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Ukraine Recovery

Enabling resilience through our global expertise

Recovery and Reconstruction
Despite the ongoing hot war in Ukraine, attention is turning to how to rebuild the country. Some estimates suggest over $1T of investment will be required. Yet this massive investment will not materialize if investors cannot protect themselves from war risk. Across our businesses, we have the expertise and scale needed to advance a public-private partnership model to help underwrite Ukraine war risks and channel investments into the country.
John Doyle, President & CEO, լи McLennan:
"As the war evolves, we are committed to being there for the people of Ukraine and supporting the global economy."
A Cross-Enterprise Initiative
To support Ukraine's economic and social stabilization, we will bring to bear the expertise of our four global businesses - լи, Guy Carpenter, Mercer and Oliver Wyman - in strategy, insurance and reinsurance, financial regulation and public-private partnerships. Our support will drive forward key measures announced June 21 by UK Prime Minister Rishi Sunak as part of the London Conference Framework on War Risk Insurance for Ukraine.
This support from լи McLennan is a crucial step in helping us to attract the investment that we need to rebuild and grow strong.
Oleksandr Gryban, Deputy Minister of the Economy, Ukraine

Our efforts include:

Creating a risk data platform

We are providing pro-bono support to the Ukrainian government to create a platform that provides the data needed for assessment of war risks in Ukraine.

The insurance market is currently unable to accurately assess risk in different parts of Ukraine, meaning that even specialist war-risk insurers are unable to operate effectively in the market at this time. In the absence of available and affordable insurance, private investment at scale will not happen.

We will work with the Ukrainian government, and in collaboration with the wider insurance and reinsurance industry, to create a platform, accessible by authorised users, that provides the data needed for actuarial analysis and assessment of war risks in Ukraine so the industry can start to provide appropriate cover.

This will provide access to the required data to allow insurers to meaningfully assess risks and thus enter the market. This will be a crucial step in rebuilding market confidence and unlocking capital that otherwise will not flow to support recovery.

Designing a framework for a public-private risk pool

We have been supporting the UK and Ukrainian governments in scoping options for war-risk insurance, which was a key input to the London Conference Framework announced by Prime Minister Rishi Sunak.

We have proposed the establishment of an innovative, multi-national war-risk pool that we believe is required to enable the recovery and reconstruction of Ukraine at scale.

Currently there is virtually no war-risk insurance available to provide cover for investments or property in Ukraine. The insurance industry – in Ukraine or elsewhere – has never habitually covered war-risks at anything approaching the scale required.

At the present time, the key risk in question – war – is ongoing – which presents a challenge for the insurance industry: the analogy being that you cannot insure your house when it is already on fire. Even once the current ‘hot’ phase of war has ended or significantly diminished, an elevated degree of risk will remain in the eyes of private (re)insurance markets for a number of years.

The market alone cannot provide a solution. Our proposal is for the creation of a war-risk pool, enabled by provision of a backstop by G7+ governments, that will create the conditions for the functioning of the conventional property insurance market.

This is analogous to the types of public-private partnerships developed by a number of G7 countries for various perils including terror risk – although on a larger scale and a novel multi-lateral basis.

Developing an innovative marine cargo war facility

լи was instrumental in placing the first insurance for the new Marine Cargo and War facility that provided cover for Ukrainian grain and other vital food supplies being shipped through safe corridors established between Russia and Ukraine.

Providing services

Our լи colleagues in Kyiv have continued to support clients and insurers in Ukraine even as the war is ongoing.

Supporting humanitarian efforts

Our colleagues swiftly mobilized in response to the humanitarian crisis, raising $1.4M dollars to support the people of Ukraine, hosting refugees in their homes and finding refugees opportunities for employment.

Our team of experts includes:  
Andrew Bailey
Principal, Oliver Wyman
Andrew helps his clients to develop strategy and policy, improve their organizational efficiency and effectiveness and deliver transformational change. He enjoys helping organizations and teams – primarily in the public sector – work better and achieve more of the right outcomes for less. Andrew has spent over a decade at Oliver Wyman, including 12 months seconded to the Prime Minister’s Implementation Unit in the UK Cabinet Office supporting delivery of Prime Ministerial priorities and providing advice to Cabinet Ministers.
Rebecca Cadman
Senior Consultant, Oliver Wyman
Highly motivated critical thinker with the ability to grasp strategic issues and translate them into practical solutions with tangible and meaningful results. Proven experience in managing high-pressured, complex situations, achieving fast time outcomes and communicating them to the highest level of leadership within the public and private sector. Five years of experience in coordinating diverse teams regionally, nationally and internationally and fostering an inclusive and collaborative cross-working culture. Proven ability to deliver rapid and rigorous analysis in professional and academic settings.
Crispin Ellison
Partner, Oliver Wyman
Crispin is a Partner in Oliver Wyman’s Health and Life Sciences and Public Policy practices. He advises senior government and health decision-makers on policy, strategy, performance improvement and cost reduction. He has worked with top government and parliamentary decision makers in the UK, the EU and the Middle East. His clients include central government departments in the UK, EU commissioners and their teams, the UK National Health Service and GCC governments.
Julian Enoizi
Global Head of Public Sector Practice, Guy Carpenter
Julian works with public sector clients at national, state and local levels across all geographic sectors served by Guy Carpenter and other լи McLennan businesses. His focus is on understanding the particular insurance and reinsurance needs of public sector organisations and their private sector partners. Based in London, Julian is frequently asked to speak internationally and has given evidence to Parliamentary Enquiries as well as to the US Congress.
Lisa Quest
Partner, Oliver Wyman
Lisa is a Partner, the Head of UK and Ireland and the Co-Head of the Public Sector and Policy Practice Europe in the London office of Oliver Wyman. She works with a range of government departments, arms-length bodies and public-private partnerships to deliver better value-for-money for taxpayers through higher quality more effective service provision. This involves addressing core strategic, organisational, cultural and operational challenges through transformation and normal operations.
Nick Robson
Global Leader of Credit Specialties, լи
Nick leads լи's Credit Specialties Practice and manages our political risk solutions. He is an expert in credit, political, performance risk and insurance solutions. His global team addresses key trade, investment, capital and related risks and parametric solutions. He has worked with decision makers in financial institutions, public agencies and major corporations across many industry sectors to develop effective risk and insurance solutions that protect balance sheets, support trade and investment and help secure capital and liquidity.
Related insights
Recovery Conference

President and CEO John Doyle discusses լи McLennan's participation in the Ukraine Recovery Conference that brought together participants from the private and public sectors looking ahead to the future of Ukraine.

Recovery Conference

President and CEO John Doyle discusses լи McLennan's participation in the Ukraine Recovery Conference that brought together participants from the private and public sectors looking ahead to the future of Ukraine.

London Conference Framework

Announcement by UK Prime Minister Rishi Sunak on War Risk Insurance for Ukraine identifying a set of principles to inform initiatives underway.

London Conference Framework

Announcement by UK Prime Minister Rishi Sunak on War Risk Insurance for Ukraine identifying a set of principles to inform initiatives underway.