Ukraine, Russia plane and ship insurance at risk from Jan 1 -sources [Reuters]
HANNOVER RE SE S/ADR (HVRRY)
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Source: Reuters
Reinsurers typically renew their 12-month contracts with insurance clients on Jan. 1, meaning they have the first opportunity to scale back exposure since the war in Ukraine started, after being hit this year by losses related to the conflict and from Hurricane Ian in Florida. A proposed contract clause being circulated by reinsurers excludes war-related claims for planes or ships in Ukraine, Belarus and Russia, the four sources told Reuters. Without the backing of the reinsurers, insurers themselves may be unwilling to provide cover for the region, they added. Reinsurers are particularly concerned about the loss of planes owned by aircraft leasing companies which are stuck in Russia and have already generated $8 billion in legal claims. As they operate on an “aggregation” basis with marine and aviation war risk insurance, totting up the losses as one, claims in one area make reinsurers wary about the whole war risk sector, David Smith, head of hull and marine liabilities at
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