In June of 2023, Marsh McLennan announced it was working on a pro bono basis to design and deliver a risk data platform to allow insurers to assess and underwrite war risks in Ukraine with greater confidence. According to this article in The Insurer, Ukrainian officials have now activated the platform, consolidating detailed maps of war-related incidents in Ukraine since the Russian invasion in February 2022, defined as individual events relating to Russian hostilities, such as missile, drone or shelling attacks.
This includes granular insight into the frequency and type of attacks by location over time, as well as the types of assets targeted and damage levels sustained. The accurate data platform is designed to enhance transparency around the impact of the conflict to date, and the degree of war risk.
Marsh McLennan assisted the Ukrainian governments in assessing requirements and options for war-risk insurance to support the reconstruction and recovery of Ukraine. The firm approached the issue by applying the strategic advisory expertise of Oliver Wyman along with the risk transfer expertise of Marsh and Guy Carpenter, all of which are businesses of Marsh McLennan.
“Today marks a milestone in Ukraine’s road to recovery and reconstruction from the ongoing effects of this brutal conflict,” said John Doyle, President and CEO of Marsh McLennan. “Ukraine’s data platform—the first of its kind—empowers the global insurance and investment community, as well as governments, with data to evaluate risks much more accurately to create greater confidence for investment.”
According to the platform, 76 percent of communities had seen no war-related incidents in 2023 up to October 1. The equivalent figure since the invasion began is 66 percent, indicating the progress that Ukraine has made over the past year. In addition, 101 once-occupied communities have been recovered from Russia by Ukraine since the invasion began.
Oleksiy Danilov, Secretary of the National Security and Defense Council of Ukraine, said that this demonstrates that “much of Ukraine is open for investment now.”
Similar articles appeared in Reinsurance News and Commercial Risk.