Tag: Lloyd’s of London aviation policies

Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes

Insurers and Owners Battle Over Who Pays for Planes Stranded at Start of Ukraine War

Citing a “worst-case scenario,” analysts at Fitch Ratings said the more than 500 planes currently stranded in Russia leave the insurance and reinsurance market open to up to $10 billion in potential losses. In response to economic sanctions from several Western countries over the invasion of Ukraine, the Russian government passed a law allowing for… Continue reading Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes

Airlines Need to Negotiate Ukraine Insurance Cover for Flights

Passengers commercial airplane flying above clouds, front view. Concept of fast modern travel

Airlines will need to negotiate Ukraine aviation cover with their insurers, with some of the required war risk policies now being agreed on a daily basis, a senior Lloyd’s market official said on Monday. Two Ukrainian airlines disclosed problems in securing insurance for some of their flights on Monday, while foreign carriers began avoiding the… Continue reading Airlines Need to Negotiate Ukraine Insurance Cover for Flights