Ukraine
Intelligence: The fallout from Russia without love
On 24 February, Russia invaded Ukraine in a major escalation of the Russo-Ukrainian War that began in 2014. Edmund Tirbutt investigates how UK insurers have responded to the knock-on effect from the war, and the impact that this might have in the long…
Ascot to lead $50m Lloyd's facility to insure Ukrainian grain exports
Lloyd’s insurers led by Ascot have launched a facility that will provide up to $50m (£40.8m) of all risks marine cargo and war coverage for grain and food exports from Ukraine.
Aercap names AIG and Lloyd’s in $3.5bn lawsuit over planes seized by Russian airlines
Aircraft leasing giant Aercap has launched a $3.48bn (£2.93bn) lawsuit against its insurers as it seeks to recoup losses incurred by the seizure of 141 planes by Russian airlines following Russia’s invasion of Ukraine earlier this year.
QBE’s Chris Wallace on how to help companies manage supply chain risks
As supply chain disruption threatens calamity for businesses operating in sectors such as construction, retail, and food and drink, QBE’s executive director for UK insurance Chris Wallace, calls on insurers and their clients to work together to get a…
Editor’s comment: When the going gets tough
It’s fair to say we’ve had a tough few years. No one was upset to see the back of 2020 and 2021 wasn’t much better. And now it looks like 2022 is far from the stellar year we were hoping for – certainly for the insurance sector.
Intelligence: Insurers must brace now for the oncoming inflation storm
Inflation is front of mind for the general public – and that is no different for the insurance market. David Worsfold investigates how prepared the sector is for inflation rises and how they can make sure customers see insurance as a must-have instead of…
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.
BGL's Peter Thompson on why a connected culture is key in tricky times
Peter Thompson, CEO of BGL Insurance, explains why communication and culture will provide the secret weapon to navigate through what is set to be another tricky period for colleagues and customers.
Lloyd’s stresses humanitarian response to Ukraine crisis as the aviation market faces complexity of the loss without 'precedent'
Chief of markets Patrick Tiernan called for sympathy for Ukraine in a “tragic situation with devastating human consequences” as he admitted aviation losses would take some time to resolve.
Be cautious, optimistic and make up for lost time, advises RSA's Ken Norgrove
The UK insurance sector is facing some key headwinds in the current economic climate, but, as Ken Norgrove, CEO of RSA Insurance explains, it also has a lot to be proud of.
Zurich charitable foundation joins with Unicef to raise funds for youth mental health
The Z Zurich Foundation and Unicef have launched a campaign to raise funds for programmes to support the mental health and psychosocial well-being of young refugees who have fled the war in Ukraine.
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.
Insurance staff come together to support Ukraine refugees
From gearing up to take in refugees to delivering supplies, Post spoke to European insurance staff who are dedicating their time to helping those affected by the Ukraine crisis.
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.