The growing likelihood of terrorist attacks in Ukraine means there is a need to develop terrorism risk insurance and seek to reinsure such risks, Director of Dominanta insurance company Oleksiy Rumiantsev has said.
He said that demand for terrorism risk insurance would exist, as terrorism risks remain in the country.
The expert said that there is no system for assessing the cost of
life in the country, which considerable complicates the involvement of
insurance companies in covering expenses appearing due to terrorists’
attacks.
Rumiantsev said that taking into account international experience,
insurance companies could become an element of counterterrorist
measures. He said that only the state provides for the financial support
of social standards of life for Ukrainians who have disabilities.
“I think that the issue of including terrorism risk insurance in
mandatory types of insurance is a debatable one. It is realistic to
maintain persons who received disabilities due to terrorists’ attacks
via insurance companies, this will significantly cut the burden on the
state and this means that the state will be able to improve social
standards for citizens with disabilities from birth,” the press service
said, citing Rumiantsev.
He said owners of retail outlets, concert halls, stadiums and other
crowded places should introduce terrorism risk insurance as mandatory
option.
Commenting on the standardization of a mechanism for defining the
insurance sum in case of a terrorists’ attack in crowded places or
during crowded events, it is required to assess the value of life of
people in Ukraine.
He said that the approach to this could be phased: starting with a
certain sum, it will be gradually increased if the state guarantees,
designs, introduces and assesses social standards.
Dominanta Insurance Society was founded in 2007. The insurer is an
associated member of the Motor Transport Insurance Bureau of Ukraine
(MTIBU), a member of Agricultural Insurance Pool and the Anti-Terrorist
Insurance Pool.
The company provides a wide range of insurance and risk management
services based on 32 licenses and offers over 100 insurance programs to
its clients. Dominanta currently has 24 regional offices and 250 sales
centers in all regions of Ukraine.
