Only 25% of Ukrainian insurers have an appetite for insuring energy and critical materials (extraction and processing), and more than a third of them have either completely closed these areas or introduced strict limits.
"Energy remains a 'red zone': 78.9% of companies do not insure power grids, 77.1% do not insure the oil and gas sector, and 72% refuse to cover nuclear energy, airports, and railway rolling stock," according to an overview of insurer interest, restrictions, and coverage of war risks based on the interactive dashboard of the National Association of Insurers of Ukraine (NAIU).
As reported on the insurance association's website, this is a direct consequence of systematic attacks on such objects. Companies are not prepared to hold these risks on their own balance sheets without state or international guarantees.
Only 31% of insurance companies are willing to develop products covering losses from missiles, drones, or debris. The reason is simple: insurance relies on predictability, while war-related losses are unpredictable and can occur simultaneously for many clients.
"The three main stop-factors are: proximity to the front line, proximity to critical infrastructure objects, and the objectively high price of such coverage. The key to scaling is international reinsurance," the overview notes.
Furthermore, it is emphasized that the capabilities of Ukrainian companies are limited, so large projects require the participation of the global market and state or international guarantees.
Excluding war risks, the market's priorities are clear. Insurers show the greatest openness to real estate and construction (50% of companies have broad demand), healthcare (40%), and the agro-food complex (34%). This is a positive signal for investors in civil infrastructure and the food industry.
The analytical overview is based on the results of a large-scale survey regarding products for reconstruction, developed by NAIU taking into account the criteria of the Ukraine Recovery and Reconstruction Framework (URC), as well as the priorities of the EBRD, the World Bank, and the European Commission.
The collected data is highly representative, as the survey included 17 companies participating in the NAIU’s PRIMA project (Project for Information Disclosure, Monitoring, and Analysis), of which four are life insurance companies and 13 are non-life insurers. Based on the results of 2025, this sample collectively accounts for 65% of all premiums in the Ukrainian insurance market.
As reported, according to the National Bank of Ukraine, as of July 1, 2026, there are 47 non-life insurers, 10 life insurance companies, and one insurer with special status – the Export Credit Agency (ECA) – operating in Ukraine.
