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.
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
Kremlin confirms stranded planes will not be returned
1st April 2022
A statement from Russian Deputy Prime Minister Yuri Borisov has confirmed that all Western planes still in Russia following the termination of leasing contracts earlier this week will remain in the country indefinitely. Borisov said that all planes that have had leasing contracts ended have now been entered into the Russian ... Read the full article
R.S. Class’s removal from IACS has consequences for shipping clients: CRC Group
1st April 2022
The removal of the Russian Maritime Register of Shipping (R.S. Class) from the International Association of Classification Societies (IACS), effective as of March 11, is set to impact ships obtaining insurance and entry into ports worldwide. Wholesale distributor of specialty insurance products, CRC Group said that classification societies, including the IACS ... Read the full article
S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty
31st March 2022
Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article
Lancashire Insurance says aviation losses from Russia-Ukraine ‘manageable’
31st March 2022
Lancashire Insurance says that its exposure to the Russia-Ukraine conflict is ‘manageable’. Speaking on a conference call hosted by Berenberg in London at the weekend, the firm said that its exposure to Russia-Ukraine was manageable and that its worst-case scenario remains an earnings event, not a balance sheet one. According to Lancashire, ... Read the full article
Market may not understand Ukraine loss this year: Lloyd’s CEO Neal
30th March 2022
John Neal, Chief Executive Officer at specialist re/insurance marketplace Lloyd’s of London, has warned that the market is a long way out from understanding its full exposure to Russia’s invasion of Ukraine. During a call prior to his hospitalisation following a car accident over the weekend, Neal warned that half-year reports ... Read the full article
AM Best halts all commercial activities in Russia
29th March 2022
Global ratings agency AM Best has decided to halt all commercial activities to clients in Russia and has also withdrawn all credit ratings on insurers and reinsurers domiciled in the country. The move comes in response to sanctions imposed by the European Union (EU) and in advance of its April 15th, ... Read the full article
Planes still stranded in Russia as lessors end rental contracts
29th March 2022
Hundreds of Western-manufactured planes remain stranded on the ground in Russia, despite Irish lessors having now terminated their Russian airline leases in line with the European Union's (EU) sanctions deadline. Irish lessors, which account for more than 60% of the world’s fleet of leased aircraft due to the country’s favourable tax ... Read the full article