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.

Ukraine war has “profound implications” for renewables re/insurers: PCS

26th May 2022

Analysts at Property Claim Services (PCS), a Verisk business, have warned that the conflict in Ukraine has the potential to become an “industry-defining” event for the global renewables re/insurance sector. The firm says there could be “profound implications” for re/insurers of renewables in particular due to the large portion of Ukraine’s ... Read the full article

Russia’s aggression could be harmful to ‘supportive’ outlook for Euro insurers

23rd May 2022

Russia’s invasion of Ukraine has added uncertainty to what was otherwise a supportive interest rate outlook for insurers in Europe, says DBRS Morningstar in a new note. The firm said in a new commentary that European insurers are unlikely to see the benefits of rising bond yields worldwide since Russia’s aggression ... Read the full article

Zurich sells Russian business

23rd May 2022

Global insurer Zurich has agreed to sell its business in Russia to eleven of the unit’s team. The firm said that under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia. The transaction will allow the new company to ... Read the full article

JP Morgan says insurance fallout from Russia-Ukraine not seismic

20th May 2022

JP Morgan has posited that re/insurance industry estimates arising from Ukraine’s invasion by Russia will fall as more information emerges. The viewpoint is put across in the firm’s latest Love Actuary, which focuses on the conflict in Europe. JP Morgan wrote: “Whilst Q1 only showed part of the picture on claims, we ... Read the full article

PartnerRe falls to net loss on investments, but non-life underwriting improves

20th May 2022

Bermuda-based PartnerRe has reported an improvement in non-life underwriting for the first-quarter of 2022, although unrealised losses on the back of increases in interest rates has resulted in a net loss of $539 million. The net loss reported by PartnerRe represents a deterioration from the $66 million loss announced in Q1 ... Read the full article

Lloyd’s confident all Ukraine war scenarios fall within ‘manageable tolerances’

19th May 2022

While the cumulative effects of Russia's invasion of Ukraine in certain classes of re/insurance will undoubtedly be significant, the specialist Lloyd's marketplace is confident that all loss scenarios will be manageable for both the corporation and individual syndicates, according to Patrick Tiernan, Chief of Markets. In late March, when reporting ... Read the full article

Limited war losses so far, but key uncertainties remain: RBC

16th May 2022

First quarter 2022 results season has shown that reserving assumptions for Russia's invasion of Ukraine varied widely, with limited reported losses of $1.3 billion against an industry loss range from the war of $10 billion to $15 billion, according to analysts at RBC. In a recent note on UK specialty property ... Read the full article

GFIA terminates membership of the All-Russian Insurance Association

12th May 2022

The Global Federation of Insurance Associations (GFIA) has pulled the plug on the membership of the All-Russian Insurance Association (ARIA), as members of the former express their "complete solidarity with the Ukrainian people". The GFIA represents insurance carriers that account for a significant 89% of global premiums. Today, the association has terminated ... Read the full article

Zurich grows in P&C in Q1, sees immaterial exposure to Ukraine war

12th May 2022

Global insurer Zurich has seen its property and casualty (P&C) gross written premiums (GWP) jump by 8% in the first-quarter of 2022, as the carrier announces an expected immaterial exposure to Russia's invasion of Ukraine. P&C GWP rose from $11 billion in Q1 2021 to more than $11.9 billion in Q1 ... Read the full article

Analysts expect Munich Re to raise Ukraine/Russia reserves in future quarters

11th May 2022

Global reinsurer Munich Re's Q1 2022 loss provisions for the ongoing war in Ukraine were lower than its peers and will rise further in the second-quarter of the year, according to analysts at CFRA Research. Within yesterday's results, Munich Re, one of Europe's major reinsurance companies, revealed a positive result ... Read the full article

Are there clouds on the horizon for a buoyant international shipping industry?

11th May 2022

A growing number of issues may stymie a healthy and growing international shipping industry, writes Allianz in its Safety and Shipping Review 2022. The insurer cited several factors in the report, including the impact from Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion ... Read the full article

Conduit reports rise in Q1 premiums, sees Ukraine loss of up to $30m

11th May 2022

Property and casualty reinsurer Conduit Re has reported a rise in ultimate premiums written (UPW) for the first-quarter of 2022 to $296.9 million, as the firm announces estimated losses from Russia's invasion of Ukraine of between $15 million and $30 million. Conduit Re's ultimate premiums written increased, year-on-year, by 49.1% from ... Read the full article

Swiss Re’s Ukraine war reserves include aviation as there’s “real loss there” – CFO Dacey

5th May 2022

A portion of the $283 million Swiss Re reserved in the first-quarter of 2022 for the ongoing war in Ukraine is for aviation, as the reinsurer believes "there is real loss there," according to its Chief Financial Officer (CFO), John Dacey. This morning, Swiss Re announced reserves of $154 million within ... Read the full article

Swiss Re falls to net loss in Q1 as high COVID and nat cat claims continue

5th May 2022

Reinsurance giant Swiss Re has reported a net loss of $248 million for the first-quarter of 2022, as losses related to the pandemic continued, as well as impacts from the war in Ukraine and natural catastrophes. The net loss compares with net income of $333 million in Q1 2021, as the ... Read the full article

Hannover Re’s Ukraine war provision excludes potential aviation losses: CFO Jungsthöfel

4th May 2022

After reporting an additional general provision in the low triple-digit million euro range in relation to the ongoing war in Ukraine, Hannover Re's Chief Financial Officer (CFO), Clemens Jungsthöfel, has explained that this does not include additional reserves for the aviation line of business. This morning, the German reinsurer announced ... Read the full article