War
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.
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.
Aon suspends Russian business
Aon has suspended its Russian operations and put staff on paid leave.
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.
Regulators quizzed on authorisations and competitiveness by Lords committee
Prudential Regulation Authority CEO Sam Woods has said there is “probably” scope to authorise a greater number of insurance entities in response to questions from a House of Lords select committee about the proportionality of regulation faced by market…
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.
UK to block Russian aviation and space businesses from accessing insurance
The UK government will introduce further sanctions in response to the Ukraine conflict, with legislation to bar Russian aviation and space companies from accessing insurance cover.
Hiscox expects minimal Ukraine conflict impact but ‘too early to speculate’ on cyber
Hiscox is anticipating the crisis in Ukraine will have a limited impact on its business, both directly and indirectly.
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.