At the same time, "reinsurance contracts through the Sanction & Embargo clause exempt reinsurance transactions with states under any sanctions and the terms of insurance on the direct side exclude war damage".
CROATIA Osiguranje representatives mentioned that the Company has an exposure to insurance policyholders who are members of certain companies (related to entities from Russia) and "we do not expect a significant adverse effect on the ability to collect these receivables in the short term, ie. as a direct consequence of the war in Ukraine. In case of collection receivables inability, the company can activate collateral instruments in the form of mortgage on real estate. The company is not directly exposed to entities from Russia in terms of investment positions".