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Ukrainian MP Lisa Yasko said current war risk insurance options in Ukraine are "bureaucratic" and cover only a fraction of the demand, and she called on Richard Verma, the new US envoy to the reconstruction of Ukraine, to help change that.
"The process for securing coverage from international agencies can be slow and bureaucratic, often taking many months," Yasko, a Ukrainian lawmaker and representative to the Parliamentary Assembly of the Council of Europe, wrote in an opinion piece in the Kyiv Independent's Monday edition.
"The recent appointment of the U.S. Special Representative for Ukraine’s Economic Recovery brings new optimism," she added. "This role is expected to play a pivotal part in galvanizing international coordination on war risk insurance."
She said Verma, who was appointed last month to replace Penny Pritzker, can help expand coverage and streamline the insurance process by working with US institutions such as the US International Development Finance Corporation (DFC) and USAID.
She also called for further action from institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
"These organizations are uniquely positioned to offer financial and structural support to local and international insurers, enabling them to provide larger-scale coverage, faster processing times, and more flexible terms," she wrote.
The implementation of this insurance model aligns with broader international efforts to secure private sector involvement in Ukraine's post-war recovery, according to Yasko.
Yasko wrote that developing and funding of war risk insurance programs that "allow Ukraine to unlock its full potential as a strategic economic player in Europe and the global market" is vital.
These insurance programs must target large, medium, and small businesses, offering a variety of insurance products to meet diverse needs, Yasko concluded.
