- The firms
emphasized that the removal of blanket exclusions would catalyze
Ukraine's growth and future
reconstruction
MONTE
CARLO, Sept. 8, 2024 /PRNewswire/ -- Aon and
Marsh McLennan today called on the (re)insurance industry to build
upon the capital, expertise and historical role of the
(re)insurance industry to help Ukraine's resilience by catalyzing economic
growth and strengthening the country's foundations for a
post-conflict economy. The firms emphasized that the removal of
blanket exclusions, which ignore the diversity of risk throughout
the country, would further support for Ukraine's 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.
"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," said John
Doyle, president and CEO of Marsh McLennan. "We call on the
global insurance community to join us in this effort and end
blanket exclusions for Ukraine."
"Aon's support of Ukraine leads
us to look forward to its economic recovery," said Greg Case, CEO of Aon. "Insurance capital is
essential for the reconstruction of Ukraine's health care, energy and agricultural
sectors. We're asking the insurance industry to look closely at
Ukraine's risks and work to
strengthen the public private partnerships under development."
Marsh McLennan and Aon each are already working with the
Ukraine, U.S. and UK governments,
along with many other international organizations, to support
Ukraine's economy as it endures
ongoing attacks and accelerate investment in the country's eventual
economic recovery.
In March, Marsh McLennan announced the expansion of
its public-private partnership with the Ukraine government to cover all shipping to
and from Ukraine's
ports. This follows Marsh McLennan's support in helping the
Ukraine Government develop its war risk data platform which
provides investors and (re)insurers with granular transparent data
on the impact of the conflict to date and degree of war
risk.
In June, Aon worked with the U.S. International Development
Finance Corporation to create a first-of-its-kind insurance program
to support war risk policies for businesses operating in
Ukraine. 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's 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 Ukraine which have
suffered little to no war damage. The use of data and analytics can
enable more impactful insights into where insurance capital can
contribute to Ukraine's
reconstruction and further economic growth.
About Aon
Aon plc (NYSE: AON) exists to shape
decisions for the better — 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.
Follow Aon
on LinkedIn, X, Facebook and Instagram. Stay
up-to-date by visiting Aon's newsroom
and sign up for news
alerts here.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is a global leader in
risk, strategy and people, advising clients in 130 countries across
four businesses: Marsh,
Guy
Carpenter, Mercer
and Oliver
Wyman. With annual revenue of $23 billion and more than 85,000 colleagues,
Marsh McLennan helps build the confidence to thrive through the
power of perspective. For more information, visit
marshmclennan.com, or follow on
LinkedIn and
X.
Media Contacts
Aon
mediainquiries@aon.com
Toll-free (U.S., Canada and
Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
Marsh McLennan
Jason Groves
jason.groves@mmc.com
+44 (0)7733 325 587
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aon-and-marsh-mclennan-call-on-reinsurance-industry-to-aid-ukraines-resilience-302241013.html
SOURCE Aon plc