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