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Biggest brokers say insurers must ditch ‘arbitrary’ Ukraine exclusions

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Biggest brokers say insurers must ditch ‘arbitrary’ Ukraine exclusions

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Insurers and reinsurers must ditch “arbitrary” exclusions that cut Ukraine from policies and resume cover to support the war-torn country’s economic recovery, the world’s two biggest insurance brokers have said.

New York-listed rivals Aon and Marsh McLennan said blanket exclusions of Ukraine from policies covering everything from soured loans to property damage, which were put in place after Russia’s full-scale invasion in February 2022, “ignore the diversity of risk throughout the country”.

In a rare joint call, they pushed for a reversal of the insurance and reinsurance industry’s moves to lump Ukraine alongside Belarus and Russia in exclusions from broad reinsurance contracts, limiting the supply of primary insurance and “impeding” Kyiv’s economic recovery. 

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The exclusions were part of a market pullback as insurers and reinsurers braced for billions of dollars of losses from destroyed buildings, stranded planes and other damage caused by Russia’s invasion. But Kyiv’s leaders and western allies have repeatedly highlighted the importance of the insurance sector to underpin its economy and enable the huge investment that will be needed for its post-war reconstruction.  

John Doyle, chief executive at Marsh McLennan, said the groups were calling on the global insurance sector — which is gathering in Monaco for its annual Rendez-Vous conference — to “end blanket exclusions for Ukraine” and support the country to attract global investment.

Aon chief executive Greg Case said insurers must “work to strengthen” insurance initiatives already being developed, adding: “Insurance capital is essential for the reconstruction of Ukraine’s healthcare, energy and agricultural sectors.” 

Insurance brokers negotiate with insurers to cover their clients’ assets, from supertankers to credit facilities, against potential losses, with a group of individual insurers typically providing a slice of the cover. Aon and Marsh also have big reinsurance broking operations that help primary insurers share their risks with reinsurers.

With almost all of Ukraine’s revenue allocated to its armed forces and its deficit continuing to rise, its leaders have sought insurance schemes as a way to increase trade and investment.

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Both firms have been involved in projects seeking to draw some global insurers back into certain areas of Ukraine’s economy.

Last year, Marsh McLennan reached agreement with Kyiv to provide affordable cover to ships carrying grain from its Black Sea ports. This year, Aon unveiled a scheme with a US development agency that was intended to cover Ukrainian businesses against war risks. 

Broader appetite among insurers to underwrite Ukraine risks remains minimal, however.

Ukraine’s economy recovered from a 29 per cent drop in its GDP in 2022, to grow just under 5 per cent in 2023. But GDP growth is expected to slow to 3.2 per cent this year, according to the World Bank.

In the joint statement, Aon and Marsh said that “arbitrary exclusions for Ukraine contribute to confusion about the vastly different levels of risk in the country”, highlighting central and western areas where there is much less war damage.

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Additional reporting by Isobel Koshiw in Kyiv

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Crowds ordered to evacuate National Mall area as stormy weather slams DC

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Crowds ordered to evacuate National Mall area as stormy weather slams DC

The thousands of people attending the Great American State Fair and other areas around the National Mall are being ordered to evacuate as stormy weather approaches.

The National Weather Service previously announced a Severe Thunderstorm Warning in the District. Officials are asking attendees to seek shelter.

SEE ALSO: Historic Fourth of July fireworks to light up National Mall: How to watch live

The DC Homeland Security & Emergency Management released a list of places where the crowds can go to get out of the weather:

Federal Buildings:

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  • Ronald Reagan Building – 100 Pennsylvania Ave NW
  • Dept. of Commerce – 1401 Constitution Ave NW
  • Dept. of Agriculture – 1400 Independence Dr SW
  • Dept. of Education – 400 Maryland Ave SW
  • Internal Revenue Service – 1111 Constitution Ave NW
  • Voice of America – 330 Independence Ave SW
  • Thomas Jefferson Memorial – 16 E Basin Dr SW

Museums:

  • National Museum of American History – 1300 Constitution Ave NW
  • National Museum of Natural History – 1000 Constitution Ave NW
  • National Museum of African American History and Culture – 1400 Constitution Ave NW

Freedom 250 organizers released this statement:

“The safety of our guests, performers, and staff is our top priority. Due to approaching severe storms, Freedom 250, United States Secret Service, United States Park Police, National Park Service, the Federal Emergency Management Agency, and all public safety partners are asking all guests to evacuate event grounds and seek temporary shelter in a nearby building. Available shelter locations include the Department of Commerce, Department of Education, Department of Agriculture, Internal Revenue Service, VOA Building, Thomas Jefferson Memorial, National Museum of American History, National Museum of Natural History, the African American Museum, and the Ronald Reagan Building. Please remain calm, follow the directions of law enforcement and event staff, and stay tuned to Freedom 250’s official channels for updates. Freedom 250 will share updates on programming and doors reopening — please stay close to our official channels for updates.”

