Tag: Ukraine

$350M Ukraine war insurance available from Aon, Development Finance Corp

G. Turner
War Insurance - Recovery Economy - Ukraine Flag

The coverage program is designed to support capital investment and economic recovery in the country Aon and the US International Development Finance Corporation are collaborating to offer a $350 million war insurance program meant to help Ukraine with capital investment and economic recovery. The program is in two main parts The program includes $300 million in coverage for the healthcare and agriculture sectors in Ukraine, and another $50 million in war insurance, that is, additional coverage for the insurers providing protection there. The reinsurance strategy was designed in a partnership…

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New marine insurance facility established for Ukraine grain exports

Marc
Marine Insurance - Ukraine Grain Exports

The facility was created along with Ukrainian authorities to use the country’s sea corridor. Ukrainian authorities and marine insurance broker Miller have collaborated to create a new marine coverage facility for Ukraine’s grain experts using the country’s sea corridor. In July, Russia backed out of a UN-supported deal to allow Ukraine’s grain exports to sail from three ports. Since Russia’s withdrawal from the deal, Kyiv has created what it refers to as a new temporary humanitarian corridor for the purpose of sidestepping the stoppage Russia has put in place. Recently,…

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Ukraine parliament approves $500 million ship insurance fund

Marc
Ship insurance - Ukraine Flag

The country has made the move to help ensure that it can export more grain from its ports. As a component of a broader strategy to ensure it can export more of its grain, the Ukrainian parliament has approved a $500 million ship insurance fund to provide coverage for vessels experiencing any damage while at the country’s ports. The country is seeking to renegotiate the Black Sea Grain Initiative terms while Russia’s invasion continues. Ukraine is preparing for the renegotiation of the Black Sea Grain Initiative and have approved a…

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Insurance costs associated with war in Ukraine higher than Iraq war

H. Cutner
Insurance costs - War in Ukraine

Industry sources are saying that coverage is now more expensive and more challenging to organize. Insurance costs associated with journalists, humanitarian workers, engineers and other people traveling to Ukraine are now more expensive and tougher to organize than was the case during the Iraq war. A growing number of insurers have started working their way into providing coverage for this destination. Though insurers had initially been hesitant to provide coverage immediately after Russia invaded Ukraine in February, several have started easing back, according to industry sources. That said, insurance costs…

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Global insurance industry will feel “substantial impact” from Russian invasion of Ukraine

Nordstrom
Global insurance industry - Globe - fracture

AM Best has released a forecast regarding the effect the invasion is expected to have worldwide. The Russian invasion of Ukraine is expected to have a “substantial impact” on the global insurance industry, according to a forecast by AM Best. The invasion is expected to add to the already existing inflationary pressures economies worldwide are facing. The AM Best rating agency recently announced that the global central banks’ efforts, joined by those of the United States Federal Reserve, for controlling inflation will face additional challenges due to Russia’s invasion of…

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