Lloyd’s and Aon report calls on insurance industry to help customers build resilience against the impacts of the conflict in Ukraine

13 October 2022

Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, in collaboration with global professional services firm Aon, has today - published its second report evaluating the crisis in Ukraine.
In light of a rapidly changing risk landscape, Part Two of ‘Ukraine: A conflict that changed the world’ focuses on the actions the insurance industry can take to support clients in building resilience.
The sector has already moved quickly to address many challenges facing clients, including the creation of a Ukraine grain facility to export stranded grain from Ukrainian ports and the role of established energy and nuclear insurance markets to underpin national energy security strategies
Lloyd’s and Aon are committed to helping mitigate the increasingly complex risks globally and accelerating the delivery of innovative insurance solutions.

Following analysis of the wide-ranging and interrelated risks that have emerged from the crisis in “Ukraine: A conflict that changed the world” - today Lloyd’s and Aon publish: ‘The (re)insurance industry response’.

Read Ukraine: The (re)insurance industry response

This second report builds on the analysis and insights formed in its pre-ceding report by outlining a range of practical solutions the sector might take - across seven key market forces of change - to advance customers risk protection offering in the face of seismic economic and geopolitical change.

The report highlights existing insurance solutions already available to address key concerns for businesses, such as Lloyd’s landmark facility to insure crucial shipments of grain out of Ukraine and the role of established energy and nuclear insurance markets in underpinning energy security strategies.

However, it notes that other areas such as supply chain and reputational risk are likely to require further action from the industry to help customers build greater resilience against the long-term effects of the conflict.

Recognising this call to action for the industry, Lloyd’s and Aon have agreed to establish an innovation forum which will provide an opportunity to support the commercialisation of new solutions that address emerging customer needs.

This initiative will combine the unique convening power of Lloyd’s with Aon’s expertise and customer insight in order to build on the key learnings and outcomes of both reports.

"The type of collaboration shown in this report, between Aon and Lloyd’s demonstrates the true value proposition of insurance – the sharing of risk between many to protect the misfortunes of the few.

Lloyd’s occupies a unique position within the industry, bringing people together to drive innovative, sustainable insurance solutions at times of global crisis, and there is no greater need to fulfil this commitment than during the economic and humanitarian crisis we see today.

Lloyd’s will continue to deploy its expertise and resources to help businesses respond to the consequences of the conflict, sharing risk to create a braver world."

John Neal - Chief Executive Officer, Lloyd’s

“The tangible impacts of the Ukraine conflict are evident across the world and across industries. Although the insurance market has reacted quickly and effectively to support policyholders, the crisis has exposed gaps that show we must move further and faster.

A focus on developing innovative products and solutions is essential to ensure our industry plays its critical role helping organisations navigate an increasingly volatile risk landscape and make better decisions.

We seek to be at the forefront of product innovation to help close protection gaps we have seen emerge over the last several months. We hope the insights from this report will lead the way for greater collaboration across our industry to help address the urgency of unmet client needs."

Dominic Christian - Global Chairman of Reinsurance Solutions, Aon

Notes to Editors

The full report: ‘Ukraine: A conflict that changed the world – the (re)insurance industry response’ explores the role of the (re)insurance industry in building resilience against the medium to long term consequences of the conflict in Ukraine.
This research has been delivered through a collaboration between Lloyd's and Aon. The research explores the critical themes and forces shaping the risk environment and the (re)insurance industry’s potential response.
It is based on in-depth interviews with 75 sector experts and practitioners across Aon and Lloyd’s. These interviews have provided real-life, practical insights on the challenges that companies across a range of industries are facing as a result of the Ukraine conflict and how they are adjusting their risk management approaches in response. In addition to these interviews, the report combines proprietary data with a range of thought leadership and third-party analysis to develop insights aimed at helping people, communities and organisations in all sectors to develop greater agility and resilience in this ever more uncertain world.
The seven key market forces of change explored in the report are: cyber, supply chain, food security, climate transition, energy security, ESG and public sentiment.
Futureset is Lloyd’s global platform and community dedicated to driving greater societal and economic resilience to the world’s most challenging risks. By bringing together diverse perspectives, and through cutting-edge risk insight, intelligence, and cross-industry dialogue on the most complex and fast-changing risks faced by communities, businesses and countries, Lloyd’s Futureset aims to build greater societal understanding and collaboration to find solutions and support greater preparedness, protection and resilience.
More news and information available from lloyds.com

Enquiries

UK:

+44 (0) 20 7327 5111 | pressoffice@lloyds.com

+44 (0) 20 7327 5391 | annie.roberts@lloyds.com

+44 (0) 20 7327 6144 | bud.hedges@lloyds.com

Aon’s Media Contact:

International: +1 312 381 3024 | mediainquiries@aon.com

Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114

About Lloyd’s

Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.

The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.

We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.

We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HRH The Prince of Wales’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.

And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on Twitter and LinkedIn. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.

Lloyd’s and Aon report calls on insurance industry to help customers build resilience against the impacts of the conflict in Ukraine

Notes to Editors

Enquiries

UK:

Americas:

EMEA:

APAC:

Aon’s Media Contact:

About Lloyd’s

About Aon