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“We are currently building an entirely new industry in the insurance sector,” said Andriy Pyshnyy, Governor of the National Bank of Ukraine

Ukraine’s insurance sector is growing and becoming more transparent during the war, and is demonstrating a high degree of adaptability to challenges and a willingness to partner with the government, said Andriy Pyshnyy, Governor of the National Bank of Ukraine, at the Ukraine National Insurance Conference.

The Ukraine National Insurance Conference (UNIC), initiated and organized by the Federation of Insurance Associations of Ukraine, took place in Kyiv on March 27. During the conference, Viktor Berlin, Chairman of the Coordination Council of the Federation of Insurance Associations of Ukraine, stated that UNIC is a professional conference for national insurers founded by the Federation of Insurance Associations of Ukraine.

“We are confident that UNIC is not just a conference for insurers, but an open, professional platform for systematic dialogue between the state, the regulator, insurance companies, and the expert community. After all, our goal is to consolidate around strategic development priorities, to form a modern, transparent, and financially stable insurance market in Ukraine, and to strengthen the role of insurance in economic recovery processes,” noted Viktor Berlin. During a panel discussion at the UNIC conference, Andriy Pyshnyy, Governor of the National Bank of Ukraine, noted that over the past two years, the insurance market has undergone a consolidation, resulting in the number of players in the insurance sector dropping from 215 to 57 companies. “The insurance market is profitable, attractive to investors, and very promising. Yes, there are now 57 companies, but their combined assets are 30% higher than those of the previous 215 insurance companies,” Andriy Pyshnyy noted. In his view, the penetration rate of insurance services in Ukraine has begun to grow significantly for the first time since the start of the full-scale war, and the regulator itself aims to act as a partner to the insurance market.

“We are building a new industry. Yes, there used to be 215 companies, but they were involved in tax evasion schemes; there was a lack of transparency, and the ownership structures of insurance companies were complex—it was impossible to trace ownership to the ultimate owner, and there was no accountability. But that’s no longer the case—the market is now almost transparent. “We at the NBU want to be partners and create the kind of insurance industry that Ukraine’s economy needs,” noted the NBU Governor during his speech at the Ukraine National Insurance Conference.

Speaking about the current state of the insurance market, Andriy Pyshnyy noted that market competition should lay the groundwork for improving service quality so that global players would seek to enter Ukraine. “Currently, the insurance sector accounts for 0.8% of Ukraine’s GDP; this is a good figure, and we are seeing organic, high-quality growth in the presence of insurance services,” Andriy Pyshnyy noted.

Regarding European integration processes, the head of the NBU stated during his speech at the UNIC conference that he is in constant communication with European partners regarding the reform of the Ukrainian insurance sector and the accelerated alignment of its operating standards with those of the European Union. “The insurance market is reforming, growing, adopting best practices, and becoming operationally resilient; we can now offer the European Union our experience regarding which specific regulations, stability buffers, and requirements have the best effect. we are not theorists, we are practitioners; we have come a long way in 2.5 years,” Andriy Pyshnyy noted at the UNIC conference. According to him, the National Bank of Ukraine will continue on the path of currency liberalization and is currently working on an initiative to simplify reporting for insurance companies.

As a reminder, on January 14, 2025, the Ukrainian professional associations of insurers—the League of Insurance Organizations of Ukraine and the National Association of Insurers of Ukraine—consolidated their efforts for the sustainable development of Ukraine’s insurance market and established the Federation of Insurance Associations of Ukraine (FIAU), which today represents 93% of the national insurance market.

UNIAN

“We are currently building an entirely new industry in the insurance sector,” said Andriy Pyshnyy, Governor of the National Bank of Ukraine

Ukraine’s insurance sector is growing and becoming more transparent during the war, and is demonstrating a high degree of adaptability to challenges and a willingness to partner with the government, said Andriy Pyshnyy, Governor of the National Bank of Ukraine, at the Ukraine National Insurance Conference.

The Ukraine National Insurance Conference (UNIC), initiated and organized by the Federation of Insurance Associations of Ukraine, took place in Kyiv on March 27. During the conference, Viktor Berlin, Chairman of the Coordination Council of the Federation of Insurance Associations of Ukraine, stated that UNIC is a professional conference for national insurers founded by the Federation of Insurance Associations of Ukraine.

“We are confident that UNIC is not just a conference for insurers, but an open, professional platform for systematic dialogue between the state, the regulator, insurance companies, and the expert community. After all, our goal is to consolidate around strategic development priorities, to form a modern, transparent, and financially stable insurance market in Ukraine, and to strengthen the role of insurance in economic recovery processes,” noted Viktor Berlin. During a panel discussion at the UNIC conference, Andriy Pyshnyy, Governor of the National Bank of Ukraine, noted that over the past two years, the insurance market has undergone a consolidation, resulting in the number of players in the insurance sector dropping from 215 to 57 companies. “The insurance market is profitable, attractive to investors, and very promising. Yes, there are now 57 companies, but their combined assets are 30% higher than those of the previous 215 insurance companies,” Andriy Pyshnyy noted. In his view, the penetration rate of insurance services in Ukraine has begun to grow significantly for the first time since the start of the full-scale war, and the regulator itself aims to act as a partner to the insurance market.

“We are building a new industry. Yes, there used to be 215 companies, but they were involved in tax evasion schemes; there was a lack of transparency, and the ownership structures of insurance companies were complex—it was impossible to trace ownership to the ultimate owner, and there was no accountability. But that’s no longer the case—the market is now almost transparent. “We at the NBU want to be partners and create the kind of insurance industry that Ukraine’s economy needs,” noted the NBU Governor during his speech at the Ukraine National Insurance Conference.

Speaking about the current state of the insurance market, Andriy Pyshnyy noted that market competition should lay the groundwork for improving service quality so that global players would seek to enter Ukraine. “Currently, the insurance sector accounts for 0.8% of Ukraine’s GDP; this is a good figure, and we are seeing organic, high-quality growth in the presence of insurance services,” Andriy Pyshnyy noted.

Regarding European integration processes, the head of the NBU stated during his speech at the UNIC conference that he is in constant communication with European partners regarding the reform of the Ukrainian insurance sector and the accelerated alignment of its operating standards with those of the European Union. “The insurance market is reforming, growing, adopting best practices, and becoming operationally resilient; we can now offer the European Union our experience regarding which specific regulations, stability buffers, and requirements have the best effect. we are not theorists, we are practitioners; we have come a long way in 2.5 years,” Andriy Pyshnyy noted at the UNIC conference. According to him, the National Bank of Ukraine will continue on the path of currency liberalization and is currently working on an initiative to simplify reporting for insurance companies.

As a reminder, on January 14, 2025, the Ukrainian professional associations of insurers—the League of Insurance Organizations of Ukraine and the National Association of Insurers of Ukraine—consolidated their efforts for the sustainable development of Ukraine’s insurance market and established the Federation of Insurance Associations of Ukraine (FIAU), which today represents 93% of the national insurance market.

UNIAN