Our law firm continues to actively work on the issue of military risk insurance.
The team of Syrota Dzis Melnyk & Partners, together with the international law firm Kennedys, held a roundtable discussion in London with the participation of the National Bank of Ukraine, the Ministry of Economy of Ukraine, other institutions involved in the insurance of military risks (in particular, the EBRD, the World Bank), as well as a significant number of representatives of the international insurance market from London, including leading underwriters, insurance companies, international brokers, experts in political and violence-related risks, etc.
A new mechanism for military risk insurance
Direct communication between representatives from Ukraine and international insurance market professionals cannot be overestimated. Colleagues from London highly appreciated the ongoing work of the Ukrainian team to create a new mechanism for military risk insurance, which we hope will be launched this year. The relevant regulations are currently being actively prepared. It is important to note that the NBU, along with other ministries and agencies and international institutions, has already done a tremendous job in this area.
We are waiting for the creation of a special agency that will deal with the insurance of the most urgent military risks (mainly direct losses caused by military operations), both in the field of compulsory and voluntary insurance.
This will make it possible to insure the most critical assets for Ukrainian business.
International reinsurers
In the future, it is planned to expand in the direction of attracting international reinsurers, which will make it possible to create a more financially powerful system that will allow for the insurance of large projects.
It was really important and useful for the London insurance market to hear about these initiatives from Ukraine and to share our thoughts on this topic. Among other significant moments, it is worth noting that foreign underwriters do not reject war risk insurance in Ukraine, including on market conditions (with certain peculiarities). They expressed their readiness to continue cooperation and support this important initiative for Ukraine.
In our firm’s opinion, military risk insurance is one of the most important pillars that will ensure the flow of investments to Ukraine, and the entire team of Syrota Dzis Melnyk & Partners continues to work actively on this topic.
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