Zurich Insurance Group announced it has agreed to sell its business in Russia to 11 members of the unit's team. The sale is subject to approval of the relevant regulatory authorities.
French reinsurer SCOR announced, its Q1 2022 results will be impacted by the conflict in Ukraine. "Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity".
The ultimate insurance and reinsurance industry loss from the ongoing conflict in Ukraine could rise above USD 20 billion, Artemis reported quoted an analysis from PCS, a Verisk company.
A group of 80 Ukrainian citizens - mostly women and children, as well as elderly people - employees of Euroins Insurance Group (EIG) and their relatives has been successfully evacuated by EIG from Ukraine and already arrived in Bulgaria, in good health and physical condition, the Group has announced.
Munich Re supports the sanctions against Russian economy. The Group will not renew existing contracts in Russia and Belarus, and new business has been suspended. The Group will do the same with its investments in the region, the German reinsurer said in a press statement.
Due to the Ukraine-Russia conflict, MABISZ - the Association of Hungarian Insurers informed it has taken initiative towards Ukrainian refugees arriving in the country by car.
Following Marsh McLennan's announcement of leaving the Russian market, Willis Towers Watson and Aon have followed, also ceasing their business in the country in response to Russia's invasion of Ukraine.
There is no such thing as a tool small contribution when it comes to helping people. All the solidarity gestures will converge as streams in a large river helping the refugees in need. AS much as we can find out about these gestures, we will add them in the following page. Yet, this will be not, nor is intended to be an exhaustive list. Many of these actions will remain unknown, either because they are silent or because we have missed them.
Britain bans Russian companies from the multi-billion dollar aviation and space insurance market in London, the world's largest commercial and specialty insurance center, the British finance ministry said, quoted by Reuters.
On March 1, 2022, the Board of Directors of the Czech Insurers' Bureau (CKP) decided that for a period of 2 months from leaving Ukrainian territory, any damage caused by Ukrainian vehicles in the Czech Republic would be reimbursed by CKP to the guarantee fund, without any impact on Ukrainian motorists, CKP announced.
Ukrainian subsidiaries of the UNIQA Group, insurance companies "UNIQA" and "UNIQA Life", continued to work despite the war situation in the country and paid their clients indemnities worth UAH 27.1 million between 24 February and 10 March, a company announcement said.
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance announced its support for Ukrainian refugees. Thus, "standing in solidarity with the Ukrainian people, ADRIS grupa and the companies operating within the Group - Maistra, Croatia Osiguranje and Cromaris - will help provide food and accommodations and donate funds for Ukrainian refugees".
Dutch insurance group Aegon has announced that it will not make future investments in Russia or Belarus-based companies and has updated its Responsible Investment Policy accordingly.
In order to ensure fulfillment of the insurance obligation and to support the Ukrainian refugees, the Estonian Traffic Insurance Fund (LKF)
announced that it temporarily bears costs of the Estonian border insurance premium.
Lietuvos Draudimas (the leader of the insurance market in Lithuania) on March 9 announced that it is giving personal insurance to all minor children arriving from Ukraine. Refugee status is not required, it is enough that the child is a citizen of Ukraine, and the event took place in Lithuania, delfi.lt wrote
Global re/insurance brokerage company Marsh McLennan (MMC) announced it will exit all of its businesses in Russia.
"Damage caused by uninsured Ukrainian cars is therefore borne by the insurers operating in Germany," says GDV General Manager Joerg Asmussen, quoted by the German Insurers Association's website
PZU Zdrowie informed that people affected by the war in Ukraine can benefit from free medical care in more than 50 medical facilities of the operator in Poland, Polish media said
Polish insurer WARTA, has allocated PLN 11 million (~EUR 2,25 million) to providing active help for Ukrainian citizens. Warta is also one of the Polish insurers providing for free 30 days MTPL insurance for all refugees coming by car from Ukraine to Poland without carrying a Green Card policy.
While it doesn't expect a dramatic impact of the armed conflict in Ukraine on its overall business, VIG strives to protect about 1,400 employees of the three insurance companies it owns in Ukraine. Already 200 families of the employees that fled the country are hosted in different countries where the Group is active.