Ukrainian insurtech startup FortuneGuard, together with Lloyd’s of London, has launched Ukraine’s first war risk insurance program for businesses. The project uses artificial intelligence to assess military and political threats and offers clients an indicative rate for insuring facilities in a war zone in just a few minutes.
Ukrainian insurtech startup FortuneGuard, together with Lloyd’s of London, has launched Ukraine’s first war risk insurance program for businesses. The project uses artificial intelligence to assess military and political threats and offers clients an indicative rate for insuring facilities in a war zone in just a few minutes.
This was reported to dev.ua in an interview by FortuneGuard founder and CEO Oleksiy Omelyanchuk. The startup has created a multi-level AI risk assessment system that analyzes historical data on shelling, asset type, proximity to military or strategic facilities, distance to the front, density of the region’s infrastructure, and other factors.
This is a Kyiv startup founded by entrepreneur Oleksiy Omelyanchuk after the start of a full-scale war. The project focuses on insuring property against war risks, which are usually excluded from standard policies. In 2023, FortuneGuard became a participant in the Google for Startups Ukraine Support Fund program and received funding from Google (a non-transferable grant). The startup is also a graduate of the Lloyd’s Lab accelerator in London. The insurance partner in Ukraine is ARX, reinsurance is provided by an A+ rated provider (Lloyd’s syndicates).
«Our AI system uses a multi-level risk assessment model that takes into account historical data on strikes, asset type, proximity to military, energy and strategic facilities, distance to the front, infrastructure density of the region, etc. The algorithm analyzes and aggregates these variables into a transparent risk scoring that is used for indicative pricing in real time,» explains Omelyanchuk.
According to FortuneGuard CEO, a client can receive «an indicative insurance rate literally minutes after applying.» The team then clarifies the details of the risk, and within a few days the client receives a final commercial offer directly from Lloyd’s syndicates. The agreed policy is issued through a local partner insurer, ARX (ex-AXA Ukraine).
FortuneGuard’s clients include large companies and investors, critical infrastructure operators, developers and commercial real estate owners. The startup focuses on insuring warehouse and logistics complexes, shopping centers, industrial facilities, new buildings, factories, telecom infrastructure, as well as renewable energy facilities.
FortuneGuard offers insurance products against war risks, political violence and business interruption. War risks coverage is the most popular, chosen by over 90% of clients, Omelyanchuk notes. Political violence and business interruption insurance is currently added mainly as an add-on option, especially for facilities outside of active combat zones.
The policies provide coverage for properties worth $5 million to $50 million or more, depending on the size, type, and location of the asset. Since the beginning of 2025, the FortuneGuard team has assessed risks for nearly 30 different properties in Ukraine. The startup’s current potential pipeline is approximately $4 billion in assets, of which approximately $2 billion has already been quoted by London insurers, Omelyanchuk said.
FortuneGuard’s innovative business model combines local insurance and global reinsurance: Ukrainian insurer ARX acts as a front partner, and Lloyd’s syndicates provide reinsurance of risks.
«We act as a system architect: we provide analytics, structure the deal, model risks, and coordinate all participants in the process,» explains Omelyanchuk. This approach minimizes transaction costs and significantly speeds up all stages of policy processing.
According to the founder of the startup, FortuneGuard became the first Ukrainian team to pass the Lloyd’s Lab accelerator and enter into direct cooperation with Lloyd’s syndicates. Based on the startup model, the first war risk insurance program in the history of Ukraine was created on the London market for commercial facilities and investments in Ukraine.
«Today, FortuneGuard is the undisputed market leader in terms of the number of commercial offers from London syndicates provided to Ukrainian clients,» says Omelyanchuk.
In the future, the startup plans to scale geographically. Already this quarter, FortuneGuard is launching a second insurance program, in the Persian Gulf market. This will be a global solution to cover the risks of political violence and military risks in the MENA region (Middle East and North Africa). The company also plans to enter the markets of Eastern Europe, expand cooperation with banks in the field of insurance of investment projects and further integrate with global reinsurers.
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