PJSC Ukrhazvydobuvannya (Kyiv) on August 20 announced a tender for services on insurance of drivers against accidents on transport.
As reported in the system of electronic public procurement Prozorro, the expected cost of the purchase of services is 518.014 thousand UAH. The deadline for submission of documents is August 28.
Insurance company Knyazha Vienne Insurance Group (Knyazha VIG”, Kyiv) in January-June 2025 collected UAH 1.808 billion of insurance payments, which is 58.61% more than in the same period a year earlier, net premiums amounted to UAH 1.161 billion (+17.21%). This information has been published by Standard-Rating, having confirmed the financial strength/credit rating of the insurer at the level of “uaAA+” following the results of the specified period.
According to the RA website, for the specified period receipts from individuals have grown by 61,71% – up to UAH 1,310 billion, and from reinsurers – by 77,13%, up to UAH 3,943 mln.
According to the results of the first half of 2025, the share of individuals in the gross premiums of the company amounted to 72,43%, and the share of reinsurers – 0,22%.
Insurance payments sent to reinsurers, for the first half of 2025 compared to the same period of 2024 have increased more than in 4,3 times – up to UAH 646,786 mln. Thus, the ratio of reinsurance companies’ participation in insurance premiums has increased by 22,69 p.p. up to 35,78%. – up to 35,78%.
The volumes of insurance payments and indemnities made by the company in the first half of 2025, compared to the same period of 2024, have increased by 39,11% – up to UAH 615,675 mln, the level of payments has decreased by 4,78 p.p. – to 34.05%.
Operating profit for 6M. 2025 increased 14.27 times to UAH 109.577 mln, and net profit increased 6.4 times to UAH 144.258 mln.
Assets of the company as of July 1, 2025 increased by 28.27% – to UAH 2.796 billion, shareholders’ equity – by 33.83% – to UAH 602.017 million, liabilities – by 26.82% – to UAH 2.194 billion, cash and cash equivalents – by 5.81% – to UAH 86.279 million.
RA notes that as of the beginning of Q3 2025 the company had a satisfactory level of capitalization (27,44%), and cash covered 3,93% of its liabilities. At the same time, on the reporting date the insurer has made current financial investments in the amount of UAH 1,404 billion, which consisted of government bonds (77,89% of the investment portfolio), as well as of deposits in banks with a high level of credit rating (22,11% of the portfolio). Liquid assets have covered 67,95% of insurer liabilities.
Private JSC IC Knyazha Viena Insurance Group is a part of NFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria).
On August 14, the Entrepreneurship Development Fund announced its intention to conclude a contract with Colonnade Ukraine for executive liability insurance. According to the Prozorro electronic procurement system, the expected cost of the service was UAH 1.05 million, and the price offered by the company, the sole participant in the tender, was UAH 995,492.
Colonnead Ukraine Insurance Company (until 2016 – QBE Ukraine Insurance Company) was founded in 1998 as the first international insurer on the Ukrainian market. SCP Luxembourg S.A.R.L. owns 100% of the insurer’s shares.
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.
