Companies refuse to insure against political risks in Ukraine
Kyiv, December 04 (Navigator, Vladimir Mikhailov) – Insurance companies refuse to insure against political risks in Ukraine due to the situation in the country.
Vyacheslav Andriyko, General Director of Willis Insurance Ukraine, stated this at a conference on investment issues.
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According to him, out of 41 insurance companies that were engaged in, among other things, insurance against political risks, 37 refused to do this, as well as to conduct research related to such insurance. Only four companies can now provide such a service, and only to a limited extent.
According to Beit K Toms, managing partner of B.C. Toms & Co., companies are refusing to insure political risks not only because of the difficult situation in the country. Another reason is the country’s inability to manage the funds raised.
“Ukraine, having received multibillion-dollar loans, cannot skillfully manage this money, so insurers do not want to insure political risks. Many people who have money now are afraid to invest in Ukraine,” says Beit K Toms.
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