The forum was held with the support of the governments of the United Kingdom and Ukraine and brought together global leaders in the reinsurance market, including executives from Lloyd’s and representatives of global brokers such as WTW, McGill & Partners, AON, Marsh, and Howden Insurance Group, as well as international financial institutions: the European Commission, DFC, MIGA, FCDO, EBRD, and Ukrainian insurers.

A common thread ran through all the discussions: in the most challenging markets, it is insurance that drives capital flows. Without insurance coverage, there will be no investment. It is insurance that serves as the mechanism transforming economies operating under war risks from “uninsurable” to “attractive for investment.”

The main barrier to investment in Ukraine is not a lack of capital, but the lack of risk insurance.

About $588 billion is needed to rebuild Ukraine over the next decade, but the decisive factor in attracting private capital is the ability to insure against war risks. Without adequate coverage, many projects do not even reach financial close.

At the forum, representatives of the Ukrainian delegation also discussed the dynamics of the Ukrainian insurance market, which is showing growth even during the war:

Gross insurance premiums for the 12 months of 2025 totaled UAH 72.28 billion, an increase of UAH 19.03 billion (+35.7%) compared to 2024. Of this amount, gross insurance premiums for non-life insurance companies totaled UAH 66.27 billion (91.68% of total insurance premiums), while gross insurance premiums for life insurance companies totaled UAH 6.01 billion (8.32%). Insurers’ profit for the first quarter of 2026 exceeded UAH 1.5 billion, which is 27.1% more than in the same period last year.

This refutes the widespread assumption that the market is weak amid the war.

The Ukrainian insurance market has learned to insure against war risks.

Representatives of Ukrainian insurance companies demonstrated in their presentations that insuring against war risks is not only possible during active warfare but can also be profitable.

In a brief speech, LSAU President Viktor Berlin thanked Andriy Pyshnyy, Governor of the National Bank of Ukraine, his deputies, and the heads of relevant NBU departments for their support and open, professional dialogue at the UNIC 2026 All-Ukrainian National Insurance Conference, which took place in late March.

“It was at the conference that we first publicly discussed, within such a broad circle of experts, the shared vision of insurers and the regulator regarding the development strategy for the national insurance market, and we are now awaiting the final document from the regulator.

By the way, we have already presented the key directions of the strategy to the Ministry of Economy, the BEB, and at working meetings with the European Parliament’s Committee on Economic and Social Affairs in Brussels.

Our shared goal is to establish the insurance market as a distinct sector, increase the penetration of insurance relative to the country’s GDP, and generally elevate the role of insurance in the national economy. Therefore, we plan for UNIC to serve as a permanent platform for communication.

For the first time, insurance market representatives were involved in drafting the IDD Bill and the Motor Third-Party Liability Insurance Bill prior to their official publication; this is important to us as insurers.

We fully support the goal articulated by the NBU Governor regarding the “de-shadowing” of the industry and are already actively moving in this direction; in particular, I reported on my joint meeting with representatives of the BEB. I also proposed holding a joint meeting between the BEB, insurance companies, and the NBU in the near future.

I also took the opportunity to invite my colleagues to Gdańsk, where we plan to hold a panel discussion on June 24 with the participation of representatives from the NBU and the Federation of Insurance Associations of Ukraine. We will discuss the state, achievements, and potential of Ukraine’s insurance market,” noted Viktor Berlin.