’We can help strengthen Ukraine’s economic resilience as it recovers and rebuilds,’ says chief executive
Aon and Lloyd’s of London have formed an insurance collaboration with Vienna Insurance Group (VIG) to support Ukraine’s recovery and reconstruction efforts.
A statement released today (21 June 2023) said that as part of the UK-Ukraine Private Finance Partnership, Lloyd’s and Aon have committed to deliver fast-track access to supplementary foreign reinsurance capacity following Russia’s invasion of the country.
This will support international and domestic companies operating in Ukraine with manufacturing and construction risk exposure – this excludes war cover.
Meanwhile, VIG, which operates in Ukraine, will provide both treaty and facultative reinsurance that will allow increased capacity for their local and international clients that need insurance for manufacturing and construction activities.
John Neal, chief executive of Lloyd’s, said: “Lloyd’s is committed to supporting the reconstruction of Ukraine through this new collaboration with Aon and VIG.
“By ensuring the country’s insurance market has the necessary capital to lead on insurance solutions for its customers, backed by the financial might of the international reinsurance industry, we can help strengthen Ukraine’s economic resilience as it recovers and rebuilds.”
This came after Lloyd’s and Aon launched a joint report urging the insurance industry to help rebuild customer resilience following the conflict in Ukraine.
Dominic Christian, global chairman of reinsurance solutions at Aon, noted that the new partnership was a “unique commitment from Lloyd’s, VIG and Aon”.
“[It] brings together the insurance industry’s proven expertise in innovative risk management and capital solutions,” he added.
“With urgency and energy, we will help to restore social well-being to citizens, communities and corporations in Ukraine.”
Peter Höfinger, member of VIG managing board, said: “The Central and Eastern European region is our home market and we have been present in Ukraine since 2004.
”In line with our clearly pursued long-term strategy in our markets, we see it as our moral commitment to support Ukrainian companies in the reconstruction process.
“With this partnership, we are pleased to be able to use the international capacities of Lloyd’s and Aon and to provide our local expertise in the Ukrainian insurance business.”