The multi-billion-dollar London court action between some of the world’s biggest aircraft lessors and their insurers over jets stranded in Russia resumed in London on Monday, a development welcomed by aviation (re)insurers.
Russia-Ukraine
January 10 (Reuters) - Russian oil producer Gazpromneft shrugged off the impact of major new U.S. sanctions on Friday, while insurance company Ingosstrakh said they would create a market vacuum that would benefit less reputable competitors.
Independent specialty (re)insurance broker McGill and Partners has partnered with Lloyd's Lab participant FortuneGuard to launch a war risk reinsurance facility for commercial property assets in Ukraine.
Aircraft lessor Dubai Aerospace Enterprise (DAE) has revealed that it has received cash proceeds totalling approximately $201mn over the past three months from settlements with selected insurance companies over aircraft previously on lease to airline carriers in Russia.
The UK government has sanctioned 20 shadow fleet ships involved in the illicit trade and distribution of sanctioned Russian oil.
Aon and the European Bank for Reconstruction and Development have structured a new facility designed to support the revitalisation of the war risk insurance market in Ukraine.
The UK government has expanded its list of sanctioned entities with 30 new vessels and two Russian insurers targeted in its largest shadow fleet-focused sanctions package to date.
The multi-billion-dollar London court action between some of the world’s biggest aircraft lessors and their insurers over jets stranded in Russia has been forced to adjourn, a move which will delay the industry’s search for much-needed clarity on Russia-Ukraine exposures, The Insurer can reveal.
Conflict-affected areas now represent 4.6 percent of the entire global landmass – a 65 percent increase since 2021, according to Verisk Maplecroft.
Aviation lessor AerCap has said it would be “impossible” for insurers to deny liability in its multi-billion-dollar claim for aircraft stranded in Russia, telling London’s High Court that it was “inconceivable” that its losses would not be covered under either its all-risk or war coverages.
