Zurich has become the latest western insurer to exit Russia after confirming today that it is transferring its business to local management.
Dublin-based AerCap Holdings said this morning it will “vigorously pursue all available remedies” to recover its losses related to the Russia-Ukraine conflict.
Dale Underwriting Partners has announced that Matthew Sims and William Taylor will be joining the Lloyd’s carrier as it looks to expand into the marine treaty class, which it said has reached an “inflection point” after Russia’s invasion of Ukraine.
The UK has imposed a fresh wave of sanctions against a dozen members of Russian president Vladimir Putin’s family and inner circle, including Mikhail Putin, the deputy chairman at Russian insurer Sogaz.
Allianz Global Corporate & Specialty (AGCS) improved its combined ratio by 3.3 percentage points during the first quarter of 2022 amid continued rate increases, a reduction in catastrophe losses and lower expenses.
German insurer Allianz is “very likely” to exit all of its operations in Russia, CFO Giulio Terzariol has said, with the move expected to result in a €400mn-€500mn ($416mn-$520mn) hit for the carrier.
Zurich Insurance Group has reported 8 percent gross written premium (GWP) growth across its global P&C portfolio during the first quarter of 2022, on the back of average rate rises of 6 percent during the three-month period.
The Global Federation of Insurance Associations (GFIA) has terminated the membership of the All-Russian Insurance Association (ARIA).
Aviation losses are expected to account for between one third and one half of Conduit Re’s expected ultimate net Russia-Ukraine impact of $15mn to $30mn, the Bermudian reinsurer revealed during its first-quarter earnings call.
Over the past two months, there has been an unprecedented rise in the scope and scale of UK, EU and US restrictive measures targeting Russia in response to the war in Ukraine.
Munich Re has reiterated that its ultimate claims burden from the Russia-Ukraine conflict will remain “very manageable” for the group after booking reserves of just over €100mn ($105mn) for the event during the opening three months of the year.
Aon acted as the placing broker for aircraft leasing firm Dubai Aerospace Enterprise (DAE), which has filed a $1bn claim for 19 jets in Russia, The Insurer can reveal.
Axa’s failure to quantify its expected claims impact from the Russia-Ukraine conflict in its Q1 disclosures has drawn criticism from analysts.
(Re)insurers have booked more than $1bn of reserves related to the Russia-Ukraine conflict during the first quarter earnings season to date, amid continued uncertainty over the ultimate extent of the loss.
Axa XL will contribute to Axa’s earnings growth in 2022 despite taking a “hit” from the Russia-Ukraine conflict, according to the group’s CFO.
Beazley has pegged its initial estimate of its exposure to the Russia-Ukraine conflict – excluding potential aviation losses – at approximately $50mn net of reinsurance.
An €85mn ($89mn) provision related to the conflict in Ukraine and above-budget natural catastrophe losses pushed Paris-based reinsurer Scor to a net loss of €80mn during the first quarter of 2022.
QBE has estimated its potential net impact from the Russia-Ukraine conflict at $75mn, with the Australian carrier expecting to have exposure across lines including political violence, political risk and aviation.
Swiss Re has estimated industry losses from the Russia-Ukraine conflict will be at the bottom end of its previous guidance of $10bn to $20bn, with the reinsurer stating that it believes it is underweight in several of the most impacted classes.
Hannover Re became the first of Europe’s big four reinsurers to post first-quarter results yesterday, with a combination of larger-than-expected major losses and reserving for Russia-Ukraine causing non-life earnings to miss consensus.