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.
Munich Re could face Russian jet loss via war risk policies: Jefferies
15th July 2022
Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article
Stranded aircraft lessor brings $3.5bn lawsuit against AIG
14th July 2022
Aercap, the largest global aircraft leasing firm, has sued AIG and other insurers including Lloyd's business Atrium over planes stranded following the outbreak of conflict between Russia and Ukraine, according to reports from City A.M. The lawsuit follows a $3.5 billion all-risk claim filed in March over aircraft lost in Russia, ... Read the full article
Ukraine war aviation losses could be 7x more than WTC loss: Gallagher
8th July 2022
Analysts at global re/insurance broker Gallagher has reported that the ongoing Russia-Ukraine conflict could lead up to losses that are seven times than the final loss amount for the World Trade Center (WTC) attacks in 2001, and four times the initial WTC reserve. In the Q2 edition of its Plane Talking ... Read the full article
Lessor SMBC recognises $1.6bn impairment on aircraft stranded in Russia
8th July 2022
Leading aircraft leasing firm, SMBC Aviation Capital, has said it is "unlikely" that it will be able to recover 34 owned aircraft stranded in Russia following the country's ongoing invasion of Ukraine and subsequent sanctions, leading the company to recognise a $1.6 billion write-off. "34 owned aircraft remain in Russia despite ... Read the full article
Russia’s invasion of Ukraine could cause 30-40% rises in aviation insurance
28th June 2022
Insurance coverage for the aviation sector could rise by 30 to 40 percent or more, according to a new report by CE Noticias Financieras. In addition, service providers are expected to tighten their screening policies to ensure that airport and aircraft operations are safe. Octavio Careaga, president of THB Mexico, an ... Read the full article
Ukraine-Russia conflict market losses estimate narrowed to $10bn
24th June 2022
Swiss Re has reiterated that losses from the Ukraine/Russia conflict appear to be a mid-sized nat cat event, narrowing estimated market losses to $10bn from $15bn previously estimated, according to a Goldman Sachs report for Q1. The report noted that reinsurance and London Market names are potentially exposed in various lines, ... Read the full article
Planes stranded in Russia could lead to industry losses topping 9/11
20th June 2022
The aggregate value of planes stuck on Russian territory following the nation’s invasion of Ukraine could even surpass the claims stemming from 9/11, according to a new note from WTW. The firm said that while the impact of the invasion was still unknown on the aviation industry, it said that there ... Read the full article
India forms $64m pool to insure Russian and Belarussian fertiliser imports
20th June 2022
India’s insurance sector has created a $64m pool to provide cover for fertiliser imported from Russia and Belarus. As reported by the Indo-Asian News Service (IANS), a senior industry figure told the site that bulk of the pool amount will be contributed by GIC Re, with all other multi-line non-life insurers ... Read the full article
“Russia’s invasion of Ukraine negatively impacting cyber market” – Moody’s
16th June 2022
Russia’s invasion of Ukraine has led to a situation in which cyber insurers are increasing rates and narrowing coverage due to the possibility of cyberattacks. A new note from Moody’s says that while attacks related to the conflict have not yet risen to a level previously feared, further and large-scale attacks ... Read the full article
“G20 needs to act to avert food crisis and reshape social contract” – Swiss Re
15th June 2022
The group chief economist for Swiss Re has called on the G20 nations to act in order to both avert a food crisis and reshape the social contract. Writing on the firm’s website, Jerome Jean Haegeli said that an international effort was needed to guarantee that developing nations have access ... Read the full article
Supply chain disruptions “could cost Europe almost €1 trillion in lost GDP”
15th June 2022
Supply chain challenges could result in the Eurozone’s GDP losing up to €920 billion (or 7.7%) by 2023, according to a report by Accenture. The potential loss is due to the COVID-19 pandemic and Russia’s invasion of Ukraine. The report, “From Disruption to Reinvention – The future of supply chains in Europe” ... Read the full article
Allianz offloads majority stake in Russian operations
6th June 2022
The Allianz Group has agreed to sell a majority stake in its Russian operations to LLC, the owner of Russian property and casualty (P&C) insurer Zetta Insurance. The move, which follows Allianz’s decision to scale back its operations in Russia, is aimed at “ensuring continuity for clients and employees,” the company ... Read the full article
Impact from Russia-Ukraine likely to go into next year, says Berenberg
1st June 2022
Berenberg analysts have warned renewal rates in Florida are going to jump by 20-30%, while the Russian invasion of Ukraine will have an ‘accelerating’ impact on reinsurers' rates. In a new note, Tales from the City, the firm said that these were two issues that arose from its meeting with the ... Read the full article
Premiums up twofold for Ukraine-exposed specialty business: reports
31st May 2022
Insurance premiums are being hiked to double or more than their pre-conflict levels for some aviation and marine businesses with exposure to the war in Ukraine, industry sources have reported. Reports from the Financial Express of India suggest that aviation war cover premiums have doubled globally, despite coverage already having been ... Read the full article
Swiss Re CEO: “Russia-Ukraine liable to have impact of medium-sized natural catastrophe event”
27th May 2022
The Russian invasion of Ukraine is likely to only have the impact of a medium-sized natural catastrophe event to the insurance industry, says the CEO of Swiss Re in a new interview. Speaking to CNBC, Christian Mumenthaler said that while the coronavirus pandemic had ceded and become endemic, the current conflict ... Read the full article
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