By KYIV. May 10 (Interfax-Ukraine) – Most insurance companies in Ukraine have managed to adapt to the challenges of the war and continue their activities, conscientiously fulfilling their obligations to customers, Viacheslav Cherniakhovsky, the general director of the Insurance Business association, noted during the annual conference held by the Swedish insurance association Insurance Sweden.
According to a press release from the association, this year’s conference was dedicated to the role of insurance in wartime.
In his speech, Cherniakhovsky outlined the key problems that insurance companies faced during the full-scale war, including damage, occupation and destruction of offices, extremely difficult working conditions for workers who often had to work in shelters, problems with electricity, communications and the Internet. In addition, the companies experienced a significant negative impact because some employees of the companies were injured during missile and artillery attacks, ended up in the temporarily occupied territories, someone has been there for more than a year, many were drafted into the defense forces or went to the territorial defense, some have gone missing.
He also noted that the general stress resistance of Ukrainians, the skills of remote work and the high level of digitalization of the industry were useful to maintain the work of the industry.
According to him, the role of insurance in the post-war reconstruction of Ukraine will be one of the most important, since the arrival of investors and investments is possible only if there is insurance protection, including against war and related risks. In addition, during the war, the standard of living of people fell, so the ability to insure oneself against significant financial losses will be important for citizens and entrepreneurs of the country. According to the association’s experts, even if the war ends this year, the insurance market will return to the level of 2021 only in 4-5 years, subject to the availability of nationwide economic development programs and strong international assistance for recovery.
