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

Monte Carlo, September 8, 2024 – Aon and �°������ϲ� 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 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.��

“�°������ϲ� 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 �°������ϲ�. “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.”

�°������ϲ� 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, �°������ϲ���announced the��expansion of its public-private partnership��with the Ukraine government to cover all shipping to and from Ukraine’s ports.��This follows �°������ϲ�’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 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.

Contacts:
�°������ϲ�
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��International: +1 312 381 3024

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�°������ϲ� Aon

(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.

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�°������ϲ� �°������ϲ�

�°������ϲ� (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: , , and . With annual revenue of $23 billion and more than 85,000 colleagues, �°������ϲ� helps build the confidence to thrive through the power of perspective. For more information, visit ���������󳾳�����ԲԲ���.���dz�, or follow on and .

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