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.
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
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