Marsh McLennan is working with the Ukrainian government to support it with access to war risks cover. As part of the support, it will provide services on a pro-bono basis to design and deliver a risk data platform that will allow insurers to assess and underwrite war risks with greater confidence.

The announcement follows the launch of the London Conference Framework on War Risk Insurance for Ukraine by UK prime minister Rishi Sunak. As part of that announcement, the Ukrainian government committed to sharing detailed information with the insurance industry to enable effective and targeted risk modelling to rebuild its commercial insurance market.

John Doyle, president and CEO of Marsh McLennan, said: “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. 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 of Ukraine, added: “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.”

This latest development follows the proposals that Marsh McLennan made to Ukrainian and G7 governments for the creation of a war risk insurance pool -- a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in several G7 nations.

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