor insurance (Casco, CMTPL and Green Card) in 2022 increased by 10 p.p. – to 49%. In particular, the volume of premiums “Green Card” more than doubled compared to the previous year, and payments almost by a third. At the same time, premiums for property insurance and insurance of financial risks more than halved, and their payments decreased by 62%.
The volume of gross premiums ceded in reinsurance, for the year decreased by more than two times, and reimbursements – almost 60%. For the fourth quarter, premiums to reinsurers decreased by 36%, and reimbursements – by 40%.
The NBU notes that the total amount of reserves for losses of insurers remained almost unchanged for the quarter, but had different dynamics in relation to separate types of insurance: for voluntary types the reserves for losses slightly decreased by 7% in comparison with the third quarter; for compulsory types – increased by 10% in comparison with the previous quarter. In annual terms, reserves for losses on both voluntary and compulsory types of insurance increased by 36%.
Investment income of risk insurers in 2022 increased almost one and a half times compared with the previous year. Most of this income was interest on bank deposits. However, the growth of investment income could not cover the increase in operating expenses. The operating efficiency ratio increased to 88%.
In the fourth quarter of last year, one of the life insurance market leaders reclassified investment income, resulting in a significant decrease. Excluding this company’s data, life insurers’ investment income increased 30% year-over-year and 12% quarter-over-quarter. Deposit income was up 36% to the previous quarter, while income from investments in GSEs remained flat.
Risk and life insurers ended the fourth quarter with a small loss, but both groups were fairly profitable for the year.
Return on equity for risk insurers was 15%, and for life insurers – 13%.
For the fourth quarter of 2022, life insurers’ assets increased 3%, and for all of 2022, they increased 18%. Assets of risk insurers declined slightly over the quarter, but rose 6% for the full year.
As of January 1, 2023, seven insurers had violated at least one of the solvency and capital adequacy and transaction risk ratios.
