​Marsh McLennan expands cover of Ukraine shipping insurance facility

Marsh McLennan has expanded its Unity insurance facility to cover all shipping to and from Ukrainian ports.

The product was launched in November 2023 to provide insurance for grain shipments and other critical food supplies globally.

It will now provide cover for ships carrying all non-military cargo, such as iron ore, steel, electrical equipment and animal fodder.

John Doyle, president and chief executive of Marsh McLennan, said: “Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country and recover from the devastating impact of war on its people and economy. 

“We’re pleased to expand this public-private partnership with the Ukrainian government. It will provide exporters with lower premiums to ship a wider range of goods through its Black Sea trade routes and deliver major economic benefits to Ukraine.”

’Extremely important’

Underwritten by insurers based at Lloyd’s and other London-based insurers, Unity provides up to $50m (£39m) in hull and protection and indemnity war risk insurance.

It is available to clients of all Lloyd’s registered brokers to provide added support to ongoing humanitarian efforts and alleviate pressures on supply chains and global food security.

Yulia Svyrydenko, first deputy prime minister of Ukraine and minister of economy, said that expanding the product to cover more cargo was “extremely important” following Russia’s invasion of the country.

“In 2023, compared to 2021, steel production decreased by 3.4 times and exports of metallurgical products decreased several times,” Svyrydenko said.

“Insuring vessels backs our efforts to increase the volume of all non-raw material product exports, in particular iron ore and steel. Strengthening the processing industry and developing non-raw material exports are priorities for the government to enhance our country’s economic resilience.”