Ukrainian enterprises now have the opportunity to take advantage of a new war risk insurance program initiated by the European Bank for Reconstruction and Development (EBRD) in collaboration with international insurance companies. This program is implemented under the Ukraine Recovery and Reconstruction Guarantee Facility (URGF), which is now fully operational.
This is reported by Finway
The guarantee provided by the EBRD can offer insurance coverage for goods and transportation up to €1 billion annually. This will enhance the availability of war risk insurance, support economic activity, and aid in the recovery of Ukraine.
Opportunities for Insurance Companies
The EBRD provides guarantees to reinsurance companies covering war-related risks. This allows international insurers to return to the Ukrainian market, creating new opportunities for local insurance companies. The first reinsurer to join this mechanism was the international company MS Amlin. As a result, Ukrainian insurers INGO, Colonnade, and UNIQA have been able to start selling insurance policies.
Insurance for the Agricultural Sector
The program covers insurance for domestic freight transportation, damage to vehicles, and railway rolling stock. The first policies have already been issued to enterprises in the agricultural sector. The total amount of reinsurance coverage provided in just a few weeks of the mechanism’s operation has exceeded €5 million.