Ukraine's insurance market could grow from 1% of GDP to 5%-7% of GDP over the next five years; the market has been cleaned up, is growing rapidly, and has the potential to do so, Governor of the National Bank of Ukraine (NBU) Andriy Pyshny said at the roundtable discussion "Prospects and the Future of the Ukrainian Insurance Market: Strengthening the Insurance Sector's Role in Ukraine's Recovery and Reducing Investment Risks," which took place on Wednesday in Gdańsk on the sidelines of URC 2026.
"Today, there are all the grounds for this, but again, we need capital, we need investors, we need transparency, we need adaptation, and we need understanding," the NBU governor said, according to an Interfax-Ukraine correspondent.
He also appealed to European partners and European insurance regulators to take Ukrainian insurers and their potential seriously.
"I think that each of you, having worked through a full-scale war, will view this market in a completely different light. You will view competition, solidarity, capacity, and capability in a completely different light," Pyshny said.
According to him, the local Ukrainian insurance industry serves as a platform for growth.
Regarding access to the Ukrainian market for European and other foreign companies, the head of the National Bank emphasized that, prior to Ukraine's accession to the EU, such access is possible only through the acquisition of existing companies or the establishment of a new legal entity, whereas the ability to operate through representative offices will only become available after Ukraine joins the EU.
"Once we join the EU, we will certainly have the obligation to open the market to European players. But let's take this step one at a time," the NBU governor said.
He said the transformation of the insurance market, in terms of its complexity, depth, and importance, is no different from the transformation that took place in the banking sector.
"But it is unfolding with significantly less drama. This is because there has been constant communication, structuring, and a shared understanding of common goals. And achieving results has begun to motivate the participants themselves. Everyone felt that we were succeeding together. And today we see deals taking place in the market that indicate that this market is increasingly and more frequently attracting the interest of investors," the NBU governor said.
According to him, the depth of the transformation is already evident today: the market is attractive, reputable, highly liquid, and profitable.
Pyshny said the banking sector currently matches the European regulatory environment by 78%, while the insurance sector matches it by only 55%.
"But imagine what will happen if there is even deeper European integration. That, in fact, is what we'll be working with, and it will certainly have an impact in virtually all areas," the NBU governor said, predicting new deals this year and next as foreign companies enter the Ukrainian market.
