Re/Insurance broker WTW has unveiled a new facility in partnership with Ukrainian insurance companies VUSO, designed to insurance cover cargo and land warfare risks in Ukraine.
The initiative represents an advancement in risk management solutions, as WTW addresses critical insurance coverage gaps for businesses transporting goods across Ukraine.
Led by Lloyd’s syndicate Markel, the London Market-supported facility is now operational. Enterprises can access comprehensive cargo and war-on-land coverage through VUSO or WTW Ukraine, ensuring seamless service.
The partnership between WTW and VUSO highlights their commitment to innovative, customized solutions in a changing risk environment.
By utilizing the expertise of London’s insurance market, this facility aims to mitigate risks related to cargo transport and land warfare in Ukraine.
In response to ongoing uncertainties, the launch of this facility demonstrates a proactive approach to meeting the specific needs of businesses operating in Ukraine.
WTW and VUSO are set to drive significant change in the insurance sector, establishing a model for collaborative efforts to enhance risk resilience and protect business interests in challenging conditions.
VUSO offers a wide range of insurance products designed specifically to address the unique needs of businesses in providing protection against unforeseen situations, including war risks Andrii Artiukhov, CEO at VUSO
“This program will allow us to expand the range of offers for our corporate clients to protect their cargo from war risks in Ukraine.”
The newly operational facility offers businesses specialized insurance coverage for cargo transport and land warfare risks.
This facility complements our other cargo war offerings, including Black Sea Grain facility and our $300 mn insurance coverage for the Red Sea and other high-risk war areas. Sam Warnes, Director of Marine Cargo at WTW
Marsh McLennan’s Unity facility to cover Ukrainian grain exports could pave the way for more insurance solutions to support the country amid the ongoing war. The full extent of insurance and reinsurance losses stemming from the war between Russia and Ukraine remains a murky subject with many unknown factors, but analysts are confident that the war will prove to be a “contained risk” for the market, according to Insured Losses for Ukraine War Outlook.
This initiative is particularly beneficial to developing nations that are major purchasers of Ukraine’s grain. Moreover, it aligns with Marsh McLennan’s commitment to leveraging its expertise in supporting global food security and stability, as well as aiding Ukraine’s future recovery and reconstruction efforts.
Vyacheslav Andriyko, Head of WTW Ukraine also commented, saying, “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.”
This initiative was made possible through the teamwork of colleagues in Ukraine, global insights from our international team, and strong partnerships with carriers.
These efforts allowed WTW to develop a leading market solution and secure essential capacity to support crucial trade and transportation operations in Ukraine.
Source https://beinsure.com/
