’I am proud that our colleagues are standing together with the people of Ukraine to help them to recover as quickly as possible,’ says chief executive 

Marsh McLennan has announced that it will be working with the Ukrainian government to help it unlock access to the global insurance market.

In a statement released yesterday (22 June 2023), the broker said it would provide services on a pro-bono basis that will help design and deliver a risk data platform.

This will allow insurers to assess and underwrite war risks in the country with “greater confidence”, the firm said.

The move aligns with the launch of the London Conference Framework on war risk insurance earlier this week (21 June 2023).

As part of that announcement, 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.

John Doyle, president and chief executive 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.”

’Better position’

This came after Aon and Lloyd’s of London formed an insurance collaboration with Vienna Insurance Group (VIG) to support Ukraine’s recovery and reconstruction efforts.

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.

As for Marsh McLennan, the firm said it will work with the Ukrainian government and insurers to create a platform that provides the data needed for assessment of war risks in Ukraine.

“[This] will better position the industry to start offering commercial insurance cover thus unlocking investible capital,” it said.

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.”