The National Bank of Ukraine (NBU) is finalizing the development of a bill on the military risk insurance system and will soon begin discussing it with the market and other stakeholders, said Serhiy Savchuk, Director of the Department of Methodology for Regulating the Activities of Nonbank Financial Institutions at the NBU, during the XIX International Forum "Polish-Ukrainian Business Days."

"According to our expectations, the law may be adopted this year, and we will start developing the system," his words are quoted in a report on the official NBU page on the social network Facebook.

At the same time, Savchuk said that the benefits that businesses and the population will receive include guarantees of coverage for direct military damage and greater confidence in the future. The state will be able to attract new investments for economic development.

As reported, the Financial Stability Council in February 2024 approved the Concept of creating a model for military risk insurance in Ukraine, which involves the introduction of corresponding mandatory and voluntary insurance.

The Concept provides for a three-tier model – local insurers and other institutions performing agency functions, as well as a specially created public agency for military risk insurance; international reinsurers will subsequently join the system. Responsibility will be distributed among these levels through defined limits in order of priority.