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 enacts law to nationalise jets stranded after sanctions

15th March 2022

The Russian government has enacted a swift law to deal with the issue of the 500+ stranded jets within the country. The new law is an open rebuttal to sanctions imposed on the Russian nation due to its invasion of Ukraine. According to the Russian government, the new law will ‘ensure ... Read the full article

Kremlin prohibits re/insurance transactions with “unfriendly states”

15th March 2022

As Russia's invasion of Ukraine enters day 20, President Vladimir Putin has signed a law prohibiting insurers in the country from completing transactions with insurers, reinsurers, and broker firms from what it calls "unfriendly states". The move from the Russian Parliament comes in response to a wave of economic sanctions imposed ... Read the full article

Fitch downgrades Russian insurers

14th March 2022

Fitch Ratings has lowered its ratings on a number of Russia insurers in light of the country's invasion of Ukraine and the resulting economic sanctions. The rating agency downgraded six Russian insurance companies' Insurer Financial Strength (IFS) Ratings and the debt rating of one Russian insurer. The downgrades follow Fitch's downgrade of the ... Read the full article

Swiss Re to cease new and renewal business in Russia and Belarus

14th March 2022

Global reinsurance giant Swiss Re has reportedly decided to cease taking on new business with clients in both Russia and Belarus amid the ongoing invasion of Ukraine, according to Reuters. Citing a statement sent via email, Reuters says that Swiss Re, one of Europe's big four reinsurers, is also not renewing ... Read the full article

Aon & WTW both pull business from Russia

14th March 2022

Broking giants Aon and WTW have both announced plans to withdraw all businesses from Russia, in response to the country’s invasion of Ukraine. Following the lead of Marsh McLennan last week, this means the world’s three largest insurance brokers have now all severed ties with Russia. Insurers such as Generali ... Read the full article

KBRA warns of Russia-Ukraine “pain” for re/insurers

11th March 2022

Analysts at KBRA have warned that insurance and reinsurance companies globally are set to “feel the pain” of Russia’s invasion of Ukraine and its resulting sanctions, with many firms likely to experience “material negative consequences.” Although policy terms and conditions are not uniform, KBRA expects re/insurers to incorporate coverage exclusions for ... Read the full article

SCOR postpones Investor Day amid Russia’s invasion of Ukraine

11th March 2022

Citing the geopolitical situation, humanitarian and global impacts of Russia's unprovoked invasion of Ukraine, global reinsurer SCOR has decided to postpone its March 29th, 2022, Investor Day. The reinsurer says that its Investor Day will now take place by the end of July 2022, with a date set to be announced ... Read the full article

Marsh McLennan pulls out of Russia

10th March 2022

Global insurance broking and risk management firm Marsh McLennan has announced that it plans to exit all of its businesses in Russia. President and CEO Dan Glaser explained that the company felt “compelled” to sever all ties with Russia following its invasion of Ukraine. Western nations have already imposed tough economic sanctions ... Read the full article

Western planes worth $13bn stranded in Russia, analysts say

10th March 2022

Analysts at data and analytics company Russell Group have reported that 589 Western-built aircraft with a market value of approximately $13 billion are currently on the ground in Russian airports. Flights to and from Russia have been banned by nearly all Western nations in response to the country’s widely-condemned invasion of ... Read the full article

AM Best moves Russia to bottom country risk tier

10th March 2022

AM Best has moved its Country Risk Tier for Russia to a CRT-5 from a CRT-4 to reflect the significantly heightened geopolitical, economic and financial system risk in the country which has resulted from its invasion of Ukraine. Because of sanctions against Russia having targeted the financial system, it now faces ... Read the full article

Russia-Ukraine war to increase cyber-related claims?

9th March 2022

The fallout from the war between Russia and Ukraine following the former’s invasion of the latter could increase cyber-related insurance and reinsurance claims within Europe and North America, according to a new note from DBRS Morningstar. The note says that considering the number of cyberattacks having ‘materially increased’ and the tightening ... Read the full article

US insurers face significant Russian exposures: AM Best

9th March 2022

Analysts at AM Best have warned that US insurers and reinsurers face “significant” exposure to the economic fallout of sanctions placed on Russia, following its widely-condemned invasion of Ukraine. Many Western nations, in addition to members of NATO, have imposed steep sanctions on Russia, targeting everything from its central bank and ... Read the full article

BoE says Russia sanctions “manageable” for UK re/insurers

8th March 2022

Bank of England (BoE) Deputy Governor Sam Woods has said that sanctions against Russia following its invasion of Ukraine are considered “manageable” for the UK insurance and reinsurance industry so far, as well as for the wider financial sector. Woods’ comments, first reported by Reuters, follow the UK Government’s decision to ... Read the full article

Bank of America releases new note on Russia/Ukraine exposures for insurers

8th March 2022

A new note from Bank of America outlines the uncertainty that current sanctions on Russia have for insurance companies. Following Russia’s invasion of—and probable war crimes against—Ukraine in recent weeks, sanctions against the country from around the world have been applied. According to Bank of America, much of the effects of ... Read the full article

AM Best downgrades Russian insurers and reinsurers

7th March 2022

AM Best has continued its downgrading of the financial strength of Russian insurers and reinsurers in response to the country’s invasion of Ukraine. A new note from the agency says that it has downgraded Russian Re’s Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating ... Read the full article