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.
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
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
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