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Aon, Development Finance Corp offer $350 million in Ukraine war insurance

Carolyn Cohn and John O'Donnell
·1-min read
An office building with Aon logo is seen in Sydney

By Carolyn Cohn and John O'Donnell

LONDON/BERLIN (Reuters) - Insurance broker Aon and the U.S. International Development Finance Corporation are offering a $350 million war insurance programme for Ukraine to aid capital investment and economic recovery, Aon said on Wednesday.

The programme consists of $300 million in war insurance for Ukraine's health care and agricultural sectors, and $50 million in war reinsurance - insurance for insurers.

The war reinsurance programme was developed together with the Ukraine Ministry for Development of Economy and Trade, Aon said.

War insurance covers businesses for war damage to their properties.

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Western insurers have largely stepped back from insuring Ukraine following Russia's invasion in February 2022, making it harder for businesses to operate in the country.

"We're very hopeful that our announcement today of reinsurance...will lead immediately to some other deals with local insurers," DFC CEO Scott Nathan told Reuters on the sidelines of a conference in Berlin on investing in Ukraine.

Nathan said the Ukrainian economy had bounced back quite a bit, but the situation remained "very challenging".

Other brokers have also been looking for ways to fill the insurance gap.

Willis Towers Watson last month announced a partnership with Ukrainian insurer VUSO to provide insurance for cargo and war on land, led by Lloyd's of London syndicate Markel. The insurance covers transportation of goods overland within Ukraine's borders.

(Reporting by Carolyn Cohn; editing by Jason Neely, Kirsten Donovan)