Russia
War and inflation to drive biggest commercial insurance shake-up since 9/11, says Mactavish's Carslaw
The commercial insurance market is heading for its biggest shake up in 20 years due to the knock-on effects of the war in Ukraine, inflation and other factors, Mactavish managing director Heidi Carslaw has said.
Howden acquires Tiger Risk; JMG buys GS Group; Allianz and Ifed secure convictions for fraudsters; and First Central in CMT tie-up
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Trade credit insurers face 'elevated risk' from remaining trade with Russia, warns ratings agency
DBRS Morningstar has warned that trade credit insurers “should expect to deal with an inflow of credit default claims” as Russian buyers start missing payments as a result of the fallout of the war in Ukraine.
Insured value of aircraft facing seizure in Russia far lower than reported asset values, says Neal
The insured value of leased aircraft effectively impounded by Russian airlines is likely between 15% and 20% of the total asset values, Lloyd’s CEO John Neal has said.
Losses from 'major event' in Ukraine will take time to evaluate, says Neal as Lloyd's posts underwriting profit
The Russian invasion of Ukraine will be a major event for the insurance market but the losses will take a long time to evaluate, Lloyd’s CEO John Neal has said.
Briefing: Ukraine - A sensitivity reminder
Journalists aren’t widely known for being beacons of sensitivity – but sometimes even we can be shocked.
Ferma suspends Russian Risk Management Society's membership
The Federation of the European Risk Management Associations has suspended the membership of the Russian Risk Management Society in response to the invasion of Ukraine.
Allianz no longer writing new business in Russia
Allianz will no longer underwrite new business or make new investments in Russia, the insurer has said.
WTW latest to withdraw from Russia
WTW has pulled out from Russia, joining fellow global brokers Aon and Marsh McLennan in cutting ties in the country.
Reinsurers to continue to pay Russian claims, exposure limited: S&P
S&P Global Ratings expects global reinsurers will continue to pay claims arising in Russia, but said their exposure to the adverse effects of sanctions was limited.
Marsh McLennan to exit all Russian business
Marsh becomes the first major international broker to exit all Russian business as the war with Ukraine continues.
UK government confirms late March deadline for Russia insurance ban
UK insurers must cancel cover for Russian aviation and space companies from 28 March latest, the government has updated.
UK's insurance sanctions on Russian companies to apply to existing and new business
Sanctions announced last week to bar Russian aviation and space companies from accessing the UK insurance market will apply to both current and new business, according to the Bank of England’s director of risk operations and general insurance Anna…
Insurance Europe ends All-Russian Insurance Federation’s membership
The board of Insurance Europe has voted to end the All-Russian Insurance Federation’s membership of the organisation in response to the Ukraine crisis.
Russia’s Ukraine war to ‘substantially’ impact global insurance industry: AM Best
The Russian invasion of Ukraine is likely to have a substantial impact on the global insurance industry in the near to midterm, AM Best has said.
Ukraine commits funds to keep flights going as insurers pull out
The Ukrainian government has committed UAH 16.6bn (£430m) to keep commercial flights moving through the territory as reports suggest insurers have pulled cover amid heightened tensions with Russia.
WTW's Frederick Gentile on taking a realistic approach on supply chain resilience
Frederick Gentile, director of risk engagement at Willis Towers Watson, shares his checklist for supply chain resilience, and says leaders need to take a more realistic approach to survive.
Intelligence: Political risk and the pandemic
Covid-19 has already raised tensions between countries and a fragmented exit from the pandemic could test relations further, putting more pressure on businesses. Supply chains remain disrupted and global businesses fragmented. Post investigates what this…
AGCS embarks on €200m cost-cutting restructure
Allianz Global Corporate & Specialty will look to reduce its global headcount by a further 400 as it embarks on a transformation programme.
Analysis: The expansion of the global space market: What opportunities does this present to insurers?
It is 55 years since underwriters at Lloyd’s penned the first space insurance policy, covering the Intelsat I ‘Early Bird’ satellite. Today there are more than 2000 active satellites orbiting the planet and the accelerating commercialisation of space is…
Analysis: Protecting businesses against political risks
The political risk map of Europe is being changed by a toxic combination of uncertainty — both political and economic, populism, geopolitical changes, political violence and technological advances
Analysis: Insuring musical instruments, striking the right notes
Musical instruments require insurance cover that's in tune with their tumultuous lives.
Q&A: Malcolm Hyde, CILA and FUEDI
After working with the European Federation of Loss Adjusting Experts for a number of years, Malcolm Hyde has taken on board the role as president.
Q&A: Lynda Lucas, chair, Airmic
Lucas began her career as a company secretarial trainee at British Aerospace and has since had various risk management roles at companies including Nortel, Old Mutual and, since 2006, Fujitsu. She has been an Association of Insurance and Risk Managers…