Impact Story - Supporting Economic Recovery in Ukraine

 

Since the Russian invasion in 2022, western insurers have largely stepped back from insuring business in Ukraine, making it harder for businesses to operate in the country. In response, Aon’s commitment to Ukraine has compelled our firm to build a global public and private coalition to support and invest in the country.

As the largest global broker operating in Ukraine, Aon has been led by its team on the ground and our colleagues and contacts around the world to put our expertise, analytics and relationships to urgent work to unlock innovative solutions to this complex challenge

In June 2024, Aon launched a $350 million insurance program with the U.S. International Development Finance Corporation (DFC) to build insurance capacity and accelerate new capital investment and economic recovery in Ukraine

The program, the first of its kind, consisted of a comprehensive $50 million reinsurance facility, the result of Aon working closely with DFC and the Ukraine Ministry for Development of Economy and Trade, and an additional $300 million in war risk insurance designed for Ukraine's healthcare and agriculture industries.

The program was unveiled at the Ukraine Recovery Conference in Berlin in June 2024. “Capital will not go where it is not protected and this unprecedented program with the U.S. International Development Finance Corporation is intended to unlock and accelerate investment in Ukraine at a time when the need is most acute,” Eric Andersen, former president of Aon, told the conference.

Beyond the initial program, Aon has remained a strong voice supporting the rebuilding of Ukraine’s economy. In September 2024, Aon and Marsh McLennan called on the insurance industry to help catalyze Ukraine’s economic growth — including the removal of blanket exclusions, which ignore the diversity of risk throughout the country.

Furthermore, in December 2024, Aon launched a new 110 million euro ($115 million) insurance facility in collaboration with the European Bank for Reconstruction and Development to provide reinsurance capacity for international reinsurers and Ukrainian insurance companies to cover war-related risks in Ukraine.

“Aon's steadfast commitment to Ukraine compels our firm to continue to identify new opportunities for businesses to invest in the country during the ongoing war. This innovative new facility in collaboration with the European Bank for Reconstruction and Development further enhances the stability of the insurance market in Ukraine and strengthens the foundation for economic resiliency and growth,” said Greg Case, CEO of Aon, at the launch of the facility.

More information about our activities and achievements in 2024 can be found here:

Impact Report 2024