The Cabinet of Ministers of Ukraine has expanded the existing war risk insurance program for businesses and simplified the process for obtaining compensation, Prime Minister of Ukraine Serhiy Koretsky has announced.
"Russia is deliberately attacking civilian enterprises, as well as warehouse and logistics facilities, on a daily basis. Businesses are suffering significant losses and require support for rapid recovery. In the draft budget for the next year, the government has allocated a specific line item for war risk insurance. However, businesses need support today, so we are currently expanding the existing program," Koretsky wrote on his Telegram channel.
Specifically, the government has included Kyiv and Kyiv region in the list of high-risk areas.
"Secondly, we are expanding the list of assets eligible for compensation in the event of damage or destruction. In particular, we are including fuel and the vehicles used for its transport and storage. This is a crucial decision for fuel infrastructure, which remains a key target of Russian attacks. We are also adding agricultural machinery, trucks, and trailers to the list," the prime minister explained.
Additionally, the government is raising the maximum insurance premium compensation from UAH 3 million to UAH 5 million per year per enterprise, extending this mechanism to leased property, and simplifying insurance contract requirements.
"Furthermore, this week the government expanded state support for major projects in the fuel sector, logistics, trade, and the manufacturing industry. Concessional loans will now be available for purposes such as restoring fuel and warehousing infrastructure, modernizing manufacturing facilities, and replenishing working capital for wholesale and retail businesses. The state will subsidize 5.5% of the annual interest rate charged by the bank. The maximum limit for a group of related companies is UAH 1 billion," he noted.
