Requirements for the approval of management and members of the supervisory board, the board of insurers and employees responsible for key areas in Ukraine are now much more complex and stringent than in European countries, Director General of the Insurance Business Association (IBA) Viacheslav Cherniakhovsky said.
If the state decides to participate in insurance of war risks, it can partially compensate the costs of insurance payments to ship owners or exporters using the usual market mechanisms - through commercial insurance in Ukrainian insurance companies, which will be cheaper, more transparent and will not create uncertain risks for a very deficit budget of 2023, according to a press release from the Insurance Business Association.