The Ukraine Recovery and Reconstruction Guarantee Facility (URGF) is now fully operational, paving the way for companies in Ukraine to access a comprehensive range of war risk insurance solutions. This facility, a collaborative effort between Aon and the European Bank for Reconstruction and Development (EBRD), was initially launched in December 2024. MS Amlin, a global specialty reinsurer, was the first international partner to join this initiative.
The primary objective of the URGF is to bolster global reinsurance companies by offering a guarantee that covers losses from specific war-related risks underwritten by local Ukrainian insurers. With its full operation, Ukrainian insurance companies such as INGO, Colonnade, and UNIQA are now able to provide war risk policies, backed by the EBRD’s URGF, for inland cargo, motor own damage, and railway rolling stock. This follows the successful conclusion of reinsurance contracts with MS Amlin.
As the inaugural reinsurer to join the EBRD’s facility, MS Amlin’s involvement allows these Ukrainian insurers to significantly expand their war insurance offerings, leveraging international reinsurance coverage. The scheme has already facilitated reinsurance coverage exceeding €5 million within its initial weeks, indicating a strong demand for war risk insurance. Notably, policies have been signed with businesses in the agricultural sector, sustaining vital trade activities in Ukraine.
The full-scale invasion by Russia in February 2022 led to the retreat of most international reinsurers, severely limiting the reinsurance capacity available to local insurers and their ability to offer comprehensive commercial insurance. While some limited war-related policies began to emerge in late 2023 with international support, the enhanced reinsurance capacity enabled by the URGF now allows for higher loss limits and larger aggregates, thereby significantly improving the availability of these crucial policies.
According to an EBRD spokesperson, “At full capacity, the EBRD’s guarantee could facilitate insurance cover for up to €1 billion worth of goods and vehicles in transit each year. This is achieved through the ability to recycle capital from short-term insurance policies, providing coverage worth a multiple of the guarantee amount. This development will make war risk insurance more accessible, stimulate business activity, and foster economic growth, laying the groundwork for Ukraine’s recovery.”
The facility is supported by France, the United Kingdom, Norway, and the TaiwanBusiness-EBRD Technical Cooperation Fund, with further contributions pledged by the European Union and Switzerland. Additional donor contributions will allow for the expansion of the EBRD’s guarantee over time.
Since February 2022, the EBRD has deployed more than €6.2 billion in Ukraine, concentrating on energy security, vital infrastructure, food security, trade, the private sector, and key policy reforms. In 2023, the EBRD’s Board of Governors approved a €4 billion capital increase to bolster investment in Ukraine during both the wartime phase and the subsequent reconstruction period.
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