EBRD and Aon Launch €110 Million War Risks Insurance Facility in Ukraine
12.12.2024 | 11:00 | Section for Public and Mass Media RelationsThe European Bank for Reconstruction and Development (EBRD) and Aon, a global insurance and reinsurance broker, have announced the launch of the €110 million Ukraine Recovery Guarantee Facility (URGF). This initiative aims to provide reinsurance support to international reinsurers and Ukrainian insurance companies, covering war-related risks in Ukraine.
EBRD and Aon are introducing a specialized program to expand the war risk insurance market in Ukraine. Under this initiative, the Bank will support international reinsurers by offering a guarantee to cover losses related to specific war risks.
“We are sincerely grateful to the EBRD and all parties involved in launching this insurance mechanism. The market has been eagerly anticipating it. I am confident that this mechanism will provide much-needed support for small and medium-sized businesses, which have been severely affected by the war. It will help attract investments into the Ukrainian economy and serve as a signal to other market players that new insurance mechanisms can and should be implemented, as there is clear demand from the private sector”, the First Deputy Prime Minister, Minister of Economy of Ukraine Yuliia Svyrydenko noted.
Odile Renaud-Basso, President of the EBRD said: “This is a significant milestone for Ukraine and a testament to the EBRD’s unwavering commitment to supporting the country’s real economy. The EBRD’s guarantee will enable private sector reinsurers to re-engage on Ukrainian war risk and build a resilient insurance market in Ukraine. This is crucial to giving businesses confidence that their assets are protected, which in turn will unlock and accelerate investment in Ukraine.”
The facility is initially backed by France, the United Kingdom, Norway and TaiwanBusiness – EBRD Technical Cooperation Fund. Additional donor support has been pledged by the European Union and Switzerland. Further donor contributions will enable the growth of the EBRD guarantee over time.
Initially, the program will cover insurance for cargo, vehicles, and rail assets, with plans for expansion to other assets. This guarantee is expected to facilitate the insurance of goods and vehicles in transit worth over €1 billion annually.
MS Amlin is the first international partner to join the program, alongside Ukrainian insurers INGO, Colonnade, and UNIQA, which will leverage their networks to expand war risk insurance coverage for businesses and SMEs.
The program is the result of close collaboration among the Ministry of Economy of Ukraine, the National Bank of Ukraine, the EBRD, and Aon. It complements other initiatives by international organizations and the Ukrainian government.
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