Marsh McLennan ignites Ukraine’s leap into global insurance market
Global broker Marsh McLennan (MMC) has said it will work with the Ukrainian government and insurers to help it unlock access to the global insurance market, by creating a platform that provides the data needed for assessment of war risks in the country.
MMC 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 in Ukraine.
The announcement follows the recent launch of the London Conference Framework on War Risk Insurance for Ukraine by UK Prime Minister Rishi Sunak. As part of that, 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.
Marsh McLennan believes its initiative will better position the industry to start offering commercial insurance cover thus unlocking investible capital. The platform will provide access to the necessary data to allow insurers to assess risks meaningfully and enhance their willingness to enter the market. This work will be provided on a pro-bono basis by Marsh McLennan.
It follows the proposals that Marsh McLennan has made to Ukrainian and G7 governments for the creation of a war risk insurance pool, which would be a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in several G7 nations.
John Doyle (pictured), 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.”
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