Aon and EBRD Increase Ukraine War Risk Insurance Capacity to €150 Million

The Ukraine Recovery and Reconstruction Guarantee Facility (URGF) provides essential reinsurance capacity to local insurers, allowing them to underwrite policies for businesses operating in a high-risk environment. Since its inception, the program has facilitated more than €500 million in coverage across nearly 10,000 policies. Managed by Aon, the scheme currently uses EBRD guarantees to back MS Amlin, a global reinsurer, against losses on war-related risks.

Market participation is growing, with UNIVERSALNA and USG joining existing insurers INGO, Colonnade, and UNIQA. The facility’s scope has also widened to include gas-related assets and inventory stored in warehouses, supplementing existing coverage for inland cargo, motor vehicles, and railway rolling stock. Officials noted that premiums generated under the program have consistently outpaced claims, signaling that the war-risk market remains functional despite the volatile landscape.

Financial backing for this expansion draws from a diverse coalition, including the United Kingdom, France, Switzerland, Norway, and the TaiwanBusiness–EBRD Technical Cooperation Fund, alongside support from the European Union’s Ukraine Investment Framework. This initiative is part of Aon’s broader effort to coordinate over $500 million in public and private capital to sustain the Ukrainian economy and prepare for future reconstruction.