The UK will participate in developing and implementing a pilot project by the EBRD to provide insurance against war risks in Ukraine. The EBRD project envisages creating a new fund to promote the development of the international reinsurance market and insurance of property and trade risks, including insurance of goods in transit or warehouses.
The signed statement of intent demonstrates the UK’s support for the EBRD project’s continued technical and administrative development. The UK will also contribute to increasing international interest in the project because it is a world leader in insurance matters.
The cooperation of Ukraine’s government with partners in military risk insurance is already yielding practical results. For example, MIGA recently approved a ten-year insurance package for an industrial park project in the Lviv region of Ukraine. The DFC is involved in providing political risk insurance with multiple applications representing hundreds of millions of dollars currently under review.