Ukraine launches insurance for investors against military and political risks
07.06.2024 | 15:45 | Section for Public and Mass Media Relations
Export Credit Agency of Ukraine is starting to accept applications for investment insurance against military and political risks, as provided for by Law of Ukraine 3497-IX On Amendments to Law of Ukraine On Financial Mechanisms for Stimulating Export Activity regarding the insurance of investments in Ukraine against military risks, which came into force on 1 January 2024.
“The launch of military and political risk insurance is an extremely important event for the market and no less important for the Made in Ukraine policy. A well-developed war risk insurance infrastructure can be an additional incentive for investors to enter the Ukrainian market and develop their export-oriented plants and factories here. Previously, war risk insurance was available only from international organisations - MIGA insured foreign companies willing to invest in Ukraine, the US DFC and the Polish KUKE agency provided guarantees to foreign and Ukrainian companies. And now ECA joins the organisations ready to insure investments into Ukraine and within Ukraine. As a result, Ukrainian companies receive additional guarantees of financial security, while the economy - increased business activity. Insurance will help create the facilities and infrastructure necessary for the development of the processing industry and export of goods produced in Ukraine,” Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine - Minister of Economy, noted in an op-ed for Forbes.
Export Credit Agency will offer two insurance products: direct investment insurance for investors and investment loan insurance for banks.
The war risks that ECA can insure against include the following:
- military conflict, including war or armed conflict, armed aggression, hostilities, mass riots;
- violent change or overthrow of the constitutional order or seizure of state power;
- terrorist acts and/or sabotage, including those caused by military conflicts, war, armed conflicts, hostilities, mass disorders or violent change or overthrow of the constitutional order, seizure of state power;
- occupation, annexation.
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