Ukraine expands available military risk insurance instruments for exporters

The Ministry of Economy of Ukraine, together with international insurers, discussed the implementation of the first projects on a mechanism to reduce the cost of shipping insurance in the territorial waters of Ukraine, as well as the expansion of such mechanisms to other types of exports.

This was reported by the press service of the Ministry of Economy.

“Together with the insurance market, we are already implementing the first projects in terms of a mechanism to reduce the cost of maritime transportation insurance in the territorial waters of Ukraine. This is very important for us, as it will contribute to the safety of maritime transportation and increase the volume of Ukrainian exports. Ship insurance is one of the most complex projects involving dozens of stakeholders. This clearly demonstrates that the international insurance market is ready to work in Ukraine,” said Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.

She emphasized that further joint steps will be aimed at expanding the implementation of similar insurance instruments for other types of exports.

The implementation of the marine transportation insurance mechanism will guarantee the safety of navigation, promote the stability of maritime transportation, and ensure the sustainable export of Ukrainian products through Ukrainian ports.

Tags: Ukraine, export, insurance, Black Sea grain corridor