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NBU Calls on Foreign Reinsurers to Support Ukrainian Insurance Market

NBU Calls on Foreign Reinsurers to Support Ukrainian Insurance Market

The National Bank of Ukraine has addressed foreign reinsurers and asked them to support the Ukrainian insurers, in particular, through postponement of payments under reinsurance agreements and/or extension of reinsurance coverage in the case of expiration of these agreements. This is stated in the NBU’s open letter to foreign reinsurers

Some insurers of Ukraine are now deprived of opportunity to fulfill obligations under their reinsurance contracts and pay timely the reinsurance premiums, as they have to operate under the martial law introduced throughout Ukraine due to the military aggression of the Russian Federation against Ukraine and comply  with the restrictions on the FX market imposed by the National Bank of Ukraine on 24 February 2022.

“Ukraine is grateful to international partners for the support in the struggle for independence and territorial integrity of our country during the time of armed aggression by the Russian Federation. We count on your help in these hard times,” said Sergiy Nikolaychuk, Deputy Governor of the National Bank of Ukraine.

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Open letter to nonresident reinsurance partners of Ukrainian insurers
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