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.
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
Cancellation clauses may limit aviation losses from Ukraine crisis: Jefferies
29th March 2022
Cancellation clauses could limit aviation insured losses from Ukraine crisis, according to analysts at Jefferies. The analysts believe that when Russia introduced a law that allowed Russian airlines to register planes locally, this is the first point in time that the country demonstrated an intent to confiscate the aircraft, so they ... Read the full article
AXA condemns Russia’s invasion of Ukraine
28th March 2022
Since the start of Russia’s invasion of Ukraine, global insurer AXA has fully enforced all international sanctions, having stopped underwriting new insurance business, as well as all renewals, with respect to Russian owned assets located in Russia. The insurer has also stopped all new investments in Russian assets. With respect to AXA’s ... Read the full article
Financial volatility from Russia conflict poses minimal risk to insurers: experts
28th March 2022
During a recent panel hosted by the Insurance Information Institute (IIS), experts agreed that the possibility of a protracted period of high volatility poses only a minimal risk to the global insurance and reinsurance industries. Panellists used the discussion to explore the various potential impacts of Russia’s invasion of Ukraine on ... Read the full article
Final re/insurance claims “highly uncertain” from new Russia aircraft law
24th March 2022
A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article
Lloyd’s says Ukraine will be a major claim for the market
24th March 2022
The specialist Lloyd’s insurance and reinsurance marketplace has said it believes the ongoing conflict in Ukraine will be a major claim for the market in 2022. In comments alongside the release of its yearly results today, Lloyd’s said that it continues to be in “close dialogue” with market partners to ... Read the full article
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