DICEUS joined a Memorandum of Cooperation in the Field of Political Violence Insurance in Ukraine

December 2023 — With leading insurance companies and brokers in Ukraine, DICEUS joined the Memorandum of Understanding and Cooperation in the Field of Political Violence Insurance in Ukraine. 

The purpose of this Memorandum is the joint efforts of insurance market participants to promote insurance products aimed at covering risks that may be caused by armed aggression, hostilities, terrorism, and other risks that may harm Ukrainian businesses. 

DICEUS will unite the insurance market participants thanks to a technological platform promoting insurance products against war risks. The statistics on demand and losses collected and presented on this platform can be a critical factor for foreign reinsurers’ interest in supporting the Ukrainian market. That will contribute to creating structures involving foreign reinsurance and increasing the market’s capacity. 

All activities within the framework of this Memorandum will be coordinated by the United States Agency for International Development and the USAID’s project “Financial Sector Reform,” in particular. 

This project is important because the total amount of investments required for the reconstruction of Ukraine currently reaches 1 trillion US dollars. Without the insurance market against war risks, it is impossible to restore Ukraine, and that is why leaders must unite for the future of the country. 

Oliver Wyman’s partner Crispin Ellison explains: 

“On its own war-risk insurance will not ensure the investment happens, but there is virtual unanimity that without such cover the investment will not be forthcoming. What is required is war-risk insurance on a scale never before contemplated.”