First 4 Ukrainian companies receive compensation for war risk insurance premiums – PM
Four Ukrainian companies have received compensation for part of their insurance premiums under property insurance contracts covering war risks, Prime Minister Yulia Svyrydenko said.
"The war risk insurance program is moving from launch to the first real payouts. Four Ukrainian companies have received compensation for part of their insurance premiums under property insurance contracts covering war risks. This allowed them to reduce the cost of insurance from an average level of 4.24% to 1.19%. All four companies are located in Kyiv," Svyrydenko wrote on Telegram.
According to her, a total of 40 applications have already been submitted under the program for partial compensation of insurance premiums from Kyiv, Lviv, Rivne, and Cherkasy regions, as well as Kyiv, with the total insured coverage amounting to UAH 4.3 billion.
The prime minister recalled that the option of partial compensation of insurance premiums is available throughout the country.
"The state, through the Export Credit Agency, compensates up to UAH 3 million of the insurance cost. A property insurance contract covering war risks is concluded with an insurance company, after which the policyholder applies to the ECA for compensation," the prime minister wrote.
In addition, businesses in frontline regions have an additional opportunity to receive compensation for property damaged or destroyed as a result of shelling.
"The program provides coverage for losses of up to UAH 30 million. The participation cost is 0.5% of the property value within this amount. To use the program, businesses must apply directly to the ECA. Currently, 106 applications under the program have already been approved. The total volume of potential compensation in the event of Russian attacks amounts to UAH 1.8 billion," the statement says.
