War risk insurance planned to be launched in second quarter of 2024
These deadlines have been discussed at a meeting between representatives of the Export Credit Agency (ECA) and the Ukraine Recovery Committee of the European Business Association.
Source: a report from the European Business Association
Details: The report noted that Law of Ukraine No. 3497-IX, dated 22 November 2023, took effect this year, expanding the scope of the ECA's activities to include insurance of direct investments and investment loans aimed at developing export-oriented business.
The list of military and political risks and the terms and procedures for insurance/reinsurance should be defined in a Resolution of the Cabinet of Ministers of Ukraine, which is currently being developed by Ukraine's Economy Ministry and the National Bank. This document should be released in the coming months.
The ECA is already preparing several items that are expected to be available to business this year, such as insuring international and national direct investments in Ukraine and dividends, and insuring investment-related loans.
Compensation will be available in the event of a complete business interruption (the difference between the value of investments before and after the event is compensated).
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