Vienna Insurance Group Expands Ukraine War Risk Insurance
Vienna Insurance Group's Ukrainian insurer USG joins the Aon- and EBRD-backed facility, increasing reinsurance capacity for war-related risks in Ukraine.
Vienna Insurance Group (VIG) is expanding its insurance support for businesses operating in Ukraine. The group's Ukrainian non-life insurer, USG, is joining the Ukraine Recovery and Reconstruction Guarantee Facility (URGF), established by Aon and the European Bank for Reconstruction and Development (EBRD).
The facility's reinsurance capacity is increasing from EUR 110 million to EUR 150 million. It has already provided over EUR 500 million in reinsurance coverage across nearly 10,000 policies. This expansion comes amid ongoing intensified attacks which are placing further strain on Ukrainian companies and the economy.
The expanded coverage now includes gas-related transportation and storage assets, as well as inventory goods held in temporary storage. Previously covered risks included inland cargo, motor vehicle damage, and railway rolling stock.
Additional capacity for the facility is supported by the European Union through its Ukraine Investment Framework. VIG has maintained its operations in Ukraine throughout the conflict and views the market from a long-term perspective.