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.

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

Aircraft lessor writes off Russian jets, as hopes of recovery fade

26th April 2022

Lessor company Air Lease Corporation has revealed that it expects to record a write-off of its interests in its owned and managed fleet that remain in Russia, totalling approximately $802.4 million. The company believes it is “unlikely” to regain possession of aircraft that have not been returned by Russia since Western ... Read the full article

Terror, political violence rates continues to experience increases: WTW

25th April 2022

According to WTW, rates have continued to edge upward along with the threat of terrorism, sabotage and political violence on several fronts. The crisis in Ukraine has given rise to widespread questions about insurable risk and the application of war exclusions. As hostilities, catastrophic damage and the application of sanctions grow, the ... Read the full article

London Market’s Q1 losses remain uncertain: BofA

22nd April 2022

Analysts at Bank of America (BofA) have warned that the scale of losses incurred by London Market insurers and reinsurers during the first quarter of 2022 will remain uncertain for some time yet due to the ongoing uncertainties around exposure to the conflict between Russia and Ukraine. Although the key area ... Read the full article

Allianz will have €150m of losses from Russia exposures: Berenberg

20th April 2022

Ahead of Q1 2022 reporting season, Berenberg has said that it estimates that global insurer Allianz will have €150 million of total losses from its various Russia exposures. The firm said that it believes that Allianz will impair its €1.5bn cross-border investments in Russia in Q1 2022E, and also take a ... Read the full article

Bermuda Monetary Authority launches data call on Russia sanction

19th April 2022

The Bermuda Monetary Authority (BMA) is undertaking a data call to talk with insurers and reinsurers about their duties in regard to economic sanctions being levied on Russia. The body said it was requesting that all Bermuda insurance groups and Class 3A, 3B, 4, C, D, and E insurers participate in ... Read the full article

SCOR expects high double-digit EUR million impact from Ukraine conflict

18th April 2022

French reinsurance company SCOR warned that it anticipates booking a first-quarter charge in the "high double-digit EUR million range" for potential losses related to the Ukraine - Russia conflict and that its result for Q1 2022 may be a loss. SCOR is the first of the major global reinsurance firms to ... Read the full article