Raiffeisen Bank is the first Bank in Ukraine to launch a mass product for insuring corporate clients' property against war risks

Raiffeisen Bank, the largest Ukrainian bank with foreign investments, has introduced a new service for business clients aimed at insuring various types of property against war risks. Insurance Companies will provide insurance coverage for the property that will allow the Bank to pledge such assets as collateral while providing financing.

The product is new to the market and was developed in collaboration with the global professional services firm Aon and Ukrainian insurance companies ARX, Universalna and INGO.

Thanks to the war risk insurance tool, Ukrainian companies will be able to minimize risks associated with implementing investment projects, attract additional financing, and reduce risks related to the loss or damage of property caused by military actions.

The use of this new instrument will allow insuring real estate, equipment, and goods in circulation from the consequences of military actions. Companies of both small and large businesses can now avail themselves of war risk insurance by contacting the bank or Aon. During the year it is planned to form an insurance portfolio of approximately 1 billion UAH within a year in the areas of agriculture, processing, extraction, retail, pharmaceuticals, energy, and fuel.

"For Ukrainian businesses, the instrument of war risk insurance has been long-awaited due to the ongoing war for the third year. And Raiffeisen Bank, as the largest foreign creditor to the Ukrainian economy, is the first to introduce such an instrument to the market,” said Oleksandr Pysaruk, CEO of Raiffeisen Bank. “Together with our insurance partners, we are making our contribution to strengthening the Ukrainian economy. Aon also brought global experience, including in countries where wars are taking place. We hope that our cooperation will inspire other international companies to invest more in Ukraine, give more confidence in the future for local companies, expand their access to financing, and soon more similar products will be introduced to the market. All this contributes to the recovery of Ukraine's economy already now."

Oleksandr Pysaruk also sincerely thanked to The USAID Investment for Business Resilience Activity Project for providing technical expertise in the preparation of new insurance product.

During the presentation of the new product, representatives of Raiffeisen Bank, Aon, and insurance companies ARX, Universalna and INGO ceremoniously signed a memorandum of cooperation to offer war risk insurance. The agreement is open for other Ukrainian insurance companies to join after accreditation by the bank and insurance broker.