A traditional meeting was held between Andriy Pyshnyi, Governor of the National Bank of Ukraine (NBU), members of the NBU Board, and representatives of the insurance market.
Viktor Berlin, Head of the Coordination Council of the Federation of Insurance Associations of Ukraine, shares the key issues he raised at the meeting:
The Ukrainian insurance market is currently tasked with becoming a full-fledged participant in Ukraine’s economic recovery, a tool for attracting investment, and a means of integrating our country into the European financial landscape.
What foundations have already been laid, and what are our plans?
Developing a shared market development strategy
Together with the National Bank of Ukraine and insurers, we have worked out strategic priorities for the industry, identified the main growth drivers, and outlined the necessary legislative changes.
It is fundamentally important that the regulator and the market engage in open, professional dialogue. Effective regulation should not only establish rules but also create conditions for business development, competition, and investment attraction.
War risks
Recently, numerous meetings have been held with the National Bank of Ukraine and the Ministry of Economy to develop solutions for war risk insurance — from amending Cabinet of Ministers of Ukraine Resolution No. 1541 to establishing a compensation fund.
We all understand the importance of this issue and are actively involved in finding a solution. We expressed our support for the Ministry of Economy’s proposed model, which envisages state coverage of the first layer of losses. Insurers will have the opportunity to participate at the second level.
Implementation of European directives
In particular, the Motor Insurance Directive and the Insurance Distribution Directive. We are all working intensively on amendments to the Law of Ukraine “On Compulsory Motor Third-Party Liability Insurance.”
The market was also recently presented with what we consider to be a fairly progressive draft Law of Ukraine “On the Distribution of Insurance Products.” Importantly, representatives of the insurance market were involved in reviewing the draft and submitting proposals during its development, before it was made public. Virtually all our proposals have been taken into account in the draft.
The Ukrainian insurance market is becoming more active on the international stage
Brussels, London, Gdańsk — these are not just the locations of our recent meetings. They reflect the systematic work being carried out by the Federation of Insurance Associations of Ukraine with European institutions, international insurers, reinsurers, brokers, and potential investors.
We present the opportunities offered by the Ukrainian insurance market, discuss attracting capital and expanding reinsurance capacity, primarily to cover war risks.
Finally, I proposed continuing the tradition launched in Gdańsk this year and organizing an insurance panel as part of the 6th Ukraine Recovery Conference, which will take place in Tallinn on January 28–29, 2027.
