Insurance broker Aon has created a $350mn scheme with a US development agency to cover Ukrainian businesses against war risks, in the latest public-private effort to bolster the country’s wartime economy and pave the way for reconstruction.
War risk insurance covers businesses against losses incurred as a result of conflict. After paying out claims for bombed-out buildings and other damages from Russia’s full-scale invasion more than two years ago, foreign insurers and reinsurers pulled back from offering such cover in Ukraine.
The deal with Aon, a US-listed professional services group that is one of the world’s biggest insurance brokers, will help Ukrainian companies secure protection against war risks and is a boost for Kyiv’s wider efforts to persuade foreign investors to return to the country.