Ukraine's insurance market grew by 17.56% to UAH 18.11 billion (EUR 360.04 million/+4.56%) in the first quarter of 2026. Non-life insurance generated almost 92% of this total. Total paid claims jumped by 46.02%, reaching UAH 8.47 billion (EUR 168.40 million/+29.86%), according to data from the National Bank of Ukraine (NBU).

In the first quarter of this year, the insurance market continued to operate under conditions of high volatility, changes in the portfolio structure, and a gradual transition to a new risk-based regulation model. Data indicate a deterioration in the technical performance of non-life insurers amid rising claims, loss reserves, and higher settlement costs for certain insurance types. At the same time, the sector maintained profitability supported by the investment income.

MTPL remains the largest insurance type in Ukraine by GWP, followed by Motor Hull and medical insurance. Green Card segment decreased in the first quarter, which the NBU attributes to a continued decline in demand due to vehicle re-registration by Ukrainians abroad. The payout rate in the segment rose to 47.8% due to increased claims costs in EU countries.

For underwriters, the first quarter has revealed a few trends: a sharp acceleration in motor insurance loss ratio, a change in client behavior in medical insurance, a further increase in the role of international reinsurance, and an increase in the share of corporate risks in certain LoBs.

Life insurance grew by 7.13% year-on-year in the period under review. Accumulative life insurance accounts for more than two-thirds of the segment GWP.

The payout rate in life insurance in the period under review was 31%, vs about 20% in the first quarter of 2023. The NBU attributes the increase to policyholders receiving funds from long-term classic life insurance contracts. The payout ratio in non-life insurance increased to 40%, from 36% in the first quarter of 2023. Motor insurance is experiencing the greatest pressure. This is due to a significant rise in payments following the market's full transition to new pricing rules.

Even though the number of market participants decreased, insurers’ assets continue to grow. Total assets reached UAH 96 billion, vs UAH 94 billion at the end of 2025. Non-life assets increased to UAH 65.1 billion, while life assets reached UAH 31.4 billion.

Life insurers' net profit amounted to UAH 335 million, a third more than last year. This profit growth was driven by higher investment income, which offset the negative result from underwriting operations.

Market concentration continues to increase. In the life insurance segment, the share of the largest player by premiums has already exceeded 50%. The NBU points to a further increase in the sector concentration based on premiums. Among the ten life insurers, MetLife maintains its leadership (51.59%). In the non-life segment, TAS Group continued to lead, and is the only non-life insurer with a double-digit share.

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