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Arsenal Insurance Insures a Kyiv Business Center Against War Risks
In early May, Arsenal Insurance signed an agreement to provide war-risk insurance coverage for a business center in Kyiv. Reinsurance was placed with Lloyd's syndicates in London. The contract provides coverage of more than $2 million. The property insurance contract covers the full range of risks under the PVI model.
Under this model, missile and drone strikes are just part of the coverage — it also protects against any risks tied to violence arising from an escalating military-political situation. The property is insured against terrorist acts, sabotage, mass unrest, and damage from revolutions, uprisings, riots, and coups. Even a direct hit from a tank round, artillery shell, or RPG is covered.
During wartime, insuring large real estate assets against war risks is difficult — either because foreign reinsurance costs are prohibitively high, or because it's unavailable at all. Foreign reinsurers typically price war risk on real estate at tens of percent of the asset's value. In this case, Arsenal Insurance managed to secure war-risk coverage for its client from the leading reinsurance market, Lloyd's, at a rate many times lower than usual.
As long as the full-scale war continues, insuring large real estate assets against war risks will remain expensive. But this deal shows that opportunities to secure favorable terms in leading reinsurance markets still exist — and that Ukrainian insurers remain able to provide clients with financial security during wartime.
