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 conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article
Russia-Ukraine conflict denting global confidence
14th April 2022
Russia’s invasion of Ukraine in recent weeks has caused confidence in global trade to fall dramatically, according to the latest Allianz Trade Global Survey 2022. The authors of the report say they conducted two surveys involving nearly 3,000 corporates. One survey was conducted before the start of the invasion, with the ... Read the full article
Oil & gas price surge heightens risk of underinsurance: Lockton
14th April 2022
Peter Hall, Head of Marine Cargo & Logistics at Lockton, has warned that the surge in oil and gas prices as a result of international sanctions on Russia could heighten the risk of underinsurance. Commenting on the conflict and its implications for the global re/insurance industry, Hall noted that failure to ... Read the full article
Hard market becoming increasingly risky and challenging for insurers: Amwins
12th April 2022
Specialty insurance wholesaler, Amwins has stated that the insurance industry continues to navigate the domestic and international challenges of the toughest market conditions most have ever seen. As the industry entered into the second quarter of 2022, the broker expected to see more of a “slowdown” of the hard market conditions, ... Read the full article
Munich Re may face €500m in Ukraine claims: Jefferies
12th April 2022
Analysts at Jefferies have examined the potential impact of the Russia-Ukraine conflict, European storms and the pandemic, and say they expect that the bulk of Ukraine related claims won’t be booked until the next quarter. In the Jefferies loss model, Munich Re will potentially assume €500m of reinsured claims from the ... Read the full article
Russia-Ukraine conflict driving more exclusions into re/insurance
12th April 2022
The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised fears of cyber attacks, with the risk that Western businesses or ... Read the full article
RBC assumes $2bn Russian aviation loss to industry
11th April 2022
Analysts at RBC Capital Markets are assuming industry aviation losses stemming from sanctions on Russia will total $2 billion, constituting only an earnings event for UK specialty P&C insurers. Looking ahead to Q1 trading updates, RBC foresees loss exposures to the Russia-Ukraine conflict as being the many focus for many companies. However, ... Read the full article
Societe Generale to exit Russia, sell insurance businesses
11th April 2022
European financial services group Societe Generale has announced that it will cease its banking and insurance activities in Russia and sell off its stake in Russian bank Rosbank, while also offloading its insurance subsidiaries in the country. By selling its stakes in the Russian businesses back to Interros Capital, the previous ... Read the full article
Russia – Ukraine war creates renewed uncertainty for aviation market: Gallagher Re
8th April 2022
As Russia's unprovoked invasion of Ukraine continues, hopes of a global aviation insurance market recovery have faded somewhat, with the 2022 renewals set to present "another complex engagement," according to re/insurance broker Gallagher. After two years of pandemic-related stress and multi-billion dollar industry losses, the start of this year suggested a ... Read the full article
Aircraft lessors face huge insurance cost rise: reports
8th April 2022
With insurers and reinsurers still bracing for potentially historic aviation losses from the conflict between Russia and Ukraine, reports suggest that aircraft lessors are already seeing huge hikes in the cost of their coverage. Quoting the Chief Executive of major lessor BOC Aviation Ltd this week, Reuters has reported that aviation ... Read the full article
Baltic and Independent State banks most at risk of Russia conflict: Moody’s
8th April 2022
Analysts at Moody’s have reported that banks in the Baltics and in the Commonwealth of Independent States are most exposed to the effects from Russia's invasion of Ukraine and have limited buffers to absorb the impact if it is prolonged. The conflict is causing a commodity price and supply shock that ... Read the full article
Russia-Ukraine conflict creates new risks for insurers: Moody’s
7th April 2022
According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article
Russia/Ukraine fears likely overdone: JMP Securities
5th April 2022
According to analysts at JMP Securities, the Russia-Ukraine conflict fears are likely overdone, but loss estimates remain highly complex and fluid. Figures that are being discussed in the media are reaching a potential $13 billion in losses in the $200 million premium aviation war market were strongly downplayed by those JMP ... Read the full article
Reinsurers specialty lines exposed to Russia-Ukraine conflict: S&P
4th April 2022
According to S&P Global Ratings, the Russia-Ukraine conflict will add uncertainty and exacerbate earnings volatility in global reinsurers' specialty lines, although their direct asset exposure is minimal. S&P Global Ratings credit analyst Johannes Bender explained: "For most of the top 21 global reinsurers we rate, asset exposure to Russia and Ukraine ... Read the full article
Political risk policies may cover business losses from Russia – Ukraine: Jones Day
1st April 2022
American international law firm Jones Day, has said that political risk insurance (PRI) policies may provide corporate policyholders experiencing business losses in Ukraine or Russia with coverage that is potentially excluded under traditional property insurance policies. In a press release, the firm said that corporate policyholders doing business in either Ukraine ... Read the full article
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