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.

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
... 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

Important to assess risk exposure as Ukraine tensions rise: McGill’s Greenwood

14th February 2022

As the situation in Ukraine intensifies, with mainstream media in the UK reporting that Russia is making serious preparations for an invasion, it's important that businesses assess their current risk exposures, according to Hamish Greenwood, Partner at global insurance broker, McGill and Partners. Despite situating some 100,000 soldiers on Ukraine's borders, ... Read the full article

Ukraine launches $592m fund for flights through its airspace as insurers pull cover

14th February 2022

Global insurance companies, including those at the specialist Lloyd's re/insurance marketplace, have reportedly decided not to insure any Ukrainian landings or aircraft in the country's airspace as the situation with Russia intensifies. In response to the move by insurers, the Ukrainian Government has launched a 16.6 billion hryvnia (USD 592 million) ... Read the full article