The leaders of the Ukrainian insurance market in terms of premiums collected in January-September 2025 were the insurance companies SG TAS – UAH 5.717 billion (UAH 3.474 billion in the first nine months of 2024), ARKS – UAH 4.238 billion (UAH 3.150 billion), INGO – UAH 3.830 billion (UAH 2.462 billion), VUSO Insurance Company – UAH 3.728 billion (UAH 2.860 billion), and Unica – UAH 3.572 billion (UAH 2.564 billion), according to data from the PRIMA information exchange project of the National Association of Insurers of Ukraine (NAIU).
Changes in the top five for the specified period compared to the same period last year affected SK INGO, which rose from fifth to third place, swapping places with SK Unica.
According to the association’s website, the top five leaders in terms of premiums collected in the compulsory motor third-party liability insurance market have also changed, and after nine months, the leaders are TAS Insurance Company with UAH 2.958 billion (compared to UAH 1.049 billion in the same period of 2024), Oranta with UAH 2.206 billion (UAH 1.004 billion), Knyazha VIG with UAH 1.807 billion (UAH 764.9 million), INGO with UAH 948.2 million, and USG with UAH 831.1 million, pushing PZU Ukraine and VUSO out of the top five PZU Ukraine and VUSO, respectively.
Similarly insignificant changes in the comparable periods occurred in the Green Card market, where the top five remained unchanged: TAS – UAH 960.5 million (UAH 1.025 billion), USG – UAH 828.7 million (UAH 553.7 million), PZU with UAH 659.2 million (UAH 411 million), and Knyazha VIG with UAH 286.4 million (UAH 475.5 million), which switched places, and VUSO Insurance Company – UAH 208.5 million instead of Oranta, which ceded fifth place in this type of insurance.
Similarly, in the CASCO market: as before, it is led by ARKS Insurance Company – UAH 2.057 billion (UAH 1.737 billion), Arsenal Insurance – UAH 1.940 billion (UAH 1.416 billion), VUSO with UAH 955.2 million (UAH 720.4 million) and Unica with UAH 890 million (UAH 826.7 million), which switched places, and Universal with UAH 839.8 million instead of USG.
The former top five also retained their leadership in voluntary medical insurance: Unica Insurance Company – UAH 1.602 billion (UAH 1.193 billion), followed by VUSO Insurance Company – UAH 887.4 million (UAH 603.2 million), Insurance Company Universalna – UAH 866.4 million (UAH 615.8 million), Insurance Company INGO – UAH 780 million (UAH 525.4 million), and Insurance Group TAS – UAH 652.9 million (UAH 405.7 million).
As reported, as of October 1, 2025, there were 50 risk insurers operating in the Ukrainian insurance market (58 on the same date a year earlier), 10 specializing in life insurance (11), and one with special status (Export Credit Agency, ECA).
INGO, INSURANCE MARKET, LEADER, PREMIUM, TAS, UNICA, VUSO, АРКС
Insurance companies IC “Arsenal Insurance” and VUSO (both Kiev) have paid UAH 19.9 mln (UAH 9.95 mln each) of insurance indemnity under the contract of co-insurance of buildings against military risks. According to the website of IC “Arsenal Insurance”, after two powerful air attacks on Kiev in June and July 2025 two business centers of the same network suffered.
Thus, on June 23, blast wave and debris damaged the facade, window structures, glass elements, decoration and engineering systems of one business center. And on July 10, during the next massive attack of Kiev, the explosion damaged the second business center of the same network – the entrance group, office space and glass windows on several floors of the building were destroyed.
“Arsenal Insurance” – non-life insurance company with 100% Ukrainian capital. It has been operating since 2005. According to the results of 2024 it has entered the top six in gross premiums among non-life insurers of Ukraine.
VUSO is a Ukrainian insurance company among the top five market leaders. It was founded in 2001.
