The National Bank of Ukraine (NBU) has submitted for discussion a draft of amendments to the regulatory legal acts governing insurers’ activities. The document provides for adjustments to approaches to the formation of technical reserves, Forinsurer writes.

At the beginning of 2025, 65 insurers were operating in Ukraine (55 of which are non-life insurers), as well as 45 persons authorized to carry out actuarial activities, including those who have the right to perform the duties of a responsible actuary for all insurance classes.

Total technical reserves reach UAH 36.6 billion (~EUR 0.78 billion), of which UAH 24.4 billion relate to non-life insurance, and UAH 12.2 billion - to life insurance.

The proposed changes will affect the key provisions of the NBU, in particular, those that relate to exit from the market, authorization of actuaries and formation of reserves.

These changes are expected to promote transparency, strengthen financial discipline and harmonize the activities of the insurance market with international standards, the source added.

*EUR 1 = UAH 46.93 (12.04.2025)