UNITY insurance instrument makes it possible to halve insurance rates in commercial market for transportation by Ukrainian maritime route

Thanks to the UNITY insurance instrument, insurance rates on the commercial market for transportation by Ukrainian maritime route have been halved, while the rate for insurance of agricultural products is now 0.75%.

"Expanding insurance to all non-military cargo, such as container shipping, iron ore, steel, is extremely important for Ukraine, especially given the increased export opportunities for metallurgical products, since this sector was hit hard by the full-scale invasion. Ship insurance can also support efforts to increase export volumes all non-commodity products. Since strengthening the processing industry and developing non-commodity exports are priorities for the government to strengthen economic sustainability," said First Deputy Prime Minister, Minister of Economy of Ukraine Yulia Svyrydenko, whose words are given on the ministry's website.

The decision, which will expand Ukraine's export opportunities, was announced on March 1 in London during the visit of the Ukrainian delegation led by Svyrydenko to the UK.

The UNITY affordable ship insurance program, run by Marsh McLennan and Lloyd's of London in cooperation with the Ukrainian government, is being significantly expanded to cover not only maritime grain and other essential food commodities, but also ships carrying all non-military cargo such as iron ore, steel and containerized cargo.

"Marsh McLennan supports Ukraine, helping it attract global investment to rebuild the country and rebuild its economy. We are pleased to expand our public-private partnership with the Ukrainian government. The solution will provide exporters with lower premiums to transport a wider range of goods through the Black Sea trade routes and large economic benefits for Ukraine," said Marsh McLennan President and CEO John Doyle, whose words are quoted in the report.

As reported, all international brokers have access to the UNITY insurance instrument, which ship owners and Ukrainian exporters can contact.