Ukraine expands the available military risk insurance tools for exporters, - Yulia Svyridenko
The First Deputy Prime Minister of Ukraine - the Minister of Economy of Ukraine Yuliya Svyridenko discussed with international insurers the implementation of the first projects regarding the mechanism of reducing the cost of insurance of marine transportation in the territorial waters of Ukraine, as well as the expansion of similar mechanisms to other types of exports. This was discussed during a video call with Crispin Ellison, senior partner of the world's largest risk management consulting company, Marsh McLennan.
"Together with the insurance market, we are already implementing the first projects in the part of the mechanism for reducing the cost of marine transportation insurance in the territorial waters of Ukraine. This is very important for us, because it will contribute to the safety of sea transportation and increase the volume of Ukrainian exports. Ship insurance is one of the most complex projects involving dozens of interested parties. This clearly demonstrates that the international insurance market is ready to work in Ukraine. Our further joint steps will be aimed at expanding the implementation of similar insurance instruments for other types of exports," Yuliya Svyridenko emphasized.
We would like to remind you that the new insurance mechanism for marine transportation in the territorial waters of Ukraine will allow to reduce the cost of grain insurance by approximately 2.5 percentage points from the cost of the insurance tariff, which in turn will allow grain traders to save about UAH 100-140 per ton of cargo, and in general, agricultural commodity producers this will additionally bring up to UAH 4.0 billion. These funds will be directed to farmers, both in the form of an increase in the purchase price and for additional purchases.
The implementation of the marine transportation insurance mechanism will ensure the safety of shipping, contribute to the stability of maritime transportation, and also ensure the sustainable export of Ukrainian products through the ports of Ukraine.