WTW introduces 'market-first' Ukraine war cover in London market
Broker partners with Ukrainian carrier Vuso on facility
Markel-backed facility covers marine cargo and war-on-land risks
WTW announced it has launched a “market first” war insurance policy for Ukraine in the London market, in partnership with Ukrainian carrier Vuso.
The new insurance facility will offer pre-arranged war insurance capacity to cover cargo and protect against war-on-land risks. Markel’s Lloyd’s syndicate is the lead provider of underwriting capacity for the new product.
WTW said the facility provides "much-needed certainty" to Ukrainian and foreign enterprises moving goods and products within the borders of Ukraine.
The facility "provides cargo all-risk cover, but additionally provides specific cover for war perils which are otherwise excluded under a standard cargo placement", a spokesperson for the broker said.
WTW’s director of marine cargo, Sam Warnes, said the new war insurance “complements” its existing cover for shipping in conflict zones, including the Black Sea and Red Sea.
Ukrainian authorities, including the central bank and finance and economy ministries, are developing “ a mechanism of war risk insurance”, which they hope to launch later this year.
A new Russian offensive began on May 10 around the city of Kharkiv, making modest progress against Ukrainian defences.
Vyacheslav Andriyko, head of WTW’s Ukraine operation, said: “We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine’s rebuilding efforts.”
