All Russia-Ukraine articles
-
AnalysisRussia-Ukraine: Q2 brings little clarity on losses but changing risk perception already shifting market dynamics
Russia-Ukraine-related underwriting losses continued to make a relatively small dent in earnings during the second quarter of 2022, amid a recognition that the more complex components of the loss – notably aviation exposures – will potentially take years to crystallise.
-
News
Ascot’s McGill: Ukraine cargo facility is “what the Lloyd’s market is all about”
Ascot’s new marine cargo facility providing all-risks coverage for food and grain exports from Ukraine demonstrates how Lloyd’s syndicates are “stepping up” to deliver innovative solutions to global issues, the carrier’s head of cargo Chris McGill has said.
-
News
AerCap’s insurers have until 5 Sep to file defence in $3.5bn High Court case
AIG and Atrium have been granted an extension until 5 September to file and serve their defence in their High Court legal battle with the world’s largest aircraft lessor AerCap, The Insurer can reveal.
-
News
Axa XL: “Extremely few” Russia-Ukraine claims received to date
Axa XL has to date received “extremely few claims” related to the Russia-Ukraine conflict, Axa CFO Alban de Mailly Nesle told analysts during the group’s first-half earnings call.
-
News
Marsh and Ascot launch $50m Ukraine grain and food product export facility
Marsh has placed a marine cargo and war facility at Lloyd’s to provide coverage for vital grain and food products transported through safe corridors established under the newly-signed Black Sea treaty between Russia and Ukraine.
-
News
BI losses related to Russian gas supply cuts “not material”
Business interruption (BI) policies are unlikely to be triggered by the cutting off of Russian gas to Europe, according to Jefferies analysts.
-
News
Munich Re expects Russia lessor losses to fall on aviation war market
Munich Re’s management expects exclusions on all-risk policies to result in any Russia-related aircraft lessor losses falling on the aviation war market.
-
News
Russia-Ukraine aviation losses could be 7x WTC quantum: Gallagher
The aviation (re)insurance market’s final loss bill from the Russia-Ukraine conflict could ultimately be seven times that from World Trade Center attacks in 2001, Arthur J Gallagher has said.
-
News
AerCap to pursue $1.2bn contingent war claim if all-risk unsuccessful
Dublin-headquartered AerCap has said it will attempt to make recoveries on its contingent war policy in the event its $3.5bn all-risk claim is unsuccessful as the world’s largest aircraft lessor sues carriers on the slip of both policies.
-
News
SMBC takes $1.6bn impairment charge on 34 jets stranded in Russia
Aircraft lessor SMBC Aviation Capital has written off $1.6bn for 34 of its jets stuck in Russia with the firm stating it expects to make substantial recoveries from its insurance.
-
News
KBW: European reinsurers “under-reserved” if Ukraine war a $15bn+ loss
Europe’s major reinsurers will need to bolster reserves in both marine and aviation lines if the conflict between Ukraine and Russia generates an industry loss of $15bn or more, KBW’s insurance equity research director Darius Satkauskas has warned.
-
News
Lancashire: Cancellation clauses should reduce Russia aviation war losses
Lancashire has provided more colour around the expected impacts of Russia-Ukraine aviation losses on its portfolio, with the London-listed carrier confident that cancellation clauses will be critical to reducing its exposures to aviation war coverages.
-
News
GIC Re backs Indian insurance pool to cover Russian imports: reports
India’s state-backed reinsurer GIC Re has reportedly backed a new 5bn rupee ($64mn) insurance pool designed to cover the country’s imports from Russia and Belarus in the wake of international sanctions.
-
News
Russia’s Sovcomflot says all cargo ships insured with domestic carriers
Russia’s state-run shipping company Sovcomflot has said it has insured all its cargo ships with domestic Russian carriers as it moves to counter EU sanctions which placed a bloc-wide ban on insuring such vessels in response to the invasion of Ukraine.
-
News
AerCap launches High Court suit against insurers as $3.5bn claim remains outstanding
Dublin-headquartered AerCap has launched a suit in London’s High Court against AIG Europe SA and Lloyd’s Syndicate 5310 as the world’s largest aircraft leasing firm continues to attempt to make recoveries for assets trapped in Russia.
-
News
Russia to use state guarantees for oil cargoes to bypass EU insurance ban
Russia has pledged to replace insurance coverage for tankers moving oil with state-backed guarantees in a bid to counter European Union sanctions which placed a bloc-wide ban on insuring such vessels in response to the invasion of Ukraine.
-
News
Allianz facing €400mn hit as sells majority stake in Russian business to Zetta
Allianz is selling the majority stake it holds in its Russian platform to local property and casualty carrier Zetta Insurance in a move the German business expects will have a negative impact of around €400mn ($429mn).
-
News
Net Diligence panelists urgently call for consensus in refining cyber war language
Senior cyber executives speaking at the Net Diligence Risk Summit said more collective industry action is needed to clearly define policy wording and contract language used to address cyber terrorism coverage and war exclusions.
-
News
EU and UK unveil insurance ban for Russian oil cargoes
The EU and UK have agreed a coordinated ban on insuring ships carrying Russian oil in the latest wave of trade sanctions against President Vladimir Putin and his government in response to the invasion of Ukraine.
-
Analysis
Global (re)insurance industry books $1.3bn of Russia-Ukraine losses in Q1
European companies account for most of the Russia-Ukraine losses revealed so far with global reinsurers Swiss Re, Hannover Re, Munich Re and Scor holding half of all Q1 reserved losses.
