Marsh McLennan steps up to facilitate insurance access for Ukraine
Marsh McLennan steps up to facilitate insurance access for Ukraine | Insurance Business Canada
Insurance News
Marsh McLennan steps up to facilitate insurance access for Ukraine
Company will help develop a platform to enable insurers to underwrite war risks
Insurance News
By
Steven Byerley
Marsh McLennan has announced its collaboration with the Ukrainian government to facilitate access to the global insurance market.
In a pro-bono effort, Marsh McLennan will provide services to develop a risk data platform, enabling insurers to assess and underwrite war risks in Ukraine with increased confidence.
The initiative aligns with the recent London Conference Framework on War Risk Insurance for Ukraine, launched by UK Prime Minister Rishi Sunak. As part of this framework, the Ukrainian government has committed to sharing detailed information with the insurance industry, allowing for effective risk modelling and the revitalisation of the commercial insurance market.
Marsh McLennan will collaborate with the Ukrainian government and insurers to establish a platform that offers essential data for evaluating war risks in Ukraine. This will enable the insurance industry to provide commercial insurance coverage, unlocking investable capital and empowering insurers to assess risks more accurately. Marsh McLennan will contribute its services on a pro-bono basis.
This endeavour builds upon the proposals made by Marsh McLennan to the Ukrainian and G7 governments for the creation of a war risk insurance pool. Modelled after existing terrorism insurance pools in various G7 nations, this multinational public-private partnership aims to address war risk insurance needs.
“The announcement by the Ukrainian government, together with the support of the UK government, are important steps towards the recovery of the Ukrainian economy from this ongoing and devastating war,” said John Doyle, president and CEO of Marsh McLennan.
“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. I am proud that our colleagues are standing together with the people of Ukraine to help them to recover as quickly as possible.”
Oleksandr Griban, deputy minister of economy for Ukraine, 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.”
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