The Ministry of Agrarian Policy and Food of Ukraine, in collaboration with insurance companies, the agribusiness sector, and relevant government agencies, is developing additional mechanisms for insurance protection of port logistics and agricultural products against military risks, the ministry’s press service reported.
Taras Vysotsky, Minister of Agrarian Policy and Food of Ukraine, noted that the extent of damage to port infrastructure, logistics facilities, and agricultural products resulting from the recent massive attacks requires further improvement of existing support mechanisms.
“Maritime exports are critical for Ukraine’s agricultural sector and economy. Amid intensifying Russian attacks, businesses must have clear and accessible protection tools,” the minister’s press service quoted him as saying.
Meeting participants paid particular attention to state mechanisms for supporting businesses in the area of military risk insurance, which are implemented by the Export-Credit Agency of Ukraine.
Currently, companies can take advantage of two instruments. The first is partial compensation for the cost of property damaged or destroyed as a result of armed aggression by the Russian Federation. The maximum compensation amount is up to 30 million hryvnias for companies operating in 10 high-risk regions.
The second instrument is compensation for insurance premiums under military risk insurance policies. The state compensates for the portion of the insurance cost exceeding 1% of the insurance rate, up to 3 million UAH, which allows businesses to significantly reduce the cost of insuring their production assets.
The Ministry of Agrarian Policy noted that the stable operation of the Ukrainian Maritime Corridor is critically important for the agricultural sector, as it ensures the export of products, foreign currency inflows to the budget, and supports global food security. Since the corridor opened in August 2023, 209 million metric tons of cargo have been exported through Ukrainian ports, of which 123 million metric tons were grain products.
Agricultural exports, INSURANCE, MINISTRY OF AGRARIAN POLICY, of which 123 million metric tons were grain products., PORT, PORTS, ЭКА
