Uman National University | today: 05/23/2026
| Author(s) |
Ulyanych K.F., Candidate of Economics, , Uman National University of Horticulture, Ukraine Ролінський О. В., , , |
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|---|---|---|---|
| Category | Economics | ||
| year | 2026 | issue | Issue 108 part 2 |
| pages | 280-292 | index UDK | 368.91 (477) | DOI | 10.32782/2415-8240-2026-108-2-280-292 (Link) |
| Abstract | The article examines the development trajectories of the voluntary life insurance segment in Ukraine under conditions of macroeconomic volatility and wartime uncertainty. The study is grounded in the current institutional framework defined by the Law of Ukraine “On Insurance” (No. 1909-IX), risk-based supervision principles introduced by the National Bank of Ukraine, and regulatory convergence with Solvency II and IAIS standards. Drawing upon official market statistics and analytical reviews of the National Bank of Ukraine, supplemented by OECD global insurance trends, the research evaluates structural changes in the composition of insurance portfolios, the role of asset-liability matching, and the impact of household income dynamics and institutional trust on long-term insurance demand. The findings demonstrate that the segment of life insurance is inherently more sensitive to uncertainty than non-life insurance due to the long-term nature of contractual obligations, the presence of an investment component, and the need for predictable financial planning by households. The war-related shock in 2022 led to a pronounced contraction in new business and a shift toward short-term expenditure priorities, resulting in a temporary decline in the share of life insurance in total premiums. However, subsequent stabilization processes in 2023–2024 indicate a gradual recovery driven primarily by portfolio inertia (policy renewals), the strengthening of insurers’ balance sheets, and the expansion of corporate insurance programs as instruments of social protection. The article argues that rapid post-war expansion of the life insurance market is unlikely. The most realistic scenario is a phased recovery conditioned by macroeconomic stabilization, growth in real household incomes, and sustained regulatory emphasis on risk-based supervision, transparency, and disciplined reserve and investment management. Corporate life insurance and improved communication of product value are identified as key channels for restoring demand. The study contributes to the academic discourse by systematizing the Ukrainian and international evidence on life insurance responses to systemic crisis conditions and outlines practical recommendations for insurers and policymakers to support a resilient and sustainable market recovery. | ||
| Key words | voluntary life insurance; insurance premiums; risk-based regulation; National Bank of Ukraine; savings-type (endowment) products; long-term financial obligations; insurance culture | ||