The European Bank for Reconstruction and Development (EBRD) and Aon have expanded the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) from €110 million to €150 million. The additional capacity is provided by the European Union under the Ukraine Investment Framework. For UNIQA Ukraine, a participant in the programme since its launch, this means an increased reinsurance coverage limit and greater capacity to protect Ukrainian businesses.
“UNIQA Ukraine was one of the three insurers that launched this programme, and in its first year, together with our partners, we proved that war risk in Ukraine can be assessed and insured on commercial terms. For our clients, the programme’s expansion means more capacity and new types of cover. We thank the EBRD, the European Union, Aon and MS Amlin for their trust in the Ukrainian market,” said Olena Ulye, Chair of the Management Board of UNIQA Ukraine.
According to the EBRD, the initial €110 million guarantee supported more than €500 million of reinsurance cover across almost 10,000 policies.
The programme already covered domestic cargo transportation, damage to vehicles and railway rolling stock. It has now been extended to goods in temporary warehouse storage and to assets related to gas transportation and storage.
For UNIQA Ukraine, participation in the programme is an opportunity to combine the underwriting expertise of UNIQA Group with international reinsurance capacity. As a result, Ukrainian businesses can continue to transport cargo, store goods and invest despite the war.
Terms and limits of liability under individual insurance contracts are determined on a case-by-case basis. Companies wishing to insure their assets against war risks are welcome to contact UNIQA Ukraine.