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.
Proposals to develop a UK captive market will progress in 2025, says DAC Beachcroft
4th December 2024
According to analysts at international insurance law firm, DAC Beachcroft, proposals to develop a UK captive market are expected to progress further in 2025. Analysts noted that the new UK Labour government has signalled that it could be receptive to establishing a UK-domiciled captive regime. "The London Market Group (LMG), with the ... Read the full article
Aon, DFC to provide $50m in war insurance for Ukrainian businesses
15th November 2024
The U.S. International Development Finance Corporation (DFC) will provide $50 million, in coordination with Aon, in political risk insurance (PRI) for a new reinsurance facility to ARX, an Ukrainian subsidiary of Fairfax Financial Holdings Limited, to support companies in Ukraine. This initiative aims to establish a range of war risk insurance ... Read the full article
Aon & Marsh urge re/insurance industry to aid Ukraine’s resilience
8th September 2024
In a joint statement, Aon and Marsh McLennan have called on the re/insurance industry to aid Ukraine's resilience by facilitating economic growth, chiefly through the removal of blanket exclusions. According to the two firms, blanket exclusions ignore the diversity of risk throughout the country, preventing support for Ukraine's economy. "Additionally, since the ... Read the full article
MIGA, KUKE forge re/insurance collaboration to bolster Ukrainian trade & investment
13th June 2024
The Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group has signed a memorandum of understanding with KUKE, aimed at promoting trade and foreign investments by Polish companies in Ukraine and other countries. Signed at the Ukraine Recovery Conference 2024, the agreement establishes a framework for joint projects, including insurance, ... Read the full article
Aon, US DFC launch re/insurance program to unlock and accelerate investment in Ukraine
12th June 2024
Global insurance and reinsurance broker Aon has collaborated with the U.S. International Development Finance Corporation (US DFC) on a new $350 million insurance program designed to accelerate new capital investments and economic recovery in Ukraine. As the war in Ukraine persists more than two years after Russia's invasion, this first-of-its kind ... Read the full article
WTW unveils “market-first” facility for cargo and war-on-land risks in Ukraine
13th May 2024
Global advisory, broking and solutions firm WTW has partnered with Ukrainian insurer, VUSO, to provide a London market-backed facility covering cargo and war-on-land risks. As per WTW, this market-first facility offers "much-needed certainty" to Ukrainian and foreign enterprises moving goods and products overland within the borders of Ukraine. The London Market facility ... Read the full article
India approves three Russian insurers to provide marine cover after state-owned reinsurer backing: report
25th April 2024
Sources have told Reuters that Russian National Reinsurance, the country's state-owned reinsurer, has given financial backing to three insurers, enabling the Russian carriers to seek Indian approval to provide marine cover to tankers. The news comes as Russia looks to facilitate trade with India following Western sanctions related to its ongoing ... Read the full article
AerCap collects $1.3bn of insurance settlements linked to Ukraine war
23rd February 2024
Global aircraft leasing firm AerCap Holdings has collected over $600 million of insurance settlements over the fourth quarter of 2023, for a total of $1.3 billion collected during 2023. “During the fourth quarter of 2023, we recognized recoveries related to the Ukraine Conflict of $614 million, primarily consisting of cash insurance ... Read the full article
Inherent Risks to provide USAID medical evacuation services for Ukraine
22nd January 2024
Global risk advisory firm, Inherent Risks has won a prime contract for an undisclosed amount to provide emergency medical response and evacuation services to United States Agency for International Development (USAID) funded projects in Ukraine. Since Russia’s invasion of Ukraine in February 2022, Inherent Risks has provided $9.88 billion in development ... Read the full article
Marsh McLennan collaborates with Ukraine to provide insurance for Black Sea grain shipments
15th November 2023
Marsh McLennan, in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank, has launched a new facility named 'Unity' to provide "affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports." Underwritten by insurers based at ... Read the full article
Ukraine launches Marsh McLennan-supported war risk data platform
12th October 2023
Ukraine has activated a data platform, supported by Marsh McLennan, that will allow insurers, investors and governments to analyse war risks in the country. Re/insurance brokerage Marsh McLennan supported the Government of Ukraine in designing and testing the platform to help in the nation’s recovery and transformation. The data platform brings together ... Read the full article
Vessel Protect reaffirms support for commercial operators looking to export Ukrainian grain
5th October 2023
Vessel Protect, a specialist war risk underwriter and part of Pen Underwriting, has reaffirmed its commitment to supporting commercial operators who are looking to export Ukrainian grain, as the new maritime corridor "begins to gain traction". Munro Anderson, Head of Operations at Vessel Protect, noted that the firm is seeing renewed ... Read the full article
Marine loss from Russia-Ukraine conflict insignificant compared with aviation loss: Miller
18th July 2023
At around $400m, marine loss from the Russia-Ukraine war seems insignificant compared with the aviation loss, where more than 400 aircraft worth almost $10bn, have been stuck in Russia after lessees did not return the jets, according to Miller’s marine insurance market report. The marine insurance market expects to be impacted ... Read the full article
Aviation lessors contest insurance dispute hearings in Russia: Reuters
10th July 2023
A host of over 40 aviation leasing firms who are struggling with insurers over who should bear up to $10 billion in costs for 400 jets stuck in Russia are urging the High Court to allow a reinsurance dispute to be heard in London, not Moscow, according to a recent ... Read the full article
Marsh McLennan to help Ukraine access global insurance market
22nd June 2023
Re/insurance brokerage, Marsh McLennan, has announced it will work with the Ukrainian government to help it unlock access to the global insurance market. As part of the support, the broker said it will provide services on a pro-bono basis to design and deliver a risk data platform that will allow insurers ... Read the full article
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