Ukraine War
As events in Ukraine unfold at a rapid pace and sanctions on Russia start to bite, Insurance Day offers the best insight, analysis and commentary on how the crisis is impacting insurance markets
Munich Re adds €90m to Ukraine war reserve
The reserve hike is a result of an increase in information compared with the first quarter of the year
UK's tougher marine insurance sanctions on Russia on indefinite hold
Britain’s Ofsi expected to move towards US approach – forbidding transactions with named individuals, companies and entities – rather than emulate EU blanket ban
Hannover Re P&C profits down 25% as losses surge in H1
Major losses amounted to €850m, smashing the company’s expectations of €611m, with €316m connected to the Ukraine war
First Ukraine grain shipment tests the waters for more to follow
All eyes are on the ageing bulk carrier Razoni, carrying 26,000 tonnes of corn destined for Lebanon, but also the weight of a unique and tentative diplomatic deal to allow vessels safe passage through a war zone
First Ukraine grain ship leaves Odesa through safe passage agreement
War risks insurers ready to provide coverage, LMA marine head says, as Ascot launches marine cargo and war facility
First shipment of Ukraine grain today will test political deal
Insurers waiting for the detail of standard operating procedures to be clarified before they will underwrite shipments
Ukraine grain corridor readies first shipments
Plans are currently underway for the departure of the first ships carrying Ukrainian grain along the newly agreed maritime corridor
Beazley COR falls to 87% in H1 on growth and lower claims
London market heavyweight books best interim combined ratio in seven years and updates guidance but investment market volatility hits profits
Political risk insurers face gas cut-off claims
While many political risks covers would not be activated, some insurance wordings could potentially apply – but mounting such claims would not be easy, Fitch says
European gas rationing 'unlikely to trigger BI covers'
While reduced gas supplies will disrupt companies’ operations, business interruption covers will not be triggered as there will be no physical damage, analysts at Jefferies say
Ukraine grain export plan edges toward political agreement
Optimism is growing that a deal to secure vessels exporting grain from Ukraine could be agreed imminently with the help of Turkish inspections
Russian class society remains EU ‘recognised organisation’
Division within the EU has left the Russian Maritime Register in a limbo state — at once subject to direct financial sanctions, but also remaining an EU ‘recognised organisation’ able to act on behalf of EU member states
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