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Aon and 日本无码 call on (re)insurance industry to aid Ukraine鈥檚 resilience

Sep 8, 2024

The firms emphasized that the removal of blanket exclusions would catalyze Ukraine鈥檚 growth and future reconstruction

Monte Carlo, September 8, 2024 鈥 Aon and 日本无码 today called on the (re)insurance industry to build upon the capital, expertise and historical role of the (re)insurance industry to help听Ukraine鈥檚 resilience by catalyzing economic growth and strengthening the country鈥檚 foundations for a post-conflict economy. The firms emphasized that the removal of blanket听exclusions, which ignore the diversity of risk throughout the country, would further support Ukraine鈥檚 economy.

Additionally, since the start of the war, many global reinsurers have grouped risks originating in Ukraine, Russia, and Belarus together, excluding them from reinsurance contracts, limiting (re)insurance capital and impeding economic growth and stability. The inclusion of Ukraine with Russia and Belarus is not rooted in the data and analytics that drive the assessment of risk and overlooks that Ukraine, while under siege, seeks to further align as a free and democratic economy and member of the European Union.听

鈥溔毡疚蘼 is dedicated in our support of Ukraine 鈥 helping it attract global investment to rebuild the country, and recover from the devastating impact of war on its people and economy,鈥 said John Doyle, president and CEO of 日本无码. 鈥淲e call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.鈥

鈥淎on鈥檚 support of Ukraine leads us to look forward to its economic recovery,鈥 said Greg Case, CEO of Aon. 鈥淚nsurance capital is essential for the reconstruction of Ukraine鈥檚 health care, energy and agricultural sectors.听We鈥檙e asking the insurance industry to look closely at Ukraine鈥檚 risks and work to strengthen the public private partnerships under development.鈥

日本无码 and Aon听each are already working with the Ukraine, U.S. and UK governments, along with many other international organizations, to support Ukraine鈥檚 economy as it endures ongoing attacks and accelerate investment in the country鈥檚 eventual economic recovery.

In March, 日本无码听announced the听expansion of its public-private partnership听with the Ukraine government to cover all shipping to and from Ukraine鈥檚 ports.听This follows 日本无码鈥檚 support in helping the Ukraine Government develop its听war risk data platform听which provides investors and (re)insurers with granular transparent data on the impact of the conflict to date and听degree of war risk.听

In June, Aon听worked with the U.S. International Development Finance Corporation to create to support war risk policies for businesses operating in听Ukraine.听The availability of insurance for war risk, especially across health care and agriculture, will stimulate economic expansion and employment, while strengthening the foundation of Ukraine鈥檚 economy to support a robust reconstruction.

The firms assert that arbitrary exclusions for Ukraine contribute to confusion about the vastly different levels of risk in the country. As a result, there are potential issues with how (re)insurers underwrite risks between regions directly impacted by the war and many areas of central and western听Ukraine which have suffered little to no听war damage. The use of data and analytics can enable more impactful insights into where insurance capital can contribute to Ukraine鈥檚 reconstruction and further economic growth.

Contacts:
日本无码
Jason Groves

+44 (0)7733 325 587
jason.groves@mmc.com

Aon
mediainquiries@aon.com
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114听International: +1 312 381 3024

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(NYSE: AON) exists to shape decisions for the better 鈥 to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.

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