New insurance scheme to facilitate UK business supporting Ukraine

2 Nov 2023 10:56 AM

The UK signs war-risk insurance Statement of Intent with European Bank of Reconstruction and Development to help UK companies to do business in Ukraine.

• UK government helping plan war-risk insurance scheme which will lead UK companies to do business in Ukraine
• Lack of available insurance currently a major barrier preventing UK companies trading with and investing in Ukraine to help it rebuild
• Business and Trade Minister The Earl of Minto recently (31 October 2023) inked agreement at the European Bank of Reconstruction and Development

The UK recently signed a Statement of Intent on a European Bank of Reconstruction and Development (EBRD) war-risk insurance scheme for Ukraine. The EBRD’s effort, along with complementary backing by other international financial institutions, over time will help UK companies to do business in Ukraine and support its reconstruction.

Ukraine is facing a major challenge to rebuild following Russia’s illegal invasion, with the World Bank estimating it will cost $411 billion. Private sector companies are crucial to that, with architects, engineers, and construction companies need to rebuild bridges for example, but many currently struggle to get the insurance they need to be able to operate in the country.

The UK is leading the world in trying to address this by improving access to war-risk insurance. It follows the Ukraine Recovery Conference, hosted by the Prime Minister earlier this year, during which we coordinated international partners to announce the London Conference Framework to address the insurance gap.

Click here for the full press release