Marsh McLennan (Marsh) has announced that it will work with the Ukrainian government to help it access the global insurance market.
As part of the support, Marsh will provide services on a pro-bono basis to design and deliver a risk platform to allow insurers to assess and underwrite war risks in the country.
The launch of Marsh’s initiative follows the launch of the London Conference Framework on War Risk Insurance for Ukraine by UK Prime Minister Rishi Sunak on 21 June.
As part of that announcement, the Ukrainian government committed to sharing detailed information with the insurance industry to enable effective and targeted risk modelling to rebuild its commercial insurance market.
The mandate comes after Marsh published proposals to the Ukrainian and G7 governments to create war risk insurance pools. This would be a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in several G7 nations.
Commenting on Marsh’s announcement, John Doyle, president and CEO of Marsh, says: “The announcement by the Ukrainian government, together with the support of the UK government, are important steps towards the recovery of the Ukrainian economy from this ongoing and devastating war. Our support for this important project builds on the work we have been doing with Ukraine this year to evaluate options for war risk insurance.”
In addition, Aon and Lloyd’s of London (Lloyd’s) have collaborated with Vienna Insurance Group (VIG) to provide (re)insurance capacity in Ukraine to support its reconstruction process.
As part of this UK-Ukraine private finance partnership, Aon and Lloyd’s will allow Ukraine fast-track access to supplementary foreign (re)insurance capacity. This will support both international and domestic companies operating in the region with manufacturing and construction risk exposure, excluding war cover. VIG is one of the largest insurers operating in Ukraine.
Commenting on the collaboration, Dominic Christian, global chairman of reinsurance solutions, Aon, says: “This commitment from Lloyd's, VIG and Aon brings together the insurance industry’s proven expertise in innovative risk management and capital solutions. So with urgency and energy we will help to restore social well-being to citizens, communities and corporations in Ukraine.”
