Site icon UBN

The NBU has developed a concept for a military-risk insurance mechanism.

MIGA and the DFC are finalizing six Ukrainian projects with war risk insurance.

The export credit agency receives wider opportunities for investment insurance.

It has already been agreed upon within the Ministry of Economy and Finance, reported a Deputy Head of the NBU, Kateryna Rozhkova. According to her, this concept provides for mandatory insurance of military risks for specific projects.

“The list of military risks at the first stage will be very limited. At the first stage, it is exclusively about direct material losses because of military actions: destruction, damage to facilities, property, etc.,” the official clarified.

Rozhkova added that mandatory insurance will allow many agencies to participate in this process, reducing the cost of such insurance. There will be three levels of coverage: domestic insurance companies, the state insurance agency, and Western reinsurance companies.

The concept still needs to be detailed regarding the list of objects that will be subject to mandatory insurance. In addition, a special law still needs to be prepared and passed to launch this mechanism.

According to Rozhkova, the new mechanism should be operational by the end of the year.

Exit mobile version