Reinsurance News
Russia
AM Best moves Russia to bottom country risk tier
10th March 2022
AM Best has moved its Country Risk Tier for Russia to a CRT-5 from a CRT-4 to reflect the significantly heightened geopolitical, economic and financial system risk in the country which has resulted from its invasion of Ukraine. Because of sanctions against Russia having targeted the financial system, it now faces ... Read the full article
Russia-Ukraine war to increase cyber-related claims?
9th March 2022
The fallout from the war between Russia and Ukraine following the former’s invasion of the latter could increase cyber-related insurance and reinsurance claims within Europe and North America, according to a new note from DBRS Morningstar. The note says that considering the number of cyberattacks having ‘materially increased’ and the tightening ... Read the full article
US insurers face significant Russian exposures: AM Best
9th March 2022
Analysts at AM Best have warned that US insurers and reinsurers face “significant” exposure to the economic fallout of sanctions placed on Russia, following its widely-condemned invasion of Ukraine. Many Western nations, in addition to members of NATO, have imposed steep sanctions on Russia, targeting everything from its central bank and ... Read the full article
Bank of America releases new note on Russia/Ukraine exposures for insurers
8th March 2022
A new note from Bank of America outlines the uncertainty that current sanctions on Russia have for insurance companies. Following Russia’s invasion of—and probable war crimes against—Ukraine in recent weeks, sanctions against the country from around the world have been applied. According to Bank of America, much of the effects of ... Read the full article
AM Best downgrades Russian insurers and reinsurers
7th March 2022
AM Best has continued its downgrading of the financial strength of Russian insurers and reinsurers in response to the country’s invasion of Ukraine. A new note from the agency says that it has downgraded Russian Re’s Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating ... Read the full article
Russia’s invasion of Ukraine weighs on 2022 outlook: DBRS Morningstar
7th March 2022
Due to a combination of strong underwriting profitability and positive investment income, the P&C sector resulted in a very successful year, according to DBRS Morningstar, which also reported that reinsurance companies performed significantly better compared to 2020, despite higher catastrophe losses. However, the Russia-Ukraine conflict, climate-related losses, and legacy COVID issues ... Read the full article
Top insurers called to end trade with Russian companies
4th March 2022
In response to Russia’s invasion of Ukraine, a coalition of NGOs and groups around the world are calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties with these companies. More than 75 organisations have written to insurers, which include AIG, Allianz, Atradius Re, AXA, ... Read the full article
CyberCube advises stress testing of portfolios with eastern European business
4th March 2022
CyberCube has released a new report saying that insurers and reinsurers should stress test their portfolios if they hold eastern European business, following the invasion of Ukraine by Russia. The company has released a new report called War in Ukraine creates fundamental shift in the cyber threat landscape that presents eight ... Read the full article
Potential moderate losses to specialty lines from Russia-Ukraine war – Moody’s
4th March 2022
A new note from Moody’s says that international insurers have little exposure from the fallout over Russia’s invasion of Ukraine, but specialty lines could be impacted. While insurance penetration is low in Russia and Ukraine, write Moody’s, with the local markets dominated by local players, it will be specialist lines that ... Read the full article
Generali severs Russia ties
4th March 2022
Generali is to close its Moscow office, resign its positions on the board of Ingosstrakh, and wind down its Europ Assistance business due to Russia’s invasion of Ukraine. In addition, the company said it was reviewing all its investment and insurance business in Russia and will comply fully with all applicable ... Read the full article
Russian invasion of Ukraine likely to have ‘significant fallout’: AM Best
28th February 2022
Russia’s invasion of Ukraine will likely have significant fallout in the capital markets, impacting the entire industry in the short-to-medium term, says AM Best. Citing the potential for cyberattacks, AM Best said that the invasion may have ‘a substantial impact on the world’s insurance industry’. It added: “The economic effects of sanctions ... Read the full article
Lloyd’s re/insurance market backs sanctions against Russia: report
28th February 2022
The specialist Lloyd's insurance and reinsurance marketplace has told The Straits Times that it is backing sanctions against Russia following its ongoing invasion of Ukraine. With Russia's invasion now on day five, western nations have announced a range of sanctions designed to damage the country's economy and cut it off from ... Read the full article
Insurers face exposure to Ukraine invasion in multiple areas: analysts
25th February 2022
The insurance industry is counting the cost of Russia’s invasion of Ukraine. According to multiple analysts, the market is exposed in a number of areas, including political risk insurance (PRI), aviation war, trade credit, and marine cargo/war. It is understood that the credit and energy insurance markets will also come under ... Read the full article
Swiss Re’s exposure to Russia’s invasion of Ukraine immaterial to modest: CFO Dacey
25th February 2022
John Dacey, the Group Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, said this morning that while it's too early to tell whether there will be losses from Russia's invasion of Ukraine, the firm has immaterial exposure on the asset side of the balance sheet and does not ... Read the full article
GIC Re’s Russian subsidiary obtains reinsurance licence
4th February 2020
GIC Perestrakhovanie LLC, Russia, a wholly owned subsidiary of India's General Insurance Corporation of India (GIC Re), has now received a reinsurance licence from the Central Bank of Russia (CBR). The approval means that GIC Re is the first reinsurance firm in more than 10 years to be granted this licence, ... Read the full article
- ← Previous
- 1
- 2
- 3
- Next →
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
