Unity insurance facility expanded to cover all shipping to and from Ukrainian ports
01 März 2024 - 1:00PM
Business Wire
Public-private partnership with Ukrainian government, Marsh
McLennan, and Lloyd’s to support Ukraine export trade by providing
lower war risk premiums
Marsh McLennan (NYSE: MMC), the world’s leading professional
services firm in the areas of risk, strategy and people, together
with the Ukrainian government and Lloyd’s, today announced a major
expansion of its Unity insurance facility. Unity now provides
affordable war risk insurance for ships carrying all non-military
cargo – such as iron ore, steel, and containerised shipping – and
underpins Ukraine’s wider maritime export ecosystem.
Launched in November 2023 to provide affordable war risk
insurance for grain shipments and other critical food supplies
globally, Unity offers hull and separate protection & indemnity
(P&I) war risk insurance at significantly reduced premiums
compared to standard market pricing. In addition to grain, Unity
now provides cover for Ukraine’s other leading export industries
including iron ore, steel, electrical equipment, and animal
fodder.
Standby letters of credit created by the state-owned Ukrainian
banks Ukreximbank and Ukrgasbank, each confirmed by DZ Bank, will
continue to provide a first loss compensation fund to shipowners
and charterers which is supported by the Government of Ukraine.
Underwritten by insurers based at Lloyd’s and other London-based
insurers, and led by Ascot, Unity provides up to US$50 million in
hull and P&I war risk insurance. Unity is available to clients
of all Lloyd’s registered brokers, to provide added support to
ongoing humanitarian efforts and alleviate continued pressure on
supply chains and global food security.
John Doyle, President and Chief Executive Officer, Marsh
McLennan, commented: “Marsh McLennan is dedicated in our support of
Ukraine – helping it attract global investment to rebuild the
country, and recover from the devastating impact of war on its
people and economy. We’re pleased to expand this public-private
partnership with the Ukrainian government. It will provide
exporters with lower premiums to ship a wider range of goods
through its Black Sea trade routes and deliver major economic
benefits to Ukraine.”
Yulia Svyrydenko, First Deputy Prime Minister of Ukraine and
Minister of Economy, said: “Expanding insurance to cover ships
carrying all non-military cargo is extremely important for Ukraine,
especially in terms of exporting metallurgical products, as the
full-scale invasion has heavily affected this sector. In 2023,
compared to 2021, steel production decreased by 3.4 times, and
exports of metallurgical products decreased several times.
"Insuring vessels backs our efforts to increase the volume of
all non-raw material product exports, in particular iron ore and
steel. Strengthening the processing industry and developing non-raw
material exports are priorities for the government to enhance our
country’s economic resilience.”
John Neal, Lloyd’s CEO, added: “Since the invasion of Ukraine,
Lloyd’s has partnered with the United Nations, governments,
regulators and insurers to keep economies and supply chains moving
in spite of difficult circumstances. New partnerships between the
public and private sector, including the expansion of the Marsh
Unity facility, are the hallmark of the Lloyd’s market, bringing
insurance experts and policymakers together to solve complex
risks.”
Ascot said: “Ascot are delighted to be supporting Marsh and
Ukraine with the enhanced scope of the facility.”
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional
services firm in the areas of risk, strategy and people. The
Company’s more than 85,000 colleagues advise clients in 130
countries. With annual revenue of over $23 billion, Marsh McLennan
helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh provides
data-driven risk advisory services and insurance solutions to
commercial and consumer clients. Guy Carpenter develops advanced
risk, reinsurance and capital strategies that help clients grow
profitably and pursue emerging opportunities. Mercer delivers
advice and technology-driven solutions that help organizations
redefine the world of work, reshape retirement and investment
outcomes, and unlock health and wellbeing for a changing workforce.
Oliver Wyman serves as a critical strategic, economic and brand
advisor to private sector and governmental clients. For more
information, visit marshmclennan.com, or follow us on LinkedIn and
X.
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version on businesswire.com: https://www.businesswire.com/news/home/20240301099610/en/
Eileen Mercer +44 (0)7990 802 830
eileen.mercer@marsh.com
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