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.
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 Singapore-headquartered 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
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