Aon & Marsh urge re/insurance industry to aid Ukraine’s resilience

In a joint statement, Aon and Marsh McLennan have called on the re/insurance industry to aid Ukraine’s resilience by facilitating economic growth, chiefly through the removal of blanket exclusions.

According to the two firms, blanket exclusions ignore the diversity of risk throughout the country, preventing support for 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,” Aon explained.

The inclusion of Ukraine with Russia and Belarus is reportedly not rooted in the data and analytics that drive the assessment of risk and overlooks that Ukraine seeks to further align as a free and democratic economy and member of the European Union.

John Doyle, president and CEO of Marsh McLennan, commented, “Marsh McLennan 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.

“We call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.”

Greg Case, CEO of Aon, said, “Aon’s support of Ukraine leads us to look forward to its economic recovery. 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.”

It is well known that Marsh McLennan and Aon are already working with the Ukraine, U.S. and UK governments, along with many other international organizations, to support Ukraine’s economy.

In June, Aon collaborated with the U.S. International Development Finance Corporation on a $350 million insurance program designed to accelerate new capital investments and economic recovery in Ukraine.

Meanwhile, in March, Marsh, in collaboration with the Ukrainian government and Lloyd’s, announced the expansion of its Unity insurance facility to cover war risk insurance for ships carrying all non-military cargo.

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