Year: 2026
Type: article
Abstract: The article is devoted to war risks as an object of insurance in the field of business, which have a complex, public-law and private-law nature. It is proved that they cannot be adequately regulated exclusively within the framework of the dispositive norms of the Civil Code of Ukraine, since it requires institutional support and the involvement of public finances. The economic and legal approach to this problem proves the need for a three-level model (local insurers – state pool / ECA – international institutions MIGA/DFC), which allows to realize the stimulating function of law, transforming the “toxic” military factor into a predictable and insured business case, which is the only way to attract private capital to the reconstruction of Ukraine. War risk cannot be an ordinary commercial commodity on a free market, and its destroyers (higher price, limited coverage, legal traps with distances) are a direct result of trying to solve the problem through the prism of a purely private-law contract. The only way out of this systemic crisis is the institutionalization of a public-private partnership, where the state at the legislative level (through the Specialized Pool and the strict standards of the NBU) will establish unified (“template”) rules of the game for military policies, prohibit discriminatory territorial reservations for front-line zones, and assume coverage of catastrophic losses at the upper level. It has been established that the prospects for the development of legislation lie in the adoption of a special Law of Ukraine “On the System of Insurance of Military and Political Risks”, which should finally overcome the definitive vacuum of the transitional period of codification, normatively consolidate the status of the National Pool of Reinsurance of Military Risks, determine clear boundaries of state responsibility and simplify the procedures for verification and assessment of military losses for the non-banking financial sector.
Source: Constitutional State
Author: O. R. Hofman
Institution: National University Odesa Law Academy
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7221908574