Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps his Department is taking with (a) his international allied counterparts and (b) multilateral institutions to facilitate the availability of war-risk insurance for companies operating in Ukraine.

We have been working with the insurance industry, international partners and other government departments to lead international efforts on expanding the provision of insurance against war-related risks in Ukraine. Since the 2023 Ukraine Recovery Conference in London, the Foreign, Commonwealth and Development Office - alongside other international donors - has supported war risk insurance solutions through the World Bank's Multilateral Investment Guarantee Agency (MIGA) and the European Bank for Reconstruction and Development, which international companies, including UK firms, can take advantage of.

The UK provided £20 million to the Multilateral Investment Guarantee Agency (MIGA) for a Ukraine Recovery focused Trust Fund to provide political risk insurance and trade guarantees for investments into Ukraine. The UK's contribution has galvanised other bilateral donors to contribute funding to scale up of this initiative to now over $115 million.

In December 2024 the UK committed £5 million to the European Bank for Reconstruction and Development (EBRD) to establish a complementary war risk insurance initiative to cover in-land cargo in partnership with AON and MS Amlin.