The initiative marks a significant milestone in risk management solutions, as WTW aims to address critical gaps in insurance coverage for enterprises involved in the movement of goods and products across Ukrainian territory.
According to WTW, this innovative facility, a first of its kind in the market, offers essential certainty to both Ukrainian and foreign businesses navigating the challenges of transporting goods overland within Ukraine.
Under the leadership of Lloyd’s syndicate Markel, the London Market-backed facility is operational with immediate effect. It is accessible through VUSO or WTW Ukraine, providing seamless access to comprehensive coverage for cargo and war-on-land risks.
The collaboration between WTW and VUSO underscores a commitment to innovation and tailored solutions in an evolving risk landscape. By leveraging the expertise of London’s insurance market, the facility aims to mitigate risks associated with cargo transport and land warfare activities in Ukraine.
The announcement heralds a new era of risk management capabilities, empowering businesses to navigate complex challenges with confidence. As uncertainties persist, the introduction of this facility signifies a proactive approach to addressing the unique needs of enterprises operating within Ukraine’s borders.
WTW and VUSO are poised to drive meaningful change in the insurance landscape, setting a precedent for collaborative ventures aimed at enhancing risk resilience and safeguarding business interests in challenging environments.
Andrii Artiukhov, CEO at VUSO, explained: “VUSO offers a wide range of insurance products designed specifically to address the unique needs of businesses in providing protection against unforeseen situations, including war risks. This program will allow us to expand the range of offers for our corporate clients to protect their cargo from war risks.”
With the facility now operational, businesses can access comprehensive insurance coverage tailored to the specific demands of cargo transport and land warfare risks, reinforcing WTW’s commitment to delivering innovative solutions that meet the evolving needs of its clients.
Commenting on the launch, Sam Warnes, Director of Marine Cargo, WTW, said, “This facility complements our other cargo war offerings such as our Black Sea Grain facility and $300m facility offering cover in the Red Sea and other high-risk war areas.”
Vyacheslav Andriyko, Head of WTW Ukraine also commented, saying, “We are delighted to offer the first insurance solution for war risks within the borders of Ukraine to provide peace of mind to domestic companies, along with certainty for international companies who are offering their support and assistance in Ukraine’s rebuilding efforts.”
Pamela Thompson-Hall, Head of International, WTW, said: “At WTW, our purpose is clear, to transform tomorrow by pioneering innovative solutions to address our clients’ risks.
She added: “Brought to life by the great teamwork of our dedicated colleagues in Ukraine, the global insights from our international colleagues, and strong partnership with carriers, which enabled us to develop a market-leading initiative and secure much-needed capacity to facilitate crucial trade and transportation operations within Ukraine. It is a source of pride for us to support our clients through their current crisis.”
