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.

Ascot & Marsh to provide insurance for Ukraine sea corridor

29th July 2022

Specialty re/insurance group Ascot and broker Marsh have launched a marine cargo and war facility, which will provide coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between Russia and Ukraine. Placed by Marsh, and led by Ascot, the Lloyd’s facility ... Read the full article

Impacts from Russia’s war against Ukraine keenly felt, says Lloyd’s and Aon report

28th July 2022

A new report from Lloyd’s and Aon says that the sector most affected by Russia’s invasion of Ukraine will be the energy sector. The report, Ukraine: A Conflict that Changed the World, lays out five plausible scenarios to the industries and geographies most affected by the conflict. Each scenario explores ... Read the full article

Lloyd’s market set to insure Ukrainian grain shipments

27th July 2022

The Lloyd’s of London insurance and reinsurance market is gearing up to provide coverage for shipments of grain coming out of war-torn Ukraine, Chairman Bruce Carnegie-Brown has said. Carnegie-Brown told Reuters that preparations were underway among Lloyd’s insurers and brokers after Russia and Ukraine agreed to allow the safe transport of ... Read the full article

Insurance sector not materially exposed to BI losses due to Russian gas standoff – Fitch

22nd July 2022

The insurance sector is not materially exposed to the business interruption losses that could arise due to a cut-off in Russian gas supplies to Europe, according to a statement by Fitch. Business interruption (BI) insurance policies typically only cover losses resulting from physical damage to business premises or production ... Read the full article

Munich Re could face Russian jet loss via war risk policies: Jefferies

15th July 2022

Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article

Stranded aircraft lessor brings $3.5bn lawsuit against AIG

14th July 2022

Aercap, the largest global aircraft leasing firm, has sued AIG and other insurers including Lloyd's business Atrium over planes stranded following the outbreak of conflict between Russia and Ukraine, according to reports from City A.M. The lawsuit follows a $3.5 billion all-risk claim filed in March over aircraft lost in Russia, ... Read the full article

Ukraine war aviation losses could be 7x more than WTC loss: Gallagher

8th July 2022

Analysts at global re/insurance broker Gallagher has reported that the ongoing Russia-Ukraine conflict could lead up to losses that are seven times than the final loss amount for the World Trade Center (WTC) attacks in 2001, and four times the initial WTC reserve. In the Q2 edition of its Plane Talking ... Read the full article

Lessor SMBC recognises $1.6bn impairment on aircraft stranded in Russia

8th July 2022

Leading aircraft leasing firm, SMBC Aviation Capital, has said it is "unlikely" that it will be able to recover 34 owned aircraft stranded in Russia following the country's ongoing invasion of Ukraine and subsequent sanctions, leading the company to recognise a $1.6 billion write-off. "34 owned aircraft remain in Russia despite ... Read the full article

Russia’s invasion of Ukraine could cause 30-40% rises in aviation insurance

28th June 2022

Insurance coverage for the aviation sector could rise by 30 to 40 percent or more, according to a new report by CE Noticias Financieras. In addition, service providers are expected to tighten their screening policies to ensure that airport and aircraft operations are safe. Octavio Careaga, president of THB Mexico, an ... Read the full article

Ukraine-Russia conflict market losses estimate narrowed to $10bn

24th June 2022

Swiss Re has reiterated that losses from the Ukraine/Russia conflict appear to be a mid-sized nat cat event, narrowing estimated market losses to $10bn from $15bn previously estimated, according to a Goldman Sachs report for Q1. The report noted that reinsurance and London Market names are potentially exposed in various lines, ... Read the full article

Planes stranded in Russia could lead to industry losses topping 9/11

20th June 2022

The aggregate value of planes stuck on Russian territory following the nation’s invasion of Ukraine could even surpass the claims stemming from 9/11, according to a new note from WTW. The firm said that while the impact of the invasion was still unknown on the aviation industry, it said that there ... Read the full article

India forms $64m pool to insure Russian and Belarussian fertiliser imports

20th June 2022

India’s insurance sector has created a $64m pool to provide cover for fertiliser imported from Russia and Belarus. As reported by the Indo-Asian News Service (IANS), a senior industry figure told the site that bulk of the pool amount will be contributed by GIC Re, with all other multi-line non-life insurers ... Read the full article

“Russia’s invasion of Ukraine negatively impacting cyber market” – Moody’s

16th June 2022

Russia’s invasion of Ukraine has led to a situation in which cyber insurers are increasing rates and narrowing coverage due to the possibility of cyberattacks. A new note from Moody’s says that while attacks related to the conflict have not yet risen to a level previously feared, further and large-scale attacks ... Read the full article

“G20 needs to act to avert food crisis and reshape social contract” – Swiss Re

15th June 2022

The group chief economist for Swiss Re has called on the G20 nations to act in order to both avert a food crisis and reshape the social contract. Writing on the firm’s website, Jerome Jean Haegeli said that an international effort was needed to guarantee that developing nations have access ... Read the full article

Supply chain disruptions “could cost Europe almost €1 trillion in lost GDP”

15th June 2022

Supply chain challenges could result in the Eurozone’s GDP losing up to €920 billion (or 7.7%) by 2023, according to a report by Accenture. The potential loss is due to the COVID-19 pandemic and Russia’s invasion of Ukraine. The report, “From Disruption to Reinvention – The future of supply chains in Europe” ... Read the full article