An assessment of the problems of ensuring the functioning of insurance protection against the risk of military operations and the prospects for the development of military risk insurance in Ukraine was carried out. It has been determined that insurance companies usually do not compensate losses due to hostilities, considering it to be force majeure (circumstances of force majeure), and therefore do not recognize such damage as an insured event. Insurance of military risks is carried out under special programs and its application was practically non-existent in Ukraine. It is substantiated that the huge scale of destruction caused by the Russian military invasion of Ukraine actualized the need to develop a mechanism for covering military risks and obtaining compensation for losses from hostilities. The introduction of effective war risk insurance mechanisms will contribute to a significant acceleration of the process of attracting investments to the Ukrainian economy.