Reinsurance News

Marsh McLennan to help Ukraine access global insurance market

22nd June 2023 - Author: Kassandra Jimenez-Sanchez

Re/insurance brokerage, Marsh McLennan, has announced it will work with the Ukrainian government to help it unlock access to the global insurance market.

ukraine-flagAs part of the support, the broker said it will provide services on a pro-bono basis to design and deliver a risk data platform that will allow insurers to assess and underwrite war risks in the country with greater confidence.

This will better position the industry to start offering commercial insurance cover thus unlocking investable capital.

The Ukrainian government has committed to sharing detailed information with the insurance industry to enable effective and targeted risk modelling to rebuild its commercial insurance market, Marsh McLennan noted.

This was announced during the launch of the London Conference Framework on War Risk Insurance for Ukraine.

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The news follows the proposals that Marsh McLennan has made to Ukrainian and G7 governments for the creation of a war risk insurance pool.

According to the broker, this would be a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in several G7 nations.

John Doyle, President and CEO of Marsh McLennan, said: “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. I am proud that our colleagues are standing together with the people of Ukraine to help them to recover as quickly as possible.”

Oleksandr Griban, Deputy Minister of Economy of Ukraine, added: “Accessing the global insurance market is vital to begin the long road to recovery for our economy. This support from Marsh McLennan is a crucial step in helping us to attract the investment that we need to rebuild and grow strong.”

Marsh McLennan has become one of the latest companies in the re/insurance industry to provide services for Ukraine’s recovery.

Global professional services firm Aon and Lloyd’s have previously announced a collaboration with Vienna Insurance Group (VIG) that aims to bolster Ukraine’s economic resilience and support the country’s recovery and reconstruction.

They have committed to deliver fast-track access to supplementary foreign re/insurance capacity, in order to support both international and domestic companies operating in Ukraine, with manufacturing and construction risk exposure, excluding war cover.

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