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.
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
BoE says Russia sanctions “manageable” for UK re/insurers
8th March 2022
Bank of England (BoE) Deputy Governor Sam Woods has said that sanctions against Russia following its invasion of Ukraine are considered “manageable” for the UK insurance and reinsurance industry so far, as well as for the wider financial sector. Woods’ comments, first reported by Reuters, follow the UK Government’s decision to ... 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
UK to bring in further re/insurance sanctions for Russia
3rd March 2022
The UK Government has confirmed that it intends to bring in further sanctions targeted at the provision of insurance and reinsurance services for Russian companies. Going forward, Russian companies in aviation and space industry will be prevented from access to UK insurance sector, in a move that will “severely limit” Russia’s ... Read the full article
Bank of Russia increases reinsurer capital from $0.6bn to $2.57bn
3rd March 2022
The Bank of Russia has announced that it will increase the declared capital of reinsurance for RNPC from ₽71bn ($0.6bn) to ₽300bn ($2.57bn). The move comes as sanctions on the Russian economy begin to bite, with wide reports of soaring prices and shortages. In a statement, the Bank of Russia said: “One ... Read the full article
Russian cyberattacks may test insurer war exclusion language: Fitch Ratings
2nd March 2022
The risk of cyberattacks has increased following Russia’s invasion of Ukraine and may test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’ language in policies, says Fitch Ratings. A new note from the agency says that the wording, already under greater scrutiny following a recent court ruling that found an ... Read the full article
AM Best turns negative on Russian re/insurer ratings
2nd March 2022
Ratings agency AM Best has placed under review with negative implications the Financial Strength Rating (FSR) and the Long-Term Issuer Credit Rating of a number of Russian insurance companies, driven by heightened geopolitical, economic and financial system risk in the country. As Western nations impose sanctions on Russia amid its unprovoked ... Read the full article
S&P Global Ratings takes negative action on rated Russian insurers
2nd March 2022
S&P Global Ratings has taken what it calls ‘negative rating actions’ on its rated Russian insurers. The agency said that its actions reflected its view about increased geopolitical and economic risks in Russia. According to S&P, it has:
- Lowered the ratings on Sogaz Insurance and Ingosstrakh Insurance to BBB-.
- Lowered the ratings