How is the war changing Ukrainians’ attitudes toward insurance? How does this market contribute to economic stability and growth? What do the key reforms outlined in the insurance development strategy through 2030 entail? And why is it impossible to attract major investments for reconstruction without insurance? Answers to these and other questions can be found in an interview with Viktor Berlin, Chairman of the Coordination Council of the Federation of Insurance Associations of Ukraine and President of the League of Insurance Organizations of Ukraine.
In January 2025, the Federation of Insurance Associations of Ukraine was established. The focus was on market consolidation and the industry’s growth prospects. Has the Federation managed to reach a new level of operation after a year of activity?
Viktor Berlin: The creation of the Federation of Insurance Associations of Ukraine was an important step in the consolidation of the market as a whole, and this year was more about creativity for all of us: we got to know each other, set goals, and formulated plans for the future.
We also held the UNIC 2026 All-Ukrainian National Insurance Conference, where, for the first time in many years, we brought together the entire Ukrainian insurance market and presented the development directions for the insurance market through 2030, jointly developed by the market and representatives of the National Bank of Ukraine.
In April, I had already presented our vision for the development of the national insurance market to Members of the European Parliament and colleagues from relevant European associations. I was interested to hear feedback specifically from powerful, experienced insurers.
What are the key indicators of the insurance market right now?
Viktor Berlin: Despite the war, the insurance market is demonstrating resilience and growth. In 2025, the volume of insurance premiums exceeded pre-war levels, reaching over 72 billion UAH. The volume of insurance payouts amounted to 26.7 billion UAH.
We are also seeing a gradual increase in insurers’ assets and the industry’s investment potential. According to market estimates, by 2030, insurance premiums could grow 3.8-fold, and the volume of insurers’ investments (deposits, government securities, etc.) in Ukraine’s economy could reach 170 billion UAH.
What role does insurance play in filling the state budget and driving economic growth? Why is this market important for the country’s stability?
Viktor Berlin: Insurance is not just about compensating for losses. It is one of the key instruments of a country’s economic stability. The insurance market accumulates long-term capital that flows into the economy through the banking system, investments, and business financing.
In addition, insurers are stable taxpayers. As the market expands, tax revenues will grow as well.
How has the structure of demand for insurance services among Ukrainians changed during the years of full-scale war?
Viktor Berlin: The war is changing Ukrainians’ attitudes toward insurance. People have begun to value financial protection and tools for long-term stability more highly.
Interest has grown in health insurance, life insurance, property insurance, and insurance products that cover war risks. Corporate health insurance is also actively developing, as employers view it as a tool for supporting employees and motivating staff amid a labor shortage.
What is currently hindering the insurance market and slowing its development?
Viktor Berlin: Among the main challenges is the low level of insurance penetration in Ukraine’s economy. Today, it stands at about 0.81% of GDP, which is significantly lower than European figures.
The market also faces limited access to international reinsurance, a shortage of investment instruments, and the consequences of the war. A separate issue is the very low insurance culture among the general public and businesses.
What are the Federation’s top priorities?
Viktor Berlin: The Federation’s top priorities are promoting the market development strategy through 2030, supporting the implementation of European directives, developing war risk insurance, agricultural insurance, and health insurance, as well as strengthening the role of insurance in the post-war economic recovery.
How does the Federation interact with the NBU and other government agencies?
Viktor Berlin: Today, the market’s interaction with the National Bank of Ukraine is constructive and systematic. The Federation participates in working groups, discussions on regulatory changes, the implementation of European directives, and the formulation of market development strategies.
We also actively cooperate with the Ministry of Economy, relevant committees of the Verkhovna Rada, and international financial organizations.
What key reforms are included in the insurance development strategy through 2030? What will change for companies and consumers?
Viktor Berlin: The key goal of the strategy is to create a strong, competitive insurance market integrated into the European space.
This involves implementing European directives, strengthening capital and transparency requirements for companies, developing digital services, enhancing consumer protection, and expanding the range of insurance products, including corporate insurance.
For consumers of insurance services, this will mean higher-quality services, faster claims settlement, clear contract terms, and greater reliability of insurers.
Is the Ukrainian insurance market ready for integration with the European system? To what extent can we be competitive in this sector?
Viktor Berlin: The European Council’s decision of June 23, 2022, to grant Ukraine candidate country status obligates our country to adapt national legislation in accordance with EU law. Most of the EU directives in the insurance sector have already been implemented by the national insurance market, and currently the National Bank of Ukraine, in collaboration with the market, is working on draft amendments to legislation for the full implementation of EU directives, which entails adapting national legislation, namely: Solvency II — amendments to the Law of Ukraine “On Insurance”; Motor Insurance Directive — amendments to the Law of Ukraine “On Compulsory Motor Third-Party Liability Insurance”; Insurance Distribution Directive — a new Law of Ukraine “On the Sale of Insurance and Reinsurance Products.”
Of course, there is still a lot of work ahead—in terms of capitalization, the development of agency networks, and financial stability. But the potential of the Ukrainian market is very high.
Are foreign investors interested in the Ukrainian market? What forms of partnership might be attractive to foreign companies?
Viktor Berlin: Yes, there is interest, and it is gradually growing. The IFC’s investment in Ukrainian insurance companies was an important signal. This demonstrates international institutions’ confidence in the market’s prospects.
Ukraine will have a massive demand for insurance as it rebuilds its economy, and this creates significant opportunities for international partnerships.
How would you assess the level of digitalization in our insurance market? What might the next stage of digitalization look like specifically for insurance services?
Viktor Berlin: The Ukrainian insurance market is digitized. Online sales, electronic policies, and remote claims settlement have become commonplace for customers. Sales of insurance products through online aggregators grew from UAH 0.34 billion (3.04% of the sales channel mix) in the first quarter of 2024 to UAH 1.267 billion (6.46%) in the fourth quarter of 2025.
The next stage involves deep integration of digital services, automated claims settlement, the use of artificial intelligence, personalized insurance products, and data analytics.
Another promising area is the integration of insurance into the digital ecosystems of banks, marketplaces, and government services.
What is the staffing situation in the industry? To what extent are the League of Insurance Organizations and the Federation involved in training specialists?
Viktor Berlin: Like the rest of the economy, the insurance market is experiencing a labor shortage. At the same time, this creates an opportunity to revitalize the industry and attract specialists.
Veterans returning to civilian life will have the opportunity to work in the insurance market as qualified insurance brokers. We have offered veterans a model that includes: professional training and certification; ready-to-use business processes; partnerships with insurance companies; legal and organizational support; marketing materials; support in attracting clients; and guidance during the initial launch.
We also work with young people. The Federation actively collaborates with educational institutions, supports professional conferences, educational programs, and initiatives to improve financial literacy. Our goal is to show young people that modern insurance is a technological, dynamic, and strategically important sector of the economy.
Which insurance segments have the greatest growth potential in the coming years?
Viktor Berlin: The segments with the greatest potential are health insurance, life insurance, auto insurance, property insurance, agricultural insurance, and war risk insurance.
Corporate health insurance is particularly promising, as employers are increasingly investing in employee support. Agricultural insurance also has significant potential thanks to government support programs.
War risk insurance and insurers’ participation in Ukraine’s reconstruction programs will serve as a separate driver. It is precisely these areas that can ensure significant market growth in the coming years.
