In 2024, insurance companies in Ukraine generated approximately $1.2 bn in gross insurance premiums and around $420 mn in insurance claims, as reported Beinsure Media by the National Bank of Ukraine and Insurance TOP data.
Ukrainian insurers saw their gross written premiums (GWP) increase by 18.7% in 2024, reaching UAH 47 bn
Individuals contributed UAH 28.76 bn (around $719 mn), legal entities added UAH 17.2 bn (approximately $430 mn), and reinsurers provided UAH 1.06 bn (about $26.5 mn).
Motor insurance, which includes Motor Hull, MTPL (Motor Third Party Liability), and Green Card, led in premiums. The growth attributed to the emigration of Ukrainians might have reached its peak, but claims paid increased significantly by 59% for MTPL and Green Card insurance.
| Category | Amount, mn $ |
| Gross Written Premiums (GWP) | 1,175 |
| Total Claims Paid | 421.5 |
| Individuals GWP | 719 |
| Legal Entities GWP | 430 |
| Reinsurers GWP | 26.5 |
| Individuals Claims Paid | 228.8 |
| Legal Entities Claims Paid | 190 |
| Reinsurers Claims Paid | 3.3 |
The insurance industry in Ukraine has shown notable transaction volumes over the past year. In total, claims paid reached a significant UAH 16.86 billion, which when converted using the exchange rate of 40:1, equates to $421.5 mn.
The breakdown of these payments reveals that individuals received $228.8 mn insurance claims
Legal entities were paid UAH 7.6 bn, approximately $190 mn, while reinsurers received UAH 134 mn, or $3.35 mn. These figures highlight the substantial flow of funds within the sector, emphasizing the insurance industry’s role in risk mitigation and financial stability for both individuals and corporations.
In terms of Gross Written Premiums (GWP), ARX leads the market with UAH 3.69 billion, followed closely by TAS with UAH 3.53 bn, and UNIQA with UAH 3.21 bn. When converted to $, these figures stand at $92.25 mn for ARX, $88.25 mn for TAS, and $80.25 mn for UNIQA, respectively.
TOP-25 Non-Life Insurers in Ukraine by premiums and claims
| № | NON LIFE INSURER | GWP, $K | CLAIMS, $K |
| 1 | ARX | 92,294 | 34,614 |
| 2 | TAS INSURANCE GROUP | 88,498 | 33,531 |
| 3 | UNIQA | 80,337 | 34,441 |
| 4 | USG | 73,409 | 36,944 |
| 5 | VUSO | 66,934 | 24,317 |
| 6 | INGO | 66,872 | 28,412 |
| 7 | ARSENAL INSURANCE | 58,060 | 24,479 |
| 8 | UNIVERSALNA | 50,125 | 17,505 |
| 9 | KNYAZHA VIG | 49,803 | 15,854 |
| 10 | PZU UKRAINE | 46,725 | 17,535 |
| 11 | ORANTA | 38,140 | 13,095 |
| 12 | GARDIAN | 32,547 | 9,836 |
| 13 | PERSHA | 20,696 | 7,298 |
| 14 | EXPRESS INSURANCE | 18,088 | 8,166 |
| 15 | COLONNADE UKRAINE | 15,003 | 3,466 |
| 16 | EUROINS UKRAINE | 14,125 | 6,633 |
| 17 | UPSK | 11,901 | 3,782 |
| 18 | BBS INSURANCE | 9,533 | 3,101 |
| 19 | VIDI-INSURANCE | 8,354 | 2,785 |
| 20 | EUROPEAN INSURANCE ALLIANCE | 7,518 | 3,098 |
| 21 | BUSIN | 7,331 | 33 |
| 22 | ETS | 3,786 | 1,185 |
| 23 | GRAWE UKRAINE | 3,619 | 1,713 |
| 24 | PRESTIZH | 2,472 | 417 |
| 25 | ALLIANZ UKRAINE | 2,053 | 1,871 |
| TOTAL | 867,702 | 334,118 |
These statistics not only reflect the competitive landscape of the Ukrainian insurance market but also demonstrate the substantial scale of operations among the top players in the industry.
