Insurance market of Ukraine for 9 months of 2025
The insurance market of Ukraine spent 9 months of 2025 in a state of systemic renewal. At the same time, the insurance market demonstrated the most dynamic pace of development over the past decade, which looks even more paradoxical against the backdrop of the ongoing war, structural deformations of the economy and constant external pressure on the infrastructure and business models of companies.
Forinsurer and Insurance TOP magazine present the results of Ukrainian insurers for January-September 2025.
Despite significant risks, Ukrainian insurance companies were able to restructure, strengthen their resilience and move to a new growth trajectory, where the flow of insurance premiums, liquidity, investment profile and portfolio quality demonstrate significantly higher standards than in 2021-2023.
Systemic changes become apparent when we analyze the indicative group of TOP-25 leading insurers, which form 80% of the premiums of the entire market. It is this group that gives the most realistic picture, allows us to assess the growth architecture, identify key trends and understand the factors shaping the outlook for 2026.
Premiums of insurance companies of Ukraine
According to the forecasts of analysts of Forinsurer and Insurance TOP, the insurance market of Ukraine in 2025 will receive ~77 billion UAH of gross premiums, of which ~70 billion UAH from risk insurance and ~7 billion UAH. from life insurance. In 2024, premiums amounted to 53.1 billion UAH, incl. life insurance 5.7 billion UAH, risk insurance 47.4 billion UAH
According to preliminary data, total gross premiums of insurers for January-September 2025 increased from 38.4 billion UAH by 44% to 55 billion UAH, including risk insurance accounted for 50 billion UAH and 5 billion UAH for life insurance.
For 9 months of 2025, the indicative group of TOP-25 risk insurers accounted for 46 billion UAH of gross premiums. Insurers showed an increase of +47.2% in annual terms.
In our opinion, such a pace looks exceptional even in the context of post-war recovery and confirms that the demand for insurance in Ukraine is not just recovering – it is being reformatted, entering a new phase in which the corporate sector, motor insurance and medical products create the basis of a new premium profile.
The main contribution to the growth of premiums was made by Avtotsivilka and Green Card due to a 2-fold increase in the cost and tariffs of MTPL.
Net premiums of the TOP-25 insurers reached UAH 41.38 billion, and insurance payments amounted to UAH 16.43 billion.
The most important indicator that determines the quality of risk coverage is the level of payments, which sharply decreased to 35.8% compared to 41.2% a year earlier. This is a fundamental change due to the growth of premiums.
It indicates not only a revision of insurance tariffs and liberalization of pricing, but also a gradual restoration of portfolio balance, where key classes – MTPL, CASCO and medical insurance – simultaneously demonstrate structural equalization of losses.
Dynamics of premiums and payments by insurance classes
