The NBU and the Ministry of Economy have recently announced a draft law on the war risk insurance system. Find out what the document provides for and what its role is

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In September 2024, the Ministry of Economy of Ukraine and the National Bank presented a draft law that would create a new war risk insurance system that would cover individuals and legal entities. An important element of this system will be the State Agency for War Risk Insurance, which will be responsible for implementing the policy of assessing and managing these risks.

We will tell you what is known about the system and what its role is below.

State War Risk Insurance Agency: what is the purpose of its creation?

The purpose of creating such a system is to restore the economy and attract investment to rebuild Ukraine.

According to Oleksiy Sobolev, First Deputy Minister of Economy, the lack of insurance coverage for war risks is a significant obstacle for investors. To this end, it is planned to combine all existing insurance programs and create uniform standards and rules for insurance market participants.

Financing and coverage of the system

The war risk insurance system will be financed by mandatory insurance payments that will be accumulated under insurance contracts.

In addition, it is planned to attract donor funds to provide additional financing. The system is currently expected to cover the risks of physical damage caused by the war. The objects that will be subject to compulsory insurance will include property pledged as collateral and residential construction projects.

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What is the role of the State Agency for War Risk Insurance?

According to the draft law, the newly created State Agency for War Risk Insurance will be responsible for standardizing insurance products, centralized pricing, and maintaining a single database in the system. This should ensure transparency of the process, simplify insurance procedures and protect the interests of individuals and legal entities affected by the consequences of the war.

The law on war risk insurance is expected to come into force in 2025. This will create a sustainable institutional framework for the development of the insurance market, which is essential for stabilizing Ukraine's economy.

We would like to remind you that on Visit Ukraine portal we propose to take this important step towards ensuring security and support during the war. This is where you can take out health insurance and car insurance with war risk coverage. You can do this in a few clicks here.

The rules for entering and staying in Ukraine during the war are a separate security topic, which we covered in detail in our previous article.

Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.

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