Aon and Marsh McLennan have issued a call to action for the reinsurance industry to leverage its capital and expertise to aid Ukraine’s economic resilience and recovery.
The companies are advocating for the removal of blanket exclusions that are currently hindering the country’s economic stability and growth.
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They stressed the importance of recognising the diverse risk landscape within Ukraine, as indiscriminate exclusions undermine the nation’s economic prospects.
Since the conflict’s onset, global reinsurers have often grouped Ukraine with Russia and Belarus, leading to reinsurance contract exclusions that restrict capital flow and economic progress.
Aon and Marsh McLennan argue that the inclusion of Ukraine with Russia and Belarus fails to reflect the actual risk assessment driven by data and analytics.
They point out that Ukraine, despite the ongoing conflict, is striving to align with the EU as a free and democratic economy.
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By GlobalDataMarsh McLennan president and CEO John Doyle said: “Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country, and recover from the devastating impact of war on its people and economy. We call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.”
Aon CEO Greg Case said: “Insurance capital is essential for the reconstruction of Ukraine’s healthcare, energy and agricultural sectors. We are asking the insurance industry to look closely at Ukraine’s risks and work to strengthen the public private partnerships under development.”
Both Aon and Marsh McLennan have been collaborating with the governments of Ukraine, the US and the UK, as well as various international organisations, to support the economy of Ukraine.
In March 2024, Marsh McLennan expanded its public-private partnership with the Ukrainian Government, ensuring coverage for all shipping to and from Ukraine’s ports.
This June, Aon partnered with the US International Development Finance Corporation to establish an insurance programme that underwrites war risk policies for businesses in Ukraine.
The availability of such insurance, particularly in the healthcare and agriculture sectors, is expected to spur economic growth and employment, thereby reinforcing the foundations of Ukraine’s economy for post-war reconstruction.
The companies contend that arbitrary exclusions for Ukraine lead to misconceptions about the varying levels of risk across the country.
This creates challenges for reinsurers when underwriting risks as there is a stark contrast between regions directly affected by the war and those in central and western Ukraine that have experienced minimal or no war damage.
