The European Bank for Reconstruction and Development (EBRD) and Aon have introduced the €110m ($115.16m) Ukraine Recovery and Reconstruction Guarantee Facility to support Ukraine’s economy amid its ongoing war with Russia.
The facility aims to “revitalise” the war risk insurance market in Ukraine by boosting the reinsurance capacity to private sector insurers.
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MS Amlin is the facility’s first international reinsurance partner, joined by three Ukrainian participants: INGO, Colonnade and UNIQA.
Initially targeting inland cargo, motor vehicle damage and railway rolling stock, the scheme has the potential to insure up to €1bn worth of goods and vehicles in transit annually.
Ukraine Minister of Economy and First Deputy Prime Minister Yulia Svyrydenko said: “I am confident that this mechanism will provide much-needed support for small and medium-sized businesses, which have been severely affected by the war.”
Backed by France, the UK, Norway and TaiwanBusiness–EBRD Technical Cooperation Fund, with additional support from the EU and Switzerland, it is expected to be bolstered by further donor contributions.
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By GlobalDataThis builds on Aon’s prior efforts to support Ukraine’s economy and insurance sector, which includes facilitating more than $465m (£368.25m) in public and private capital for war risk insurance since the conflict’s escalation.
EBRD president Odile Renaud-Basso said: “The EBRD’s guarantee will enable private sector reinsurers to re-engage on Ukrainian war risk and build a resilient insurance market in Ukraine.”
Aon CEO Greg Case said: “This innovative new facility in collaboration with the European Bank for Reconstruction and Development further enhances the stability of the insurance market in Ukraine and strengthens the foundation for economic resiliency and growth.”
In June 2024, Aon collaborated with the US International Development Finance Corporation (DFC) to establish an insurance programme supporting war risk policies for businesses in Ukraine and last month brokered a transaction on DFC’s behalf for a $50m political risk reinsurance facility.
