The National Bank developed the concept of creating a system of insurance of military and political risks, taking into account the experience of international experts from Great Britain, the United States and a number of European Union countries. This concept should become the basis of the corresponding draft law.
This was reported in the statement of the first deputy head of the NBU, Kateryna Rozhkova.
As Rozhkova noted, due to the full-scale war, investors in Ukraine, in addition to regulatory and legal risks, faced the risks of physical destruction of assets and loss of investments, with the complication of export, import and logistics. They need coverage of current risks now and protection in the future.
According to her, creating a comprehensive insurance system is a long process, but it can be divided into two stages. The first is to launch a transitional model for the quick start of military and political risk insurance, which can be based on USAID's key proposals to create a fund with the participation of international partners and donors.
At this stage, the Ministry of Economy, together with the National Bank of Ukraine, will determine the criteria for significant projects for the economy that will have access to the fund, and the requirements for domestic insurance companies, as well as coordinate with international partners and donors the organizational aspects of the new system, approaches to pricing, and principles of underwriting.
"The second stage will involve the creation of a long-term and full-fledged domestic system of military and political risk insurance or the Military Insurance Pool of Ukraine," said Rozhkova.
Its purpose is to accumulate funds for future payments and centralized reinsurance of risks on the international market.
