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.
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
EU looks to block insurers from doing business from doing Russian oil cover
4th May 2022
The European Union is looking to stop insurance companies from doing business in Russia linked to the country’s transportation of oil, according to a new report from Bloomberg. A draft document seen by reporters from the news service reportedly said that ambassadors were considering plans on phasing out the import of ... Read the full article
Greenlight Re takes Q1 loss on Russia exposures
4th May 2022
Hedge fund-backed reinsurer Greenlight Re has reported a net loss for the first quarter of 2022, as its investment income was offset by an underwriting loss driven by exposure to the conflict between Russia and Ukraine. The company booked a net loss of $5.7 million last quarter, compared to net income ... Read the full article
Hannover Re generates Q1 profit of €264m despite above budgeted major losses
4th May 2022
Global reinsurer Hannover Re has recorded a profit of €264 million for the first quarter of 2022, despite above budgeted catastrophe losses within its property and casualty (P&C) reinsurance business, and additional pandemic-related losses in life and health (L&H). While positive, Group net income did fall by almost 14% from the ... Read the full article
Lloyd’s gearing up for conflict over planes stranded in Russia
3rd May 2022
Lloyd’s has reportedly hired law firm Clyde & Co. to give advice on the current situation involving Russia’s annexation of planes following its invasion of Ukraine. It is understood that more than 500 planes were left stranded in Russia after the country began to invade Ukraine earlier this year. A ... Read the full article
Munich Re’s exposure to Russia-Ukraine conflict is “negligible”: Wenning
29th April 2022
Joachim Wenning, Chair of the Board of Management at Munich Re, has assured shareholders that the reinsurer’s exposure to the conflict between Russia and Ukraine is “negligible.” In an address delivered alongside Munich Re’s annual general meeting (AGM), Wenning said that the company will be able to “easily absorb” any direct ... Read the full article
Lloyd’s Russia exposure estimate due by late May: Carnegie-Brown
28th April 2022
Bruce Carnegie-Brown, Chairman of Lloyd’s of London, has said that the insurance and reinsurance marketplace is expected to have “a number” for its exposure to the Russia-Ukraine conflict “by the end of May.” Speaking in a recent interview with Bloomberg, Carnegie Brown explained that the impact of the conflict and its ... Read the full article
Lancashire reports gross written premiums up by >34% YOY
28th April 2022
Lancashire is reporting that its gross written premiums increased 34.7% YOY in its latest results. The firm said that they rose to $477.9m in the year following March 2021. It also said that its group renewal price index was at 106%. However, the insurer said that it estimated net losses from ... Read the full article
QIC turns Q1 profit, reports on Ukraine exposure
27th April 2022
Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has recorded a net profit of QR 230 million (USD 63 million) for the first quarter of 2022. The company also reported on its exposure to the ongoing conflict in Ukraine. During Q1, QIC incurred claims of QR 36.4 ... Read the full article
Impact of Russia-Ukraine on British insurers is ‘profound’
27th April 2022
British insurers being profoundly impacted by Western sanctions on Russia has been the message given to UK MPs. On Monday, the Commons Treasury Committee sat with insurers and other financial economic experts to hear about the impact of sanctions on London’s insurance sector. According to reports, Neil Roberts, head of marine and ... Read the full article