In late September, the Ministry of Economy and the National Bank presented a preliminary version of a draft law on the introduction of compulsory insurance of collateral and residential construction.
The property pledged as collateral and residential construction facilities will be subject to compulsory insurance. However, the general list of objects is still being formed and will be expanded later. The national system will be financed by mandatory insurance payments and financial assistance from donors.
The main purpose of the draft law is to create a unified database to protect new buildings from war risks caused by the war and to attract international reinsurers to the market.
First Deputy Minister of Economy of Ukraine Oleksiy Sobolev said that they are now planning to create a State Insurance Agency, which will determine a common policy of risk assessment and acceptance for system participants, develop standardized products, and define centralized approaches to pricing.
The draft law is to be submitted to the relevant committee of the Verkhovna Rada by the end of December 2024, taking into account the comments of the business community and representatives of the insurance market.