INGO Participates in New Project of Insurance of Business Property against War Risks

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On April 11, 2024, a new project to insure business property against war risks was launched in cooperation with Raiffeisen Bank, the global professional services company Aon, and leading Ukrainian insurance companies INGO, ARX, and Universalna.

Thanks to the project, Ukrainian businesses can insure their real estate, equipment and goods in circulation against the effects of hostilities on favorable terms. This will allow companies to minimize the risks of investment projects, attract additional financing, and reduce the risks associated with the loss or damage to property due to hostilities.

The insurance companies participating in the project will provide coverage for facilities that the bank can take as collateral when providing the loan financing. Both small and large businesses can take advantage of the war risk insurance offer by contacting the bank or Aon.

Over the course of the year, the project participants plan to build an insurance portfolio worth about UAH 1 billion in the mining and processing, retail, pharmaceutical, agro, and energy and fuel sectors.

«Today, almost all entrepreneurs need war risk insurance, regardless of their field of activity,» said Igor Gordiyenko, CEO of INGO Insurance Company, «And while in 2022 or even in the first half of 2023 any business coverage against war seemed impossible, today, thanks to our joint efforts, we plan to provide coverage on a large scale.»

Igor Gordiyenko, CEO of INGO Insurance Company

Igor Gordiyenko expressed his gratitude to all partners for their active participation in the project, to USAID «Investments for Business Resilience» for their technical expertise, and especially to Aon for their assistance in creating a joint product and synchronizing the terms and conditions of insurers.

"For Ukrainian business, the war risk insurance instrument is a long-awaited one, given the third year of the war. And Raif, as the largest foreign lender to the Ukrainian economy, is the first in the market to introduce such an instrument. "Together with our insurance partners, we are making our contribution to strengthening the Ukrainian economy," said Oleksandr Pysaruk, Raiffeisen Bank's CEO, "Aon will also bring expertise in the global market, including in countries where the war is ongoing. We hope that our cooperation will inspire other international companies to invest more boldly in Ukraine, give more confidence to local companies, expand their access to financing, and soon more similar products will be available on the market. All this will contribute to the economic recovery of Ukraine right now."

Oleksandr Pysaruk, Raiffeisen Bank's CEO

As part of the presentation of the new product, representatives of Raiffeisen Bank, INGO, ARX, Universalna and Aon insurance companies solemnly signed a memorandum of cooperation in the field of war risk insurance. The agreement is open for other insurance companies to join after appropriate accreditation by the bank and insurance broker.

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