Aon and call on (re)insurance industry to aid Ukraine’s resilience
Sep 8, 2024
The firms emphasized that the removal of blanket exclusions would catalyze Ukraine’s growth and future reconstruction
Monte Carlo, September 8, 2024 – Aon and today called on the (re)insurance industry to build upon the capital, expertise and historical role of the (re)insurance industry to helpUkraine’s resilience by catalyzing economic growth and strengthening the country’s foundations for a post-conflict economy. The firms emphasized that the removal of blanketexclusions, which ignore the diversity of risk throughout the country, would further support Ukraine’s economy.
Additionally, since the start of the war, many global reinsurers have grouped risks originating in Ukraine, Russia, and Belarus together, excluding them from reinsurance contracts, limiting (re)insurance capital and impeding economic growth and stability. The inclusion of Ukraine with Russia and Belarus is not rooted in the data and analytics that drive the assessment of risk and overlooks that Ukraine, while under siege, seeks to further align as a free and democratic economy and member of the European Union.
“ 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,” said John Doyle, president and CEO of . “We call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.”
“Aon’s support of Ukraine leads us to look forward to its economic recovery,” said Greg Case, CEO of Aon. “Insurance capital is essential for the reconstruction of Ukraine’s health care, energy and agricultural sectors.We’re asking the insurance industry to look closely at Ukraine’s risks and work to strengthen the public private partnerships under development.”
and Aoneach are already working with the Ukraine, U.S. and UK governments, along with many other international organizations, to support Ukraine’s economy as it endures ongoing attacks and accelerate investment in the country’s eventual economic recovery.
In March, announced theexpansion of its public-private partnershipwith the Ukraine government to cover all shipping to and from Ukraine’s ports.This follows ’s support in helping the Ukraine Government develop itswar risk data platformwhich provides investors and (re)insurers with granular transparent data on the impact of the conflict to date anddegree of war risk.
In June, Aonworked with the U.S. International Development Finance Corporation to create to support war risk policies for businesses operating inUkraine.The availability of insurance for war risk, especially across health care and agriculture, will stimulate economic expansion and employment, while strengthening the foundation of Ukraine’s economy to support a robust reconstruction.
The firms assert that arbitrary exclusions for Ukraine contribute to confusion about the vastly different levels of risk in the country. As a result, there are potential issues with how (re)insurers underwrite risks between regions directly impacted by the war and many areas of central and westernUkraine which have suffered little to nowar damage. The use of data and analytics can enable more impactful insights into where insurance capital can contribute to Ukraine’s reconstruction and further economic growth.
Contacts:
Jason Groves
+44 (0)7733 325 587
jason.groves@mmc.com
Aon
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