UK government to assist in war risk insurance project for Ukraine

UK government to assist in war risk insurance project for Ukraine | Insurance Business Canada

Insurance News

UK government to assist in war risk insurance project for Ukraine

Initiative led by European Bank for Reconstruction and Development

Insurance News

By
Terry Gangcuangco

The UK government will work with the European Bank for Reconstruction and Development (EBRD) on the latter’s war risk insurance project for Ukraine.

In a release, the Ministry of Economy of Ukraine said the EBRD project aims to create a new fund to facilitate the development of an international insurance market to cover property and trade risks. The UK’s support for the EBRD initiative was expressed in a signed statement of intent.

Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, commented: “The cooperation of such strong and reliable partners of our country as the UK government and the EBRD gives us confidence in the success of the project launched during the Recovery Conference in London.

“The progress in the development and practical content of this project, in the implementation and strengthening of other war risk insurance projects launched by governments, international financial institutions, and insurance companies, shows that our partners understand the critical importance of this area in the context of Ukraine’s recovery.

“Indeed, it is private capital that will bear the brunt of the recovery. And to ensure that investment comes to Ukraine on the scale required, we need to work together to ensure the security of investment, trade operations, etc.”

It was noted that, as a world leader in insurance, the UK will also contribute to the international interest in the EBRD project.

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