Ukraine War Risk Insurance Act

The Ukraine War Risk Insurance Act would create a temporary program to provide war risk insurance or reinsurance for certain commercial vessels that import goods to, or export goods from, Ukraine. The bill aims to facilitate Ukraine’s trade and support its economic recovery by making it easier for shipping companies to insure vessels operating in or around Ukraine, for up to five years from enactment. It would establish a new Insurance for Ukraine Initiative within the State Department to coordinate international participation, encourage allies to finance Ukraine’s recovery, and promote grain shipments. The bill also requires periodic reporting to Congress and calls for diplomatic efforts to secure broad international support, including a multilateral insurance mechanism through the UN FAO. In short, the bill proposes a temporary government-backed or government-supported insurance framework to reduce war-related risk for ships trading with Ukraine, while leveraging international cooperation and diplomacy to sustain Ukraine’s economic activity and grain exports.