The first projects on a mechanism to reduce the cost of maritime transportation insurance in the territorial waters of Ukraine are already being implemented jointly with the insurance market, which contributes to the safety of maritime transportation and increase the volume of Ukrainian exports.
This information was announced during a video conversation between the First Vice Prime Minister of Ukraine, Minister of Economy Yulia Svyrydenko and Crispin Ellison, Senior Partner of Marsh McLennan, the world’s largest risk management consulting firm.
„Ship insurance is one of the most complex projects involving dozens of stakeholders. This clearly demonstrates that the international insurance market is ready to work in Ukraine. Our further joint steps will be aimed at expanding the implementation of similar insurance instruments for other types of exports,“ Svyrydenko said, as quoted on the ministry’s website.
As reported, the new mechanism of insurance of maritime transportation in the territorial waters of Ukraine will reduce the cost of grain insurance by about 2.5 percentage points of the insurance rate, which will allow grain traders to save about UAH 100-140 per ton of cargo, and in general, it will bring agricultural producers an additional UAH 4 billion. These funds will be allocated to farmers both by increasing the purchase price and for additional purchases.
„The implementation of the maritime transportation insurance mechanism will ensure the safety of navigation, promote the stability of maritime transportation, and ensure the sustainable export of Ukrainian products through the country’s ports,“ the Ministry of Economy said.
GRAIN, INSURANCE, TRANSPORTATION
