Aon and Lloyd’s of London are working with Ukraine’s Vienna Insurance Group to provide cover in Ukraine to support recovery in the war-torn country.

The two insurers have committed, under the UK-Ukraine Private Finance Partnership, to fast track access to international insurance capacity for local and foreign companies in Ukraine. Manufacturing and construction risk exposure will be covered, excluding war cover.

This co-operation will enable them to leverage the domestic capabilities of the Ukraine’s insurance market and help the market expand, the insurers said. This support will help rebuilding and reconstruction in Ukraine.

Ukraine’s insurance market is still functioning. In 2022, €1 billion of insurance premiums were paid.

They will be working with Vienna Insurance Group, one of the largest insurers in Ukraine, and provide both treaty and facultative reinsurance, increasing capacity in the market to support clients.

John Neal, the CEO of Lloyd’s, said: “Lloyd’s is committed to supporting the reconstruction of Ukraine through this new collaboration with Aon and VIG.

“By ensuring the country’s insurance market has the necessary capital to lead on insurance solutions for its customers, backed by the financial might of the international re/insurance industry, we can help strengthen Ukraine’s economic resilience as it recovers and rebuilds.”

Dominic Christian, global chairman of Reinsurance Solutions, Aon, said: “This unique commitment from Lloyd's, VIG and Aon brings together the insurance industry’s proven expertise in innovative risk management and capital solutions and so with urgency and energy we will help to restore social wellbeing to citizens, communities and corporations in Ukraine.”

Peter Höfinger, a member of the VIG managing board, said: “The Central and Eastern European region is our home market and we have been present in Ukraine since 2004.

“In line with our clearly pursued long-term strategy in our markets, we see it as our moral commitment to support Ukrainian companies in the reconstruction process.

“With this partnership, we are pleased to be able to use the international capacities of Lloyd’s and Aon and to provide our local expertise in the Ukrainian insurance business.”