According to data and analytics company GlobalData, Ingosstrakh, the fourth largest general insurer in Russia could be facing significant financial challenges following Russia’s invasion of Ukraine.
In 2020, the insurer earned 36.3% of its RUB106.5 billion ($910.1 million) premium income in the Marine, Aviation and Transit (MAT) insurance market which has been severely affected by the ongoing conflict.
Benjamin Hatton, Insurance Analyst at GlobalData, commented: “The Black Sea is a major location for the global shipping of maize and wheat which the ongoing crisis in Ukraine has completely disrupted and hugely increased the risks of operating in the area.
“Many Western shipping companies have now suspended operations in the region which may have had a significant impact on Ingosstrakh.”
This announcement comes after Generali released its plans to close its Moscow office, along with resigning its positions on the board of Ingosstrakh, and winding down its Europ Assistance business due to Russia’s invasion of Ukraine.