The NBU and the Ministry of Economy presented a draft law on the war risk insurance system, which provides for the protection of insurance interests of individuals and legal entities, aimed at ensuring compensation for losses.
“The lack of coverage of war risks is a significant obstacle for attracting investors for the reconstruction of Ukraine and the development of the economy. We want to correct this by creating a unified insurance system against war risks. Our goal is to combine all existing programs into a single pool, to create clear game rules,” the Ministry of Economy stated.
The national war risk insurance system will be financed by mandatory insurance payments and by financial assistance from donors. Separately, the creation of the State Agency for Insurance of Military Risks is foreseen, to determine a common policy of assessment and acceptance of risks for insurers. It is widely assumed that property pledged as collateral and residential construction objects will be subject to mandatory insurance through this system.