Lloyd’s Lab insurtech company FortuneGuard employs official data on projectiles fired into Ukraine to evaluate the potential for war-related damage. Credit: Milan Sommer/Shutterstock.

McGill and Partners has introduced a war risk reinsurance facility specifically designed for commercial property in Ukraine, in collaboration with FortuneGuard. 

This offering is the “first of its kind” to utilise AI-powered technology, aiming to improve the underwriting process for commercial property risks in the region. 

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Lloyd’s Lab insurtech company FortuneGuard employs official data on projectiles fired into Ukraine to evaluate the potential for war-related damage, which aids in risk presentation, analysis and underwriting.  

McGill crisis management head Hamish Greenwood stated that seven companies in London have agreed to provide coverage under the programme, reported Reuters. 

McGill also collaborated with local Ukrainian insurance provider ARX to develop a product that offers coverage of up to $50m per risk, supported by various Lloyd’s syndicates.  

This coverage extends to properties situated more than 100km from the conflict’s front line. 

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Reinsurers are set to work in tandem with ARX to issue quotes to prospective clients within the month. 

McGill founder and CEO Steve McGill CBE said: “Providing critical coverage for businesses in Ukraine, the launch of this groundbreaking facility marks a significant milestone in supporting Ukraine’s economic recovery and resiliency. 

“By harnessing the power of AI and comprehensive datasets, we have been able to take a more informed approach to presenting and underwriting risk.” 

FortuneGuard CEO and founder Oleksii Omelianchuk said: “By leveraging cutting-edge AI-driven analytics, local expertise and comprehensive data, we can provide affordable and scalable coverage for businesses and investors operating in Ukraine. Developed with input from Lloyd’s experts, this initiative not only secures assets but also provides the confidence businesses need to continue operating and rebuilding in these challenging times.”  

Last month, the European Bank for Reconstruction and Development and Aon introduced the €110m ($115.16m) Ukraine Recovery and Reconstruction Guarantee Facility to support the Ukrainian economy.