About
About Initiative
Our initiative builds on the London Conference Framework for War Risk Insurance, introduced at the 2023 Ukraine Recovery Conference to support investment in Ukraine by integrating commercial insurers into reconstruction efforts. Despite this commitment, implementation has been slow, and regulatory barriers continue to hinder the development of a viable war risk insurance market.
Spilka is working to bridge the gap between governments, insurers, and financial institutions. Unlike brokers or market participants, we focus on the legal and institutional frameworks necessary to ensure war risk insurance is accessible, commercially viable, and aligned with international standards.
A key challenge is the RUB exclusion, which has effectively cut Ukraine off from the global reinsurance market. To restore capacity, governments must play a structured role as insurers of last resort, providing financial backing that allows insurers to underwrite war risks with confidence. This approach has worked in terrorism risk insurance and can be adapted for Ukraine.
At the same time, Ukrainian regulators need stronger engagement with global insurers to ensure local policies align with international market expectations. Current legal frameworks, particularly around risk location, non-admitted insurance, and state-backed guarantees, need to be refined to enable structured war risk insurance pools. We are working to facilitate this engagement and push for necessary regulatory adjustments.
Reinsurers remain cautious due to data reliability and risk modelling concerns, limiting private market participation. Addressing these issues is essential to rebuilding confidence. Recent insurance initiatives, including those led by Aon, Marsh, McGill & Partners and DFC, EBRD signal growing momentum in the market. Ensuring this translates into lasting solutions requires sustained legal and policy efforts — work that Spilka is committed to advancing.
