Advisory and broking services provider WTW has partnered with Ukrainian insurer Vu to launch a facility that provides coverage for cargo and war-on-land risks within Ukraine.
This facility, backed by the London market and led by Lloyd’s syndicate Markel, aims to bring certainty to businesses operating amidst the ongoing conflict.
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It covers both Ukrainian and foreign enterprises engaged in transporting goods and products within the Ukrainian border.
WTW said the facility took a year to develop and is now operational and accessible through both VUSO and WTW Ukraine.
WTW Ukraine head Vyacheslav Andriyko said: “We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine’s rebuilding efforts.”
VUSO CEO Andrii Artiukhov said: “VUSO offers a wide range of insurance products designed specifically to address the unique needs of businesses in providing protection against unforeseen situations, including war risks. This programme will allow us to expand the range of offers for our corporate clients to protect their cargo from war risks.”
In March this year, US insurer Marsh McLennan expanded its war risk insurance coverage for Ukraine.
The Unity insurance facility, a joint initiative with the Ukrainian Government and Lloyd’s, was expanded to include non-military shipments, broadening its scope beyond grain shipments to cover exports such as iron ore and steel.
With reduced premiums for hull and separate protection and indemnity war risk insurance, the initiative, initially launched in November 2023, aims to aid in maintaining global supply chain stability during the conflict.
