EBRD and Aon launch military risk insurance program for Ukraine.
EBRD and Aon launch a program to restore the market for military risk insurance in Ukraine
The European Bank for Reconstruction and Development (EBRD) and the global insurance and reinsurance broker Aon have announced the launch of a specialized program to restore the market for military risk insurance in Ukraine. The EBRD provides guarantees of 110 million euros.
'The bank's partnership with Aon will contribute to restoring the activity of international reinsurance companies in the Ukrainian military insurance market. The Bank's new guarantee will improve access for private sector insurance companies to reinsurance, which will help overcome current challenges caused by the war,' EBRD stated.
The program involves the international reinsurance company MS Amlin and Ukrainian insurance companies 'INGO', Colonnade, and UNIQA. The initiative is supported by donors, including France, Great Britain, Norway, and the Taiwan-EBRD Technical Cooperation Fund.
The EBRD will provide international reinsurance companies with a guarantee of 110 million euros, covering certain war-related risks insured by Ukrainian insurance companies. The program will utilize existing market infrastructure and mechanisms of the insurance sector to ensure protection for private sector investors.
The new program is the first of its kind and will operate as an open platform, providing access to guarantees for various participants in the insurance market. The international reinsurance company MS Amlin became the first international partner to join the program. This British company will be able to reduce its liabilities in the market, allowing it to continue collaborating with Ukrainian insurance companies on military risk insurance.
Program expansion is anticipated
At the initial stage, the program relates to insurance for ground cargo transportation, damage to vehicles, and railway rolling stock. In the future, there are plans to expand to other types of property based on market needs.
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