International Working Group under the Ministry of Economy to Develop Strategy for the Development of Ukraine’s Insurance Market
The Ministry of Economy of Ukraine announced the holding of the first meeting of the international working group on the development of the insurance market.
Representatives of international financial organizations, donor institutions, as well as specialists from the Ukrainian and international insurance markets took part in the work. The meeting was the start for the joint development of strategic and at the same time adaptive solutions designed to ensure the stable development of the Ukrainian insurance market in conditions of war risk.
The creation of this platform is intended not only to intensify inter-sectoral dialogue, but also to establish systemic coordination between the state, investors, the insurance business and international partners.
One of the key tasks is to create a favorable environment for attracting private investment, despite the increased level of risks caused by the war. The working group will also ensure the exchange of information on state priorities, investor needs, existing solutions and the latest insurance instruments that can be scaled in Ukrainian realities.
According to Deputy Minister of Economy Andriy Telupa, who heads the working group, Ukraine has the potential to become the world’s largest construction and investment platform in the coming decade. In this process, the availability of reliable insurance instruments is a critically important condition.
The working group is a practical step towards the formation of an open, reliable and effective insurance environment that will not only protect investments, but also stimulate further market growth.
According to Telupa, investors can already today gain access to insurance solutions that allow them to start operating in Ukraine without waiting for the end of hostilities.
The group’s work format is built on a two-tier structure. The Strategic Group (Core Group) is engaged in the formation of consolidated proposals to regulatory authorities, coordinates changes in the legislative framework and determines the priorities of initiatives. It is expected that four focus groups will begin to operate after the Ukraine Recovery Conference in July 2025.
They will work monthly on technical solutions in the following areas: regulatory policy, data availability and transparency, customer awareness, adaptation of insurance products to current risks, as well as public-private partnerships.
By July, the working group plans to prepare a set of short-term solutions that can be presented publicly. By the end of 2025, it is expected to form more in-depth systemic recommendations, with the subsequent launch of procedures for changes to the regulation and, if necessary, amendments to the current legislation.
It is also known that Ukrainian companies have already started using war risk insurance programs, which are implemented with the support of the European Bank for Reconstruction and Development.