Ukraine’s Insurance Sector Eyes Leap to 7% of GDP

Ukraine Recovery Conference 2026

According to НБУ: At the Ukraine Recovery Conference 2026 held in Gdańsk, the National Bank of Ukraine (NBU) and the League of Insurance Organizations of Ukraine (LIOU) co-hosted a session focused on the country’s insurance market. The event featured a public dialogue between NBU Governor Andriy Pyshny and Jacek Piechota, President of the Polish-Ukrainian Chamber of Commerce. Discussions centered on market development, war risk coverage, and the integration of Ukraine’s insurance sector into the European Union.

Key Discussion Topics

Participants included representatives from the insurance industry, the NBU, the Government of Ukraine, the European Commission, international financial institutions, and the business community. A panel discussion moderated by Viktor Berlin, head of the Coordinating Council of the Federation of Insurance Associations of Ukraine, highlighted the transparency and financial resilience of Ukraine’s insurance market. Key points noted:

• Nearly 100% of active insurers have clearly defined ownership structures;
• Almost 90% of insurers’ assets consist of highly liquid instruments.

These figures indicate dynamic growth and market cleanup.

On the topic of war risk insurance, participants emphasized the transformation already underway in the market. Commenting on the situation, Andriy Pyshny stated:

“My message to the market is simple: it’s important not to lose momentum. The transformation has already happened, but its gains must be preserved and scaled up.” - Andriy Pyshny

It was also noted that premiums for risk-based insurers grew by more than a third in 2025, signaling positive industry trends.

Despite this growth, Ukraine’s insurance market still accounts for less than 1% of the country’s GDP. However, experts estimate that the sector’s share of GDP could rise to 5–7% in the near future. Additionally, by 2027 the National Bank aims to fully align the financial sector with EU requirements, opening up new opportunities for market development.

Overall, the Gdańsk event served as a platform for addressing key issues shaping the future of Ukraine’s insurance market, including transparency, financial stability, and prospects for EU integration. Given current trends, Ukraine has the potential to significantly strengthen its position in the insurance sector, particularly in the context of European integration processes that could attract investment and modernize the industry.

As the Ukrainian insurance sector strives for significant growth, recent regulatory changes have also aimed to enhance operational efficiency within the industry. The new simplified rules for insurance intermediaries introduced by the National Bank are a crucial step in this direction, potentially facilitating easier market access and boosting overall sector performance.