The initiative is aimed at unlocking capital to rebuild Ukraine. Credit: Stanislavskyi via Shutterstock.

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US-based insurance company Marsh McLennan has announced plans to work with the Ukrainian Government to enable access to the global insurance market.

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The insurer’s announcement follows the launch of the London Conference Framework on War Risk Insurance for Ukraine.

Launched by UK Prime Minister Rishi Sunak, the framework aims to mobilise risk capital from the insurance and reinsurance markets and support the growth of private investment to help reconstruct Ukraine.

As part of that initiative, the Ukrainian Government has pledged to provide information to facilitate effective and targeted risk modelling to restore its commercial insurance market.

Marsh McLennan will collaborate with the government and insurers to build a platform to provide data for assessing the war risks in the country.

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The data-sharing platform aims to facilitate commercial insurance coverage by offering information to help insurers make informed decisions, freeing up investable capital.

Marsh McLennan president and CEO John Doyle said: “The announcement by the Ukrainian Government, together with the support of the UK Government, is an important step 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.”

Marsh McLennan will work on this project on a pro-bono basis.

Ukrainian Deputy Minister of Economy Oleksandr Griban said: “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.”