Marsh McLennan and the Ukrainian government are working to cut the cost of insuring business travelers by about 80% with a plan to be carried out in the first half of this year, said an official of the insurance broking giant.
"Getting cover costs about $1,200 per day per $1 million of insurance. We're working across the industry to try and bring that down to 20% of that sort of price," said Crispin Ellison, a partner with Marsh McLennan's Oliver Wyman consultancy.
Business travel to Ukraine is "unaffordable to most" and "it's no good saying 'Please invest in Ukraine but you can't travel there'," said Ellison in a webinar on political risk insurance hosted by the U.S.-Ukraine Business Council (USUBC) and the US Department of Commerce.
