“The NBU expects the Verkhovna Rada to adopt the draft law on military risk insurance before the end of the first half of the yearThe NBU stated that the Rada may adopt a law on war risk insurance as early as the first half of 2025. This should attract private
capital to the economy.”, — write: unn.ua
We agree that insurance of military and political risks is one of the elements that will allow attracting private capital to the process of restoring the Ukrainian economy. This is a more than relevant topic that the National Bank, together with the Ministry of Economy, the Ministry of Finance, the World Bank, and the International Monetary Fund, has been working on throughout 2024.
The NBU Governor reminded that in August 2024, the Financial Stability Council considered and approved the concept of a draft law on military risk insurance.
For several months, this concept underwent an appropriate process of discussion with associations and the business environment. There were even several rounds of this discussion. The result of this discussion was the formation of a draft law. On December 30, 2024, it was submitted to the Parliament and registered under No. 12372 and is currently under consideration by the Committee on Finance and Banking.
According to him, the National Bank is interested in having the committee and the parliament consider this draft law as agreed as quickly as possible.
If it is necessary to participate in the relevant discussions, we are ready at any moment. For us, this is one of the priorities. In general, we expect that the Parliament will adopt the relevant draft law before the end of the first half of the year, we are waiting for consideration in the committee.
Pyshnyy noted that the draft law may create additional comfort in risk assessment for banks, because the objects that will be provided to banks as collateral will be subject to insurance in the first place.
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“We believe that this can revitalize and make investment lending and housing lending more interesting and attractive. This project also stipulates that a relevant State Agency will be created. The State Agency should be one of the components of building such a systemic, long-term model of military risk insurance, because we will not be able to change the geography. The neighbor who is trying to destroy us will unfortunately remain, so military risk insurance is a basic component for the recovery, accelerating the process of restoring the Ukrainian economy and attracting as much private capital to it as possible,” – said Pyshnyy.
According to him, in particular, the National Bank, together with other stakeholders, is working on the development of the capital market infrastructure.
“These are all components of a general program that should form a solid foundation for high-quality and effective processes of restoring the Ukrainian economy,” – said Pyshnyy.
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AdditionIn 2024, the Ministry of Economy and the NBU presented a system of war risk insurance.
Separately, the draft law envisages the creation by the Ministry of Economy of a State Agency for War Risk Insurance, which will determine a common policy for assessing and accepting risks for insurers participating in the system. It will also develop standardized insurance products, determine centralized approaches to pricing, and maintain a Unified Centralized Database in the war risk insurance system.
The system will cover the risks of physical damage caused by the war, in particular, it is envisaged that property transferred as collateral and residential construction facilities will be subject to mandatory insurance. Consultations are currently underway regarding possible clarification of the list of objects subject to mandatory insurance. At further stages, it is planned to expand coverage for a wider range of objects.