Insurers such as Generali have also left the country following its widely condemned invasion of Ukraine, while specialist re/insurance marketplace Lloyd's has firmly supported the UK government's sanctions.
"We continue to be disheartened by the Ukraine crisis," said WTW CEO Carl Hess. "WTW remains steadfast in our support for all of our colleagues and their families in the affected region." We sincerely hope for a peaceful resolution."
The CEO went on to say that WTW will hand over ownership of its Russian operations to local management, who will then operate independently in the Russian market.
"While we are confident that this is the right decision, it was not made hastily or without regard for our dedicated Russian colleagues," he added.
Meanwhile, Aon has decided to suspend its operational activity in Russia and has placed all employees in the country on paid leave.
"The escalation of the conflict in Ukraine continues to result in the senseless deaths of innocent civilians, as well as the deliberate destruction of schools, civilian property, and infrastructure," said Aon CEO Greg Case.
"Right now, our primary focus is on the safety and well-being of our colleagues in Ukraine and their families, as well as those in Russia who may be impacted." And we will continue to monitor the situation to see if we need to take any further action."
While Western nations have refrained from directly intervening in the Russia-Ukraine conflict, they have imposed unprecedented sanctions aimed at isolating Russia from the global financial system and crippling its economy.
Among these are measures aimed at preventing Russian businesses from accessing international insurance and reinsurance services, with the UK recently enacting rules prohibiting Russian companies in the aviation and space industries from accessing the UK insurance sector.
In addition, in response to the conflict, a global coalition of non-governmental organizations and groups has called on financial institutions most exposed to Russian oil, gas, and coal to cut all ties with these companies, with many of the world's largest insurers and reinsurers specifically named.
SCOR has already decided to postpone its Investor Day on March 29th to July, citing the geopolitical situation, humanitarian and global consequences of the Russian invasion.