Last year, Ukraine’s insurance market shrank by 36%: the NBU sums up the sector’s annual results.

According to the National Bank, Ukrainian insurance companies specializing in non-life insurance increased collected premiums by 12% in 2024 and in the life insurance segment by 14%. Growth is occurring in both the individual and legal entity segments. Insurance payments increased significantly – by 25%, which in terms of premiums is 39% (or 4% more than in 2023).

However, in 2024 the insurance market shrank by 36% as 36 companies exited. Most left the market voluntarily by fulfilling their insurance portfolio. At the beginning of the year, 65 insurers remain in the market, of which 10 are from the life insurance segment. Over 95% are solvent insurers in both the non-life and life insurance markets.

It is noted that market recovery is ongoing, as evidenced by the increase in the share of eligible assets – from 88% to 92% – and the alignment of corporate governance systems with legislative requirements by most insurers.