Reinsurance News

Ukraine Russia conflict

All of our news coverage of the insurance and reinsurance market implications of the Ukraine – Russia conflict can be found below.

Substantial changes in war reinsurance programmes possible in 2023: Gallagher

25th November 2022

The ongoing war in Ukraine and the sizable losses it has caused to the re/insurance market, have pushed many industry bodies to make changes in war reinsurance programs. Because of this, some experts are predicting fairly seismic changes to the war market in 2023, according to Gallager’s recent marine market report. However, ... Read the full article

MS Amlin reports £131mn H1 loss as Hurricane Ian loss estimates sit at £157mn

18th November 2022

MS Amlin has reported a net loss of £131 million for the first half of the financial year, down from a profit of £33 million in the prior year period, as the carrier estimated its Hurricane Ian loss at £157 million. Net premiums written for H122 were £2.192 billion, a substantial ... Read the full article

BOC Aviation sues 16 insurance companies over Russia losses

16th November 2022

BOC Aviation, a Dublin-based aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article

Marine markets facing large total loss claims from ships trapped in Ukraine

7th November 2022

With a number of ships trapped in Ukraine due to the country’s conflict with Russia, the marine market is expected to face a large number of “total loss” claims early in 2023, according to a recent report. Ukrainian ports have been closed for vessel entry and exit since February 25, 2022, ... Read the full article

Aircraft lessor sues Lloyds Insurance over Russia losses

7th November 2022

Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war, according to a Reuters report. Following European Union sanctions that forced the termination of all Russian leases, the lessor recorded a first-quarter impairment of $304 ... Read the full article

Lloyd’s & Aon call for more re/insurance industry support on Ukraine conflict risks

13th October 2022

A new report from the specialist Lloyd's insurance and reinsurance marketplace and Aon, the global re/insurance brokerage, highlights a number of areas and risks that require further action from the industry to help improve resilience as the war in Ukraine continues. With Russia's invasion of Ukraine showing little sign of ending ... Read the full article

Long arbitration and legal procedures for lessors and re/insurers of stranded aircrafts in Russia

28th September 2022

According to a recent report by DBRS Morningstar the risk of a prolonged Russian invasion of Ukraine will further complicate the resolution of aircraft leasing insurance claims which would take years to settle, with experts believing that this would require complex arbitration and legal procedures. More than 500 aircrafts and ... Read the full article

Sanctions on Russia slowing nation’s life insurance industry growth: GlobalData

20th September 2022

A new report from GlobalData states that the fallout from Russia’s invasion of Ukraine in February will cause a slowing in the growth of the country’s life insurance industry over the next few years. The data and analytics firm says in its Russia Life Insurance: Key Trends and Opportunities to 2026 ... Read the full article

Russian sovereign internet creates cyber risks for re/insurers: CyberCube

12th September 2022

A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article

Fitch analysts view Russia-Ukraine war as a “contained risk”

11th September 2022

The full extent of insurance and reinsurance losses stemming from the conflict between Russia and Ukraine remains a murky subject with many unknown factors, but analysts at Fitch Ratings are confident that the war will prove to be a “contained risk” for the market. Speaking during a recent Global Reinsurance Briefing ... Read the full article

Power sector faces rising rates and a new risk landscape, says WTW

9th September 2022

Risk managers in the power sector must navigate a new risk landscape brought about by the Russia-Ukraine conflict, global inflation, the energy transition, and climate change, according to the 2022 Power Market Review from WTW. With power insurance prices continuing to rise, risk managers must balance these risks while ensuring that ... Read the full article

Global reinsurance sector outlook remains neutral amid economic slowdown: Fitch

8th September 2022

Fitch Ratings has maintained its global reinsurance sector outlook at neutral and expects underlying profitability to remain broadly stable in 2022 and 2023. Demand for most reinsurance business should be relatively unaffected by the economic slowdown, says Fitch, noting that price increases and higher reinvestment yields should largely offset the impact ... Read the full article

Lloyd’s falls to £1.8bn loss on investments, reserves £1.1bn for war in Ukraine

8th September 2022

The specialist Lloyd's insurance and reinsurance marketplace has today reported an overall loss of £1.8 billion for the first half of 2022, but despite reserving £1.1 billion for claims related to the war in Ukraine, the underwriting performance improved. The net loss reported today compares with profit of £1.4 billion a ... Read the full article

Inflation & Russia flagged as major headwinds for Lloyd’s

1st September 2022

Analysts at AM Best have flagged a number of significant headwinds for the Lloyd’s insurance and reinsurance market, including high inflation and the conflict between Russia and Ukraine. The rating agency acknowledged that considerable remedial and modernisation work has been carried out within the market, along with strong underlying market conditions, ... Read the full article

Marsh & Ascot’s Ukrainian grain insurance facility now open to Lloyd’s brokers

23rd August 2022

Insurance broker Marsh and global specialty re/insurer Ascot Group have announced the first insurance placement for the new Marine Cargo and War facility. Launched earlier this month, the facility provides coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between ... Read the full article