If the insurance industry is to survive the war and return to life, and thus provide insurance protection to Ukrainians, it is necessary to introduce system solutions at the state level, so we now need to develop and begin to implement a kind of “Marshall Plan” for the insurance industry.
This is the opinion of the general director of “Insurance Business” Association Vyacheslav Chernyakhovsky at the XIV International Scientific Conference “December Readings”, traditionally organized by the Kiev National Taras Shevchenko University. Taras Shevchenko.
According to him, the insurers have formulated a strategic vision and the key points of the plan, which include, in particular, temporary easing of regulatory requirements, revision and reduction of standards, namely the revision of requirements for reserve calculation, primarily the reserve of unearned premiums, reducing the tax burden on insurance companies by initiating the abolition of double taxation in insurance, abolishing the 3% of all insurance payments, leaving only the usual for all legal entities in the country.
In addition, we are talking about the diversification and structure of assets, in particular, the temporary establishment of other values for receivables, reduced restrictions on the placement of insurer reserves in some banking institutions and increase the index of reinsurance in one reinsurer. It is also necessary to develop and implement a mechanism of reverse financial assistance to insurance companies with the involvement of international financial institutions, to stimulate domestic reinsurance, the introduction of new types of insurance.
“It is necessary to implement strategic, systemic solutions, aimed primarily at creating conditions for the post-war development of the industry through deregulation, eliminating any discrimination in the insurance market and measures that promote the growth in demand for insurance services,” he said.
Chernyakhovsky also stressed that assistance from the state at the level of regulatory decisions is primarily needed by small and medium-sized insurance companies, companies significantly affected by hostilities, and national business.
German Chancellor Olaf Scholz and President of the European Commission have proposed launching a new “Marshall Plan” for the post-war reconstruction of Ukraine.
This is stated in a joint article published in the Frankfurter Allgemeine newspaper.
“We are already thinking about rebuilding the country, even if peace still seems far away. Ukraine needs the prospect that it will be able to grow economically again as soon as the war is over,” the article says.
In their opinion, neither Ukraine nor individual partners are able to cope with the damage received on their own, since the preliminary amount reaches at least 350 billion euros. In this regard, Scholz and von der Leyen proposed launching an “inclusive donor platform” that would allow more transparent allocation of funds to restore the destruction in Ukraine.
Ukraine needs a strategic plan for international support, it will be a modern analogue of the historic Marshall Plan, President Volodymyr Zelenskyy said while speaking via video link at the High-Level International Donor Conference on Ukraine in Warsaw on Thursday.
“The restoration of Ukraine must now become as historical an example for our time and future as the restoration of European countries after World War II… It will be an investment in the stability of all of Central and Eastern Europe. So that the aggressor knows that he will not break the power of Europe and freer nations that everything that was destroyed by the war will be restored,” Zelensky stressed.
He noted that freedom must demonstrate that it protects and provides people better than tyranny, which for decades has enjoyed a huge flow of money, the sale of oil, gas and other raw materials, which is why this conference is so important for everyone in Europe both strategically and in tactical terms.
Zelensky pointed out that Ukraine now retains full functionality, but needs sufficient financial resources “so that Ukrainian men and women are provided with everything necessary,” and in continuous work, the state, as the manager of these funds, will cover priority defense, social and humanitarian needs.
The President added that a large-scale recovery and reconstruction plan is already being prepared.
If this new Marshall Plan for Ukraine provides for quick and sufficient steps, he said, it will mean that millions of Ukrainians who have been displaced by the war will be able to return home.
“How this brutal war will end is decided not only on the battlefield, but also in matters of economy and finance, and humanitarian support, and in the ability to ensure a normal life in the liberated territories and restore what was destroyed by the Russian army,” Zelensky summed up. .
He added that Ukraine invites its partners – civilized and responsible countries – to take over the patronage of those regions, cities and industries of Ukraine that suffered from the war unleashed by Russia, in order to jointly ensure their full restoration.
“I believe that today Europe will show its strength, you will show your strength, including the strength of international institutions, the UN institutions, whose representatives are now with us … because this is for common freedom,” Zelensky concluded his speech.
