Aon plc and the European Bank for Reconstruction and Development (EBRD) announced on Oct. 13, 2026, that they would increase the capacity of the Ukraine Recovery and Reconstruction Guarantee Facility from €110 million to €150 million. The facility routes war-risk insurance through international reinsurers and Ukrainian insurers, with public institutions and private firms sharing the financial structure.
Russian attacks on energy, transport, logistics and civilian infrastructure are intensifying, while a renewed blockade affects Black Sea ports. The announcement said the attacks have strained Ukrainian businesses and the economy. The facility offers insurance to help businesses manage risk and keep operating. It doesn’t change the conditions that create that risk.
A guarantee for a market under fire
Managed by Aon, the URGF has generated more than €500 million in reinsurance coverage for goods and vehicles across nearly 10,000 policies. Under the arrangement, the EBRD guarantees global reinsurer MS Amlin against losses on war-related risks that participating local insurers write. That guarantee gives Ukrainian insurers access to reinsurance and lets them expand their offerings.
The announcement said policy premiums have exceeded claims reported to date, and MS Amlin hasn’t called on the EBRD guarantee. It described those figures as evidence that Ukraine’s war-risk insurance market is functioning well. The facility measures performance through claims and premiums, even as businesses keep trading amid attacks and strained infrastructure.
The expanded facility now covers transportation and storage of gas-related assets. It also adds cover for inventory goods held temporarily in warehouses. Existing coverage includes inland cargo, motor vehicle damage and railway rolling stock. UNIVERSALNA, part of Fairfax Financial Group of Canada, and USG, part of Vienna Insurance Group, are joining local participants INGO, Colonnade and UNIQA.
Public backing, private capacity
France, the United Kingdom, Norway and the TaiwanBusiness–EBRD Technical Cooperation Fund back the facility, alongside Switzerland. Donor coverage from the European Union under its Ukraine Investment Framework provides additional capacity. The announcement doesn’t describe a public insurance service. Instead, it describes a facility that connects institutional guarantees, donor support, reinsurers and insurance companies.
Odile Renaud-Basso, President of the EBRD, called the URGF “a critical tool that helps businesses in Ukraine to manage their risk and continue operating in a war environment.” She said partners were expanding the scheme to offer support to more companies. Greg Case, President and CEO of Aon, said war-risk insurance is “central to sustaining investment and building resilience in Ukraine,” and tied the expanded coverage to preparing for recovery and reconstruction.
Martin Burke, Chief Underwriting Officer, MS Amlin, said Ukrainian businesses continue to trade and invest despite the conflict, creating strong demand for war-risk insurance. He said additional capacity and more reinsurers would support economic resilience and longer-term recovery. Oleksiy Muzychko, CEO of UNIVERSALNA, said joining the programme would increase the company’s capacity to provide coverage, including to businesses in the agricultural sector. Pavlo Nelga, CEO of USG, said the expanded facility would help address current needs. The company, he said, looked forward to remaining a partner in rebuilding the country after the war.
Investment before reconstruction
The announcement says Aon has coordinated more than $500 million in public and private capital to reinforce Ukraine’s economy, enable foreign investment during the war and prepare for reconstruction. Over the last three years, Aon announced a $350M insurance program with the DFC, organized a €110M ($115M) insurance facility with the EBRD, and urged the (re)insurance industry to remove blanket exclusions for risks originating in Ukraine, Russia and Belarus. Aon also launched a Ukraine Early Careers Program to hire displaced Ukrainians in Aon offices.
The facility aims to keep businesses insured and operating under wartime conditions. Its expansion brings more commercial risks and more insurers into a system built around guarantees, donor coverage and private reinsurance. The announcement presents that machinery as support for resilience and eventual reconstruction. The businesses facing the risks remain the reason it’s needed.