Ukrainian businesses trading under Russian bombardment now have a bigger safety net. On Oct. 13, 2026, Aon plc and the European Bank for Reconstruction and Development (EBRD) announced they’re expanding the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) from €110 million to €150 million in capacity.
The timing isn’t accidental. Ukraine faces intensifying Russian attacks on energy, transport, logistics and civilian infrastructure, along with a renewed blockade of Black Sea ports, according to the announcement. Those attacks have strained Ukrainian businesses and the wider economy. War-risk insurance is essential for companies that want to manage those risks and keep operating, the announcement said.
How the Facility Works
The URGF gives reinsurance capacity to international reinsurers and Ukrainian insurance companies covering war-related risks. Aon manages the facility. Under its straightforward structure, the EBRD guarantees global reinsurer MS Amlin against losses on war-related risks that participating local insurers underwrite. That arrangement lets Ukrainian insurers draw on reinsurance and widen their war-insurance offerings.
The numbers so far stand out. The facility has generated more than €500 million in reinsurance coverage for goods and vehicles across nearly 10,000 policies. Premiums have exceeded claims reported to date, and MS Amlin hasn’t called on the EBRD guarantee. The announcement described this as a sign that Ukraine’s war-risk insurance market is functioning well.
Wider Cover, More Local Insurers
Two more Ukrainian insurers are joining. UNIVERSALNA, part of Fairfax Financial Group of Canada, and USG, part of Vienna Insurance Group, will join previously announced participants INGO, Colonnade and UNIQA.
The facility now covers transportation and storage of gas-related assets. It also adds protection for inventory goods in temporary storage in warehouses, on top of existing cover for inland cargo, motor vehicle damage and railway rolling stock.
Oleksiy Muzychko, CEO of UNIVERSALNA, pointed to the farm sector in particular. “This initiative is especially important for Ukrainian businesses today, and for the agricultural sector in particular,” he said, adding that joining the programme will increase his company’s capacity to provide war-risk coverage so more businesses can sustain operations. Pavlo Nelga, CEO of USG, said his firm believes in the continued resilient development of Ukrainian business and looks forward to “remaining a strong partner in rebuilding the country after the war.”
European Backing
Public money from several governments supports the facility. France, the United Kingdom, Norway, Switzerland and the TaiwanBusiness–EBRD Technical Cooperation Fund back it. Donor coverage from the European Union under its Ukraine Investment Framework (UIF) supports additional capacity.
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 the bank is pleased to offer additional support to more companies “amidst challenging operating conditions.”
Greg Case, President and CEO of Aon, said the war continues to imperil the Ukrainian economy and that war-risk insurance is central to sustaining investment and building resilience. Martin Burke, Chief Underwriting Officer at MS Amlin, said Ukrainian businesses “continue to trade and invest despite the conflict,” driving strong demand. He added that bringing in more reinsurers and additional capacity will be vital to economic resilience and longer-term recovery.
A Broader Effort
The announcement said the expansion builds on Aon’s work coordinating more than $500 million in public and private capital to reinforce Ukraine’s economy. Over the last three years, Aon announced a $350 million insurance programme with the DFC, described as first-of-its-kind; called on the (re)insurance industry to remove blanket exclusions for risks originating in Ukraine, Russia and Belarus; organised the €110 million ($115 million) facility with the EBRD; and launched a Ukraine Early Careers Program to hire displaced Ukrainians in Aon offices.
Why This Matters: Insurance is rarely the first thing people think of when they think of solidarity with Ukraine, but factories, farms and freight operators struggle to keep working while missiles fall without it. This expansion puts public money from European governments and the EU’s own investment framework to work keeping Ukrainian jobs and supply chains alive. It’s also a reminder of the scale of the task. Capacity of €150 million is meaningful, yet the announcement itself acknowledges that more reinsurers and more capacity will be needed to build a sustainable market. For Europe, backing Ukraine means more than weapons and diplomacy. It means the unglamorous financial plumbing that lets ordinary businesses survive and prepare for reconstruction.