In 2026, Ukraine’s insurance market is demonstrating signs of qualitative transformation. The market can be characterized as nearly transparent and profitable, as well as investment attractive and full of potential—a point highlighted by Andriy Pyshnyi, Governor of the National Bank of Ukraine (NBU), at the Ukraine National Insurance Conference, Forinsurer reports.

The Ukraine National Insurance Conference (UNIC) took place on March 27, 2026. The event was initiated by the Federation of Insurance Associations of Ukraine, serving as a regular platform for professional dialogue among market participants, the government, and the regulator overseeing the insurance sector's development. The Federation of Insurance Associations of Ukraine was established on January 14, 2025, and currently represents 93% of the national insurance market.

The UNIC agenda featured three sessions:

1. Challenges and drivers of the Ukrainian insurance market's development.
2. Implementation of European directives.
3. The system for protection against war risks.

According to the NBU Governor, this market transformation followed a change in the regulatory authority. While the market previously hosted 215 insurance companies, that number has now dropped to 57. Concurrently, the assets held by these companies have grown by nearly 30% compared to 2015 levels. "For the first time since the beginning of the war, insurance penetration in Ukraine has begun to rise", Andriy Pyshnyi noted.

In his view, a crucial factor driving this development is the consolidation of market participants. Insurers are increasingly forming professional associations to represent collective interests of the entire industry.

According to the regulator, the key priorities for the market include fostering of competition and enhancement of service quality. "Competition must serve as a catalyst for improving both quality and accessibility of insurance services", the NBU Governor remarked. He also emphasized the necessity of integrating into the European market and attracting international players. "The insurance market must be such that major international players want to enter it", Andriy Pyshny added.