Financial sector news

The results of the first five years during which the National Bank has been the regulator of the non-bank financial services market were presented by NBU Governor Andriy Pyshnyy and his deputy Dmytro Oliynyk.

The Governor of the National Bank of Ukraine noted that the insurance market had successfully undergone a period of profound transformation, demonstrating responsibility and resilience during a difficult period for the country. According to him, the most significant changes in the sector have been implemented in the last three years, during a time of full-scale war.

Before the insurance market came under the regulation of the NBU, the industry had a number of systemic problems: an opaque ownership structure of individual companies, a lack of a clear strategy or business model, and a weak financial position. Some participants failed to fulfill their obligations to customers and violated consumer rights.

Today, the market demonstrates financial stability, transparency, and growing investment attractiveness.

This is confirmed by key indicators:

• insurance penetration increased from 0.7% to 0.84% of GDP over the year;
  
  
• despite a 3.5-fold decrease in the number of insurers over five years, the sector's assets grew by 42%, more than a third of which was in the last three years;
  
  
• almost all market participants have a transparent ownership structure, and significant shareholders meet the criteria of business reputation and financial capacity;
  
  
• insurers place more than UAH 68 billion in liquid funds in banks, the Motor Transport Insurance Bureau of Ukraine, and government bonds, with more than 90% of their assets being highly liquid;
  
• the net profit of risk insurers for the first nine months of 2025 reached a historic high of UAH 3.4 billion.
  

Andriy Pyshnyy emphasized that the sector is now consolidated and motivated, and industry associations have established effective cooperation with each other. Two associations have already merged into a federation, which has opened a representative office at the European Economic and Social Committee in Brussels to represent the common position of the Ukrainian market.
Regarding further stages of development, Dmytro Oliynyk noted that the path to European integration will require significant efforts from market participants. In particular, the implementation of the Solvency II Directive provides for an assessment of the need for recapitalization of companies based on a risk-oriented approach. In addition, the NBU, together with the market, will continue to work on improving corporate governance, internal control systems, service quality, and the development of barrier-free services.

Oliynyk also highlighted the shortage of qualified personnel in the sector, particularly actuaries, risk managers, underwriters, and investment specialists. He called on insurers to invest in human capital development, modernize IT solutions, and join forces to seek new opportunities.