A number of shipping insurers changed their policies for 2023 to exclude claims related to Russia’s war in Ukraine.
Tag: Russia-Ukraine war
Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Top reinsurers said at the industry’s annual meeting in Monte Carlo that global geopolitical tensions, high inflation, and climate change have increased demand for risk protection and will result in higher premiums. Reinsurers insure insurers and have raised premiums in recent years in response to higher losses. “On top of the effects of COVID-19 and… Continue reading Global Reinsurers See Inflation, Russia-Ukraine War Driving Higher Rates
Moody’s: Russia’s Invasion of Ukraine Creates New Risks for Insurers
The economic consequences of Russia’s invasion of Ukraine, according to Moody’s, create new risks for global insurers and asset managers, with the severity of the crisis determining the impact. Moody’s created its own baseline scenario, which resulted in GDP growth in the G20 economies slowing to 3.6 percent in 2022, down from the company’s initial… Continue reading Moody’s: Russia’s Invasion of Ukraine Creates New Risks for Insurers
Zurich Insurance Axes ‘Z’ Logo After Letter Became Russian Pro-War Symbol
Zurich Insurance has axed its ‘Z’ logo from certain social media channels after the letter became a Russian pro-war symbol. The company said it was removing the logo – a white Z on a blue background – because it did not want to be misinterpreted as supporting Russia in the conflict. In a statement, the… Continue reading Zurich Insurance Axes ‘Z’ Logo After Letter Became Russian Pro-War Symbol
Aon & WTW Follow Marsh’s Lead and Sever All Ties with Russia
In response to Russia’s invasion of Ukraine, brokerage behemoths Aon and WTW have both announced plans to withdraw all of their operations from the country. Following Marsh McLennan’s lead last week, the world’s three largest insurance brokers have all severed ties with Russia. Insurers such as Generali have also left the country following its widely… Continue reading Aon & WTW Follow Marsh’s Lead and Sever All Ties with Russia
U.S. Insurers’ Indirect Exposures to Russia May Be Significant: AM Best
The impact of the conflict between Russia and Ukraine on U.S. insurers’ direct investments to the two countries appears to be limited, as they have less than $2 billion in bonds exposed to Russia and Ukraine. However, according to a new AM Best commentary, insurers’ indirect exposures may be more substantial. In its Best’s Commentary,… Continue reading U.S. Insurers’ Indirect Exposures to Russia May Be Significant: AM Best
Financial Screws Turned on Russia As Insurers Exit
Russia’s global financial isolation intensified on Friday as the London Stock Exchange (LSE) suspended trading in its last Russian securities and some insurers withdrew cover from exporters over Moscow’s invasion of Ukraine. Banks, investors and insurers have in recent days ratcheted up that pressure by exiting investments in Russia and halting the provision of their… Continue reading Financial Screws Turned on Russia As Insurers Exit