Insurance companies Arsenal Insurance and VUSO (both based in Kyiv) paid UAH 19.9 million (UAH 9.95 million each) in insurance compensation under a co-insurance agreement for buildings against military risks.
According to the Arsenal Insurance website, two business centers belonging to the same chain were damaged after two powerful air strikes on Kyiv in June and July 2025.
On June 23, the blast wave and debris damaged the facade, window structures, glass elements, finishes, and engineering systems of one business center. And on July 10, during another massive attack on Kyiv, an explosion damaged a second business center of the same chain — the entrance, office premises, and double-glazed windows on several floors of the building were destroyed.
Arsenal Insurance is a non-life insurance company with 100% Ukrainian capital. It has been operating since 2005. At the end of 2024, it was among the top six non-life insurers in Ukraine in terms of gross premiums.
VUSO is a Ukrainian insurance company that is among the top five market leaders. It was founded in 2001.
In January-June 2025, PJSC Insurance Company VUSO (Kyiv) collected UAH 2.129 billion in gross premiums, which is 52.6% more than in the same period of 2024, net premiums grew by 54.18% to UAH 1.886 billion, while net earned premiums increased by 40.98% to UAH 1.764 billion.
These figures are provided in the information from Standard-Rating on the confirmation of the company’s financial stability rating at “uaAA” on the national scale for the specified period.
According to the data on the rating agency’s website, the insurer’s revenues from individuals for the specified period increased by 55.36% to UAH 1.374 billion, and from reinsurers – by 17.67% to UAH 21.652 million. Thus, the share of individuals in the insurer’s gross premiums for the first half of 2025 was 64.54%, and the share of reinsurers was 1.02%.
RA notes that accrued reinsurance premiums transferred to reinsurance for the first half of 2025 increased by 41.37% compared to the same period in 2024, to UAH 243.143 million. The reinsurers’ share in insurance premiums decreased by 0.91 percentage points to 11.42%.
In the first six months of 2025, VUSO Insurance Company paid out UAH 787.863 million to its clients, which is 9.08% higher than the volume of insurance payments and reimbursements for the same period in 2024. The payout ratio decreased by 14.77 percentage points to 37.01%.
Based on the results for January-June 2025, operating profit increased by 34.13% compared to the same period in 2024, to UAH 135.494 million, while net profit grew 2.95 times to UAH 102.332 million.
As of July 1, 2025, the company’s assets grew by 20.21% to UAH 2.305 billion, equity increased by 7.59% to UAH 813.212 million, liabilities increased by 28.43% to UAH 1.491 billion, cash and cash equivalents increased by 24.43% to UAH 944.106 million.
According to RA data, as of the beginning of the third quarter of 2025, the company had a capitalization level of 54.52% and a cash coverage ratio of 63.30%. In addition, as of the reporting date, IC “VUSO” had formed a portfolio of investments in government bonds in the amount of UAH 326.025 million, which together covered 85.16% of the company’s liabilities. In addition, the balance of funds in centralized insurance reserve funds (MTIBU) amounted to UAH 522.123 million, which also had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. It has 50 insurance licenses, 34 representative offices, 2 branches, and more than 20 agency sales centers throughout Ukraine, with over 700 professionals. It is a member of the MTIBU, NASU, and the Nuclear Insurance Pool.
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.
On July 29, Oschadbank announced its intention to conclude a voluntary medical insurance agreement with VUSO (Kyiv).
According to the Prozorro electronic public procurement system, the bid of the sole tender participant, VUSO, amounted to UAH 134.285 million, compared to the expected cost of services under the tender terms of UAH 134.3 million.
As reported, the winner of a similar tender a year ago was also SK “VUSO” with a bid of UAH 114.2 million against the expected cost of UAH 114.8 million.
SK VUSO was founded in 2001. It is a member of the MTIBU and NASU, a participant in the agreement on direct settlement of losses, and a member of the Nuclear Insurance Pool.
