The Russia-Ukraine war is more likely to affect the European insurance sector through second-order financial market volatility than through direct effects from sanctions, according to Fitch Ratings. The rating agency released the statement about the limited impact of sanctions on …
State-owned Bangladesh Shipping Corp. is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in …
Aircraft-leasing firms working to retrieve planes from Russia are set to collide with an aviation-insurance industry bracing for an unprecedented barrage of claims. Lessors of planes stuck in Russia since the onset of sanctions have warned insurers of possible claims …
A new Russian law on leased aircraft showed Moscow could “confiscate” planes and such a move might help it claim insurance, Air Lease Corp. said at a time when leasing firms risk writing off jets stranded in the sanction-hit country. …
Munich Re is joining other insurers, reinsurers and brokers that have withdrawn from business with Russia. Condemning Russia’s attack on Ukraine and supporting the sanctions, Munich Re said it will not renew existing contracts in Russia and Belarus, and new …
Bermuda’s aviation regulator said it is suspending certification of all Russian-operated airplanes registered in the British overseas territory due to international sanctions over the war in Ukraine, in a move expected to affect more than 700 planes. The regulator said …
Russia and Belarus represent less than 1% of business transacted by Lloyd’s of London, the commercial insurance market said, adding that it would look to curtail Russian exposure in several of its specialist insurance classes. Insurers and reinsurers based in …
Italy’s top insurer Generali, facing a power struggle over its management, said on Tuesday it posted record operating profit last year thanks to a strong contribution from all of its business segments. Generali also said it continued to monitor the …
Global insurance broker Willis Towers Watson (WTW) announced on Sunday that it will withdraw from all of its businesses in Russia in response to Russia’s war against Ukraine. The announcement comes after competitor Marsh McLennan said last Thursday it would …
The world’s top association of ship certifiers has withdrawn membership from the Russia Maritime Register of Shipping (RS) due to the impact of sanctions on Moscow after its invasion of Ukraine, in another blow to the country’s vital shipping sector. …
