Insurance market of Ukraine in Q1 2026: Insurance TOP summed up
In Q1 2026, the insurance market of Ukraine continued to operate in conditions of high volatility of losses, changes in the structure of portfolios and a gradual transition to a new model of risk-oriented regulation. Insurance TOP and Forinsurer analyzed quarterly reports of the insurance market and insurers, as well as the analytical note of the NBU.
The data indicate a deterioration in the technical result of risk insurers against the background of an increase in payments, loss reserves and an increase in the cost of settling certain types of insurance. At the same time, the sector maintained profitability due to investment income.
For underwriters, the first quarter was indicative in several areas at once: a sharp acceleration of losses in motor types, a change in customer behavior in health insurance, a further increase in the role of international reinsurance and an increase in the share of corporate risks in the structure of certain lines of business.
The total volume of gross insurance premiums in the 1st quarter of 2026 increased by 8.4% to UAH 15.4 billion. The total volume of insurance payments amounted to UAH 5.3 billion (+18.9%).
In risk insurance (non-life), gross insurance premiums amounted to UAH 14.1 billion, an increase of 8.1%, insurance payments – UAH 4.9 billion, an increase of 18.9%.
In life insurance, insurance premiums amounted to UAH 1.3 billion, an increase of 7.1%, insurance payments – UAH 400 million, an increase of 22.1%.
Market structure and concentration
As of March 31, 2026, 57 insurers were operating in Ukraine, of which 47 were non-life and 10 were life companies. For comparison: at the end of 2021, there were 155 insurers on the market. Thus, in four years, the number of companies has decreased by almost 2.7 times.
Despite the reduction in the number of participants, the volume of insurers’ assets continues to grow. The sector’s total assets reached UAH 96 billion, compared to UAH 94 billion at the end of 2025 and UAH 65 billion at the end of 2021.
The assets of risk insurers increased to UAH 65.1 billion, while the assets of the life segment reached UAH 31.4 billion.
Market concentration continues to increase. In the life insurance segment, the share of the largest player in terms of premiums has already exceeded 50%. The NBU indicates a further increase in the concentration of the sector in terms of premiums.
For underwriting, this means further redistribution of risks in favor of large companies that have sufficient capital to maintain loss-making portfolios, invest in IT, reinsurance, and automate risk models.
Premium dynamics: slowdown after price overheating in 2025
In Q1 2026, gross risk insurance premiums decreased by 6.8% quarter-on-quarter, although year-on-year growth of 18.6% was still maintained.
The main factor behind the market slowdown is the correction after the extremely rapid growth of OSCPV in 2025 after the transition to market pricing.
Premiums for OSCPV in Q1 decreased by 21.8% quarter-on-quarter, although they remained 22.5% higher than a year earlier.
According to MTIBU, OSCPV remains the largest type of insurance in Ukraine by premium volume – UAH 5.2 billion in Q1 2026. Payments for this type reached UAH 2.7 billion.
The market is witnessing the end of a period of sharp price and premium growth. In the future, the profitability of OSCPV will increasingly depend on the accuracy of risk segmentation, regional loss profile, fraud control and speed of settlement.
The CASCO market also demonstrates more complex dynamics. Premiums decreased seasonally by 11%, but the annual growth was 24.3%.
In terms of premium volume, CASCO remains the second largest type of non-life insurance – UAH 4 billion in premiums and UAH 2.5 billion in payments per quarter.
At the same time, the structure of CASCO sales is already dominated by agency channels and banks. The agency network provides 53% of premiums, banks – 23%, direct sales – only 13%.
This means that the quality of the portfolio increasingly depends not only on the tariff, but also on the discipline of partner channels, underwriting rules and anti-selection control in dealer and bank insurance programs.