Over 40% of the market premium portfolio is traditionally occupied by motor insurance (MTPL, Motor Hull and Green Card summed). During the period of military aggression, the share of these types of insurance in the portfolio increased.
The Green Card segment became the insurance business support driver, while the other segments recorded a drop in volumes.
Risk insurers’ assets grew by 1%, while life insurers’ assets increased by 17%, as noted in the NBU’s quarterly Review of the non-banking financial sector.
Risk insurers made $47.5 mn in profit, with a 10% return on equity, lower than in 2022 but higher than in 2021. Life insurers earned $12.5 mn in profit, with a 19% return on equity.
TOP-25 Non-Life Insurers in Ukraine by assets and capital
| № | NON LIFE INSURER | ASSETS, $K | CAPITAL, $K |
| 1 | ARX | 141,164 | 52,006 |
| 2 | UNIQA | 116,671 | 43,515 |
| 3 | TAS INSURANCE GROUP | 97,703 | 22,621 |
| 4 | INGO | 91,950 | 29,777 |
| 5 | USG | 88,045 | 14,163 |
| 6 | PZU UKRAINE | 67,957 | 24,203 |
| 7 | KNYAZHA VIG | 66,151 | 11,695 |
| 8 | ARSENAL INSURANCE | 61,387 | 17,822 |
| 9 | UNIVERSALNA | 55,096 | 17,688 |
| 10 | VUSO | 43,703 | 15,853 |
| 11 | ORANTA | 41,279 | 13,072 |
| 12 | EUROINS UKRAINE | 27,736 | 4,846 |
| 13 | GARDIAN | 27,503 | 7,883 |
| 14 | PERSHA | 24,723 | 4,716 |
| 15 | COLONNADE UKRAINE | 23,561 | 11,823 |
| 16 | EXPRESS INSURANCE | 19,527 | 7,799 |
| 17 | UPSK | 17,865 | 7,120 |
| 18 | BUSIN | 14,673 | 6,075 |
| 19 | ALLIANZ UKRAINE | 12,212 | 2,889 |
| 20 | BBS INSURANCE | 10,115 | 3,390 |
| 21 | VIDI-INSURANCE | 6,955 | 2,941 |
| 22 | ETS | 6,913 | 4,675 |
| 23 | EUROPEAN INSURANCE ALLIANCE | 5,511 | 2,136 |
| 24 | GRAWE UKRAINE | 4,235 | 1,408 |
| 25 | PRESTIZH | 2,588 | 1,968 |
| TOTAL | 1,073,222 | 332,087 |
FAQ
In 2024, Ukrainian insurance companies generated approximately $1.2 bn in gross written premiums (GWP), reflecting a notable increase from the previous year. This growth was reported by Beinsure Media, based on data from the National Bank of Ukraine (NBU) and Insurance TOP.
In 2024, Ukrainian insurers paid around $421 mn in total insurance claims. This substantial payout supports policyholders and reflects the sector’s commitment to financial protection amid challenging times.
Individuals led premium contributions with approximately $719 mn, followed by legal entities at $430 mn. Reinsurers added about $26.5 mn, emphasizing the diversity of premium sources in the Ukrainian market.
Motor insurance, including Motor Hull, MTPL (Motor Third Party Liability), and Green Card, dominated the market, representing over 40% of premiums. Increased claims, particularly in MTPL and Green Card, highlighted the sector’s support amid high emigration and travel demand.
In terms of assets, ARX led with $141 mn, followed by UNIQA at $117 mn, and TAS Insurance Group with $98 mn. These companies showcased financial strength and significant roles in the non-life insurance market.
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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (23+ years of professional experience in Rankings, Insurance & Media).
