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.
MS Amlin falls to net loss as hurricane Ian and war in Ukraine dent underwriting
14th February 2023
The impact of investment losses, Hurricane Ian, and the ongoing war in Ukraine has seen MS Amlin post a net loss of £305 million for the period January to end of September 2022, as the firm's combined ratio weakened to 111.9%. In its financial year 2022 3Q results, which covers the ... Read the full article
Russia’s cyber warfare in Ukraine tops 2022 incidents list: Tokio Marine
2nd February 2023
Findings from Tokio Marine HCC International’s (TMHCCI) latest annual Cyber Incidents Report, shows that in 2022, global cybercrime stakes were raised significantly with entire governments, as well as individual businesses falling victim to regular and often devastating attacks. Topping the list in the reports top ten cyber incidents of 2022 was ... Read the full article
Japanese insurers resume Russian coverage after restoring reinsurance
30th December 2022
Some of Japan's largest non-life insurers look set to continue providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers, and after pressure from the Japanese Government not to drop the business. Insurers including Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance ... Read the full article
Insurance economists forecast high inflation to persist well into 2023: GDV
30th December 2022
During an online panel hosted by the German Insurance Association (GDV), leading economists in the insurance industry suggested elevated inflation rates will persist well into the coming year despite levels easing recently. Munich Re chief economist, Michael Menhart, stated that inflation will fall in 2023, though even by year-end it will ... Read the full article
Quarter of Russian crude oil shipments in December used western insurance
29th December 2022
According to a Financial Times analysis of shipping and insurance records, around a quarter of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western companies. Based on an analysis of data from Kpler, the Financial Times report states that 18 Russian crude oil cargoes have ... Read the full article
Japanese insurers in talks with reinsurers to resume coverage in Russian waters
29th December 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers to resume those operations. The three insurers told shipowners that they would ... Read the full article
Reinsurers pull Ukraine ship cover for American Club
28th December 2022
The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) has announced that its reinsurers have served a notice to cancel certain war risk exposures related to the conflict between Russia and Ukraine. The American Club, a US-domiciled mutual protection and indemnity club, says that it in turn ... Read the full article
Insurance rates to stay flat for Ukraine grain cargo shipments
22nd December 2022
Rates will not increase for Ukraine grain cargo insurance as the ‘AsOne’ Black Sea facility - which provides cover for shipments via Ukraine's grain export corridor - is to continue next year, Chris McGill, Ascot's head of cargo, told Reuters. Twenty-one insurers are part of the cargo insurance facility, led ... Read the full article
Cat tops the list of risks that cedents should be keeping in mind for 2023: Johansmeyer, PCS
19th December 2022
Verisk Insurance Solutions’ Head of PCS, Tom Johansmeyer, spoke with Reinsurance News about the types of risks that cedents should be keeping front of mind for 2023. “Cat is obviously top of the list, with a particular focus on Florida. That’s because, much as armies prepare to fight their last war ... Read the full article
Major ship reinsurers to cease covering key war-related risks
15th December 2022
Hannover Re and Munich Re are among reinsurers who have warned to cease underwriting any kind of risks related to the conflict in Ukraine from the start of next year, with other reinsurers thought to be taking a similar approach, suggests a recent Bloomberg report. With reinsurers preparing to potentially cease ... Read the full article
To make the world more resilient, re/insurers must be resilient: Ojeisekhoba, Swiss Re
13th December 2022
As the global reinsurance industry looks ahead to 2023, writing in this op-ed, Swiss Re's Moses Ojeisekhoba, Chief Executive Officer - Reinsurance, explains the need to reshape the risk industry, in order to boost resilience in an increasingly volatile world. The extraordinary natural and human forces shaping our planet were on ... Read the full article
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
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