Re/insurance bill on Ukraine war now at $20bn and counting
20-04-2022
Damage could surpass $1bn as areas with most intense fighting have large concentrations of renewable assets.
Massive losses in Ukraine’s renewable energy sector as a result of Russia’s ongoing invasion are likely to catch the insurance industry by surprise, according to Tom Johansmeyer, head of PCS, a Verisk business.
The damage could surpass $1 billion, he said, which would make it “the largest renewable energy sector loss event in history”.
“Renewables could catch re/insurers by surprise because nobody I’ve spoken with seems to have realised that there was a large concentration of renewable assets in areas where the fighting is most intense, or that there was significant insurance in place,” Johansmeyer told Intelligentinsurer.com.
The rest of this article is locked for subscribers only. Please login to continue reading.
If you don't have a login, you will need to purchase a subscription to gain access to this article, including all our online content. Please use this link and follow the steps.
To request a FREE 2-week trial subscription, use the same link but select the 'trial' option in the dropdown box. NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Verisk, Russia-Ukraine Crisis, Renewable Energy, Insurance, Reinsurance, Tom Johansmeyer, Europe
