Results of the Ukrainian insurance market for 6M 2025
Forinsurer prepared a report on the results of Ukrainian insurers based on the ratings of Insurance TOP magazine and the quarterly report of the National Bank of Ukraine and selected the most important.
The Ukrainian insurance market in the first half of 2025 showed rapid growth of almost 40% due to an increase in tariffs and premiums for CPL (+122%), there was also growth in the CASCO, VHI and property insurance sectors. Insurance premiums of risk insurers increased, while life insurance premiums decreased.
Number of insurers in Ukraine
The number of participants in the Ukrainian insurance market decreased from 62 to 60. As of the beginning of September 2025, 50 non-life insurers (there were 52), 10 life insurers (the number did not change), one insurer with a special status and 44 insurance brokers (the number did not change) operated in the insurance market.
The number of non-banking financial groups in July remained unchanged (40). During July, one risk insurer was forcibly removed from the registers. In addition, in July, the National Bank forcibly canceled the licenses of one risk insurer and the scope of the license for the type of activity of one insurance company for the provision of financial services was changed.
Insurers’ assets
The total volume of assets in the financial sector increased by 0.2% in quarterly terms and by 4.6% in annual terms. In the second quarter, the assets of risk insurers increased by 8% compared to the previous quarter and by 26% in annual terms, and those of life insurers – by 3% and 12%, respectively.
Total assets of insurers increased to UAH 81.6 billion. The share of non-bank institutions in the structure of financial sector assets supervised by the National Bank of Ukraine increased by 0.1 percentage points and amounted to 10.3%.
Assets of risk insurers increased by 8% in quarterly terms and by 16% in annual terms.
Assets of life insurance companies increased by 3% in the quarter and by 12% in annual terms.
The concentration of the sector by assets remained stable, only in the life insurance market did the share of the largest insurer exceed 50%.
Premiums and payments of risk insurers
Gross insurance premiums of the indicative risk insurance group amounted to UAH 28.5 billion, life insurance premiums UAH 3 billion.
Premiums in risk insurance for 6 months increased by 7% in the quarter and by almost ~40% in annual terms.
The main factor in this growth was premiums for mandatory third-party liability insurance of car owners, which significantly increased due to the increase in the cost of policies after the transition to free pricing.
Premiums and payouts by insurance type
In April-June, insurance premiums of risk insurers increased by 18% q/q (+46% y/y). The main factor in the growth of this market segment remains transport insurance, in particular, MTPL and CASCO.
Payments for risk insurance types for the first time in almost two years increased by only 1% q/q and 17% y/y. This caused a decrease in the annual payout level for the first time in almost two years — to 37%. Payouts during the quarter grew more slowly than premiums — by 10% q/q (+26% y/y).
Premiums and payouts of life insurers
At the same time, life insurance indicators decreased slightly. Overall, insurers’ activities remained stable, and the sector remained profitable.
In the life insurance segment, premiums increased by 6%, payments by 24%.
As in previous years, life insurers’ premiums in the second quarter decreased by 4% q/q (+4% y/y). In April-June, the volume of premiums that life insurers attracted by insuring health increased significantly – by 2.5 times to UAH 44 million, or 3% of the total volume of premiums in the segment.
Unlike premiums, life insurance payments increased in the second quarter by 7% q/q (+29% y/y), and the annual payment ratio has been growing for a year and reached 28%. The share of annuity payments in life insurers remained stable and, according to the results of the second quarter, amounted to 11%.
Profit and financial result of insurers
In the first half of the year, the net profit of risk insurers amounted to UAH 1.9 billion, which is a third more than last year. Return on capital increased by 2 percentage points – to 10%.
The profit of life insurers halved – to UAH 0.45 billion – due to a significant decrease in the financial result of the largest insurer by premium volume.
According to the results of the second quarter, all insurers complied with the requirements for solvency capital (SCR) and minimum capital (MCR). Two companies had an SCR of 100–120%.