Marine transportation insurance is being optimized in Ukraine
12.12.2023 - 13:05
Ukraine is expanding available military risk insurance tools for exporters. In particular, we are talking about sea transportation.
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 marine transportation insurance in the territorial waters of Ukraine, the Government Portal reports.
There is also talk of expanding similar mechanisms to other types of exports.
“Together with the insurance market, we are already implementing the first projects in terms of the mechanism for reducing the cost of marine transportation insurance. 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 participants. This clearly demonstrates that the international insurance market is ready to work in Ukraine,” said Yulia Svyridenko.
The new insurance mechanism for sea 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. In turn, this will allow grain traders to save about UAH 100-140 per ton of cargo.
The government emphasized that, in general, this will bring up to UAH 4.0 billion to agricultural producers. These funds will be directed to farmers, both in the form of an increase in the purchase price and for additional purchases.