The Secret Service said they have suspended screening on the National Mall.

“Security screening on the National Mall has been suspended due to dangerous storms,” the Secret Service said. “If you are already on the grounds, follow directions from officers and event staff and move to shelter immediately. Do not shelter under trees.”

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Metro riders are also asked to seek shelter. Commuters should expect heavy crowds at stations near the National Mall and are asked to consider using L’Enfant Plaza, Metro Center, Archives, Federal Triangle or Federal Center SW stations to avoid congestion.

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Reflections on America’s 250th birthday

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Reflections on America’s 250th birthday

The nation’s capital may be the focal point of the 250th Independence Day celebration, but people all across America have plans to mark the occasion, from boisterous public parades to quiet personal reflections on history.

Julia Demaree Nikhinson/AP


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Julia Demaree Nikhinson/AP

As the United States turns 250 years old, Americans across the country are spending the holiday thinking about what the big birthday means to them, with reflections and celebrations as diverse as the nation itself.

NPR’s member station reporters fanned out to collect snapshots of the occasion from sea to shining sea.

In one ‘City of Presidents,’ Main Street is decorated for a party

At least two cities in the U.S.call themselves the “City of Presidents” and Cuba City, in Wisconsin, is one of them, largely due to its patriotic Main Street decorations. Every year from Memorial Day through Veteran’s Day, red, white, and blue shields, one for each U.S. president, are prominently displayed high up on the light poles lining Main Street.

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It’s a tradition that began in 1976 to commemorate the country’s bicentennial, says Donna Rogers, who is president of the ongoing project but admitted that when it first started, she wasn’t particularly tuned-in to the display.

“I was raising three little boys and working at John Deere, so I didn’t really pay too much attention to community service at that time,” she said.

Donna Rogers shows off one of Cuba City's presidential lampposts.

Donna Rogers shows off one of Cuba City’s presidential lampposts.

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Susan Bence/WUWM

A few years later, she was tapped to help keep the initiative alive.

When she thinks of the country’s history, she says the signing of the Declaration of Independence and abolition of slavery top her list, plus a current event–

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“Of course, now, our nation’s 250th birthday. I think those three would be the three most important things in history to me,” she said, quickly adding “[the] right for women to vote, don’t forget that, right?”

Rogers and Cuba City are pulling out all the stops for the 250th, with a parade and a mac-and-cheese festival, because “that was some of our founding fathers favorite foods, along with turkey and cranberries and other items.”

She laughed and admitted she googled that. True or not, Rogers says they’ll go all-out to celebrate the 250th in her “City of Presidents”.

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Family-owned company prepares to put on the largest fireworks display in history: “It is the biggest show that we’ve ever done”

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Family-owned company prepares to put on the largest fireworks display in history: “It is the biggest show that we’ve ever done”

Washington — There are fireworks, and then there’s what’s in store for Saturday in Washington, D.C.

When the sun goes down on Independence Day, the skies of Washington are expected to fill with a record-setting 850,000 individual fireworks for a 40-minute spectacle like no one has seen before.

A company called Pyrotecnico will attempt the biggest fireworks show in history, using five generations of family know-how and a background in Super Bowls and large musical acts to help America celebrate its 250th birthday with a bang.

“I mean, it is the biggest show that we’ve done,” Rocco Vitale, president of Pyrotecnico, told CBS News. “…My earliest memories of fireworks displays and doing the Fourth of July was here.”

Pyrotecnico has been planning this year’s show since January, using computers to simulate the display. But now it’s time for the real thing.

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Vitale gave CBS News an exclusive look at his not-so-secret weapons: eight barges out on the Potomac River, each one ready to light up the night sky.
 
“Each firing location has a communication device, and its all set on GPS. And once the time of the show is put into the system, it goes at that time,” Vitale explained.

According to Freedom 250, the organizer of the “Salute to America 250 Celebration & Fireworks” on the National Mall, President Trump will deliver remarks at 9:45 p.m. Eastern Time, and the fireworks display will get underway at 10:45 p.m. The event is expected to draw hundreds of thousands of people.


Join CBS for “The Great American Block Party 250,” a primetime special on Saturday, July 4, hosted by CBS Evening News anchor Tony Dokoupil and Entertainment Tonight’s Nischelle Turner, featuring live musical performances, celebrations around the country, and the largest fireworks show in history in the skies over the nation’s capital. Tune in July 4 at 8 p.m. ET on CBS and stream it on Paramount+ and CBS News 24/7.

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