Aon and the European Bank for Reconstruction and Development launch innovative war risk insurance facility for Ukraine

PR Newswire12-12

Builds on Aon's efforts to support Ukraine's economy, insurance industry and preparation for reconstruction – representing more than $465M in public and private capital for war risk insurance New €110...

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New 110 million guarantee scheme through the EBRD to provide reinsurance capacity for international reinsurers and Ukrainian insurance companies to cover war related risks in Ukraine. Supports re-engagement of international reinsurers in the Ukrainian war insurance market and has attracted market interest with international reinsurer MS Amlin joined by three Ukrainian Insurance Companies: INGO, Colonnade and UNIQA. DUBLIN, Dec. 12, 2024 /PRNewswire/ --Aon plc, a leading global professional services firm, and the European Bank for Reconstruction and Development  have structured a tailor-made and highly innovative facility supporting the revitalization of the war risk insurance market in Ukraine. With support from Aon, the EBRD has launched a new guarantee designed to boost the provision of reinsur","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4559":"巴菲特持仓","GRO":"Brazil Potash Corp.","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","BK4588":"碎股","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","BK4173":"保险经纪商","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","BK4532":"文艺复兴科技持仓","AON":"怡安保险","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念"},"translate_title":"怡安与欧洲复兴开发银行为乌克兰推出创新战争险保险机制","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRO":1,"AON":0.9},"content_text":"Builds on Aon's efforts to support Ukraine's economy, insurance industry and preparation for reconstruction – representing more than $465M in public and private capital for war risk insurance\nNew €110 million guarantee scheme through the EBRD to provide reinsurance capacity for international reinsurers and Ukrainian insurance companies to cover war related risks in Ukraine\nSupports re-engagement of international reinsurers in the Ukrainian war insurance market and has attracted market interest with international reinsurer MS Amlin joined by three Ukrainian Insurance Companies: INGO, Colonnade and UNIQA\n\nDUBLIN, Dec. 12, 2024 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, and the European Bank for Reconstruction and Development (EBRD) have structured a tailor-made and highly innovative facility supporting the revitalization of the war risk insurance market in Ukraine. With support from Aon, the EBRD has launched a new guarantee designed to boost the provision of reinsurance capacity to private sector insurers, addressing the ongoing challenges posed by the war.\nUnder the new €110 million Ukraine Recovery and Reconstruction Guarantee Facility, the EBRD will support global reinsurance companies through a guarantee covering losses on specific war-related risks underwritten by local Ukrainian insurers. The structure seeks to leverage existing market infrastructure and tested risk transfer mechanisms from the insurance industry to provide the protection private sector investors require. \nRussia's full-scale invasion of Ukraine in February 2022 has led to a significant reduction of reinsurance capacity available to the market, as international reinsurers have largely withdrawn from Ukraine. This left local insurers considerably limited in their ability to offer commercial war risk insurance products. By making war risk insurance more accessible, the facility will stimulate business activity and economic growth, paving the way for Ukraine's recovery and reconstruction.\nThe first-of-its-kind program is designed as an open platform that can transact with different insurance market participants that seek to benefit from the guarantee. The global speciality reinsurer MS Amlin is the first international reinsurance partner to join the EBRD facility. The structure allows MS Amlin to transfer reinsurance exposure off their balance sheet, which enables the UK-based reinsurer to re-engage with Ukrainian insurers and provide the much-needed war risk cover.\nThe Ukrainian insurance companies INGO, Colonnade and UNIQA are among the first local market participants who will be actively driving the expansion of the product in the Ukrainian market. Given their wide distribution network, it is expected that the facility will enable the provision of war risk coverage to businesses and small and medium-sized enterprises at scale.\nInitially, the scheme will cover inland cargo, motor vehicle damage, and railway rolling stock, with the flexibility to expand to a broader range of assets based on evolving market demand. As such, insurance policies are generally short-term, the facility will be able to recycle capital and provide coverage for a multiple of the guarantee amount, depending on the number of policies sold and the frequency of claims. Based on this approach, the EBRD's guarantee may insure up to EUR 1 billion worth of goods and vehicles in transit each year, driving significant economic impact.\nThe 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.\nMoreover, EBRD and Aon have coordinated closely with the Ukrainian Ministry of the Economy and the National Bank of Ukraine to ensure the provision of war risk insurance policies to Ukrainian companies and to further strengthen the Ukrainian economy. The facility is designed to be complementary of facilities offered by other international organizations and the Ukrainian government.\nOdile 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.\"\nGreg Case, CEO of Aon, said: \"Aon's steadfast commitment to Ukraine compels our firm to continue to identify new opportunities for businesses to invest in the country during the ongoing war. This innovative new facility in collaboration with the European Bank for Reconstruction and Development further enhances the stability of the insurance market in Ukraine and strengthens the foundation for economic resiliency and growth.\"\nMartin Burke, Chief Underwriting Officer, MS Amlin, said: \"We are proud to support this innovative solution, providing much needed reinsurance capacity to help the domestic Ukrainian insurance market rebuild itself and support local businesses and clients. One could not find a better expression of our company purpose, providing continuity in uncertain times, than through our commitment to this scheme.\"\nYulia Svyrydenko, first Deputy Prime Minister, Minister of Economy of Ukraine said: \"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.\"\nThis latest announcement with the EBRD builds on Aon's work over the last year to support Ukraine's economy, insurance industry and preparation for reconstruction – representing more than $465M in public and private capital for war risk insurance. In June 2024, Aon worked with the U.S. International Development Finance Corporation to create a first-of-its-kind insurance program to support war risk policies for businesses operating in Ukraine. The firm also called on the (re)insurance industry to remove blanket exclusions for risks originating in Ukraine, Russia, and Belarus in order to help Ukraine's resilience and catalyze economic growth.\nSince February 2022, the EBRD has deployed €5 billion in Ukraine, focusing on supporting energy security, vital infrastructure, food security, trade and the private sector, alongside key policy reforms. The EBRD's Board of Governors approved in 2023 a capital increase of €4 billion to support investment both in wartime and reconstruction. \nAbout AonAon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.\nFollow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon's newsroom and sign up for news alerts here.\nMedia Contactmediainquiries@aon.comInternational: +1 312 381 3024Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114\n\n\n\nSOURCE Aon plc","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490872077"}