Live Insurance News

Allianz reports spike in ship insurance claims from Black Sea region

May 12, 2022May 11, 2022 Nordstrom

The high-risk area has caused global insurers to see more filings and it’s expected to continue. A recent Allianz Global Corporate & Specialty (AGCS) report shows that ship insurance claims are on the rise and are only expected to continue rising due to the Russian war in Ukraine. The claims are expected to increase due to damaged and lost vessels as the conflict enters sea lanes. By the time of the writing of this article, there had already been two people killed and six merchant vessels struck by projectiles in…

EU places sanctions on Russian oil insurance for transport

May 6, 2022May 5, 2022 Logan B.

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

Massive insurance battle results from Russia’s seizure of 400 planes

May 2, 2022April 29, 2022 Marc

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

Insurance claims spike as Russia impounds almost 800 foreign-owned jets

March 29, 2022March 28, 2022 H. Cutner

Fitch and Moody’s have predicted that the potential covered losses could reach $10 billion. Russia has passed a low transferring nearly 800 jets owned by western companies to Russian airlines in response to foreign sanctions, driving a wave of insurance claims from the firms that had been leasing them there. Leasing firms have had entire fleets taken over by Russia, losing hundreds of jets all at once. The leasing firms are expected to assert that registering the jets in Russia when they were already on the books in other territories…

Lloyd’s reinsurance and insurance market supports sanctions against Russia

March 9, 2022March 8, 2022 Live Insurance News

Insurance market - Lloyds of London Building

The massive London-based marketplace has stated that it official backs sanctioning the country. Lloyd’s reinsurance and insurance market has announced that it is placing its backing behind the sanctions that have been applied to Russia in response to that country’s invasion of Ukraine. Western nations have announced a growing spectrum of sanctions aimed at the Russian economy. Countries from around the globe have been applying the sanctions to separate the Russian economy from an in-flow of money and to separate the country from the rest of the world. The largest…

Allstate insurance company launches anti-ableism campaign

March 1, 2022February 28, 2022 H. Cutner

The insurer is rolling out a public education strategy to promote inclusion in the Canadian market. The Allstate Insurance Company of Canada has announced the launch of a new public education campaign fighting ableism. The insurer is rolling out this program as a part of a collaboration it has with Inclusion Canada. Inclusion Canada is a national federation of 13 provincial and territorial associations that have over 300 local associations. These represent the human rights of individuals with intellectual disabilities. The organization is working with the Allstate Insurance Company of…

Ukrainian airline UIA loses some of its plane insurance coverage

February 16, 2022February 15, 2022 G. Turner

Ukraine International Airlines - Airplane - Plane Insurance

The insurers have withdrawn the cover for aircraft flying in the country’s airspace. The largest Ukrainian airline has announced that its insurers have withdrawn their plane insurance coverage for at least some of its aircraft for flights within the country’s airspace. The move was made as Russia boosts potential risk by moving its military forces to the border. Ukraine International Airlines (UIA) stated that the insurers informed it that the plane insurance would be removed in Ukrainian airspace due to the threat presented by Russia. This announcement was made as…