shutterstock_2130839222_lestudio
shutterstock/LeStudio
24 March 2022Insurance

Lloyd’s warns Ukraine war will be ‘major claim’ for market in 2022

Insurance and reinsurance marketplace  Lloyd’s of London has warned that the ongoing conflict in Ukraine will represent a “major claim” to the market in 2022.

The corporation said Thursday (March 24) that it is in “close dialogue” with market partners to understand exposures to the Russia-Ukraine crisis.

Business underwritten by the Lloyd’s market in Ukraine, Russia and Belarus currently represents less than 1% of Lloyd’s global footprint, Lloyd’s said in a statement announcing its FY2021 results.

Direct and indirect claims are expected to fall within “manageable tolerances” and will not create solvency challenges, it noted.

Lloyd’s asserted that it will continue to work in lockstep with governments and regulators around the world to support and implement a complex series of sanctions on the Russian State.

“As we announce these results today, our thoughts are first and foremost with the people of Ukraine. In a world buffeted by increasingly complex and connected risks – from the pandemic to a geopolitical conflict – the Lloyd’s market is standing by its customers and supporting their recovery when things go wrong,” Lloyd’s chief executive John Neal said.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

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


More on this story

Insurance
24 March 2022   Insured losses could be small fraction of stated asset values.
Insurance
25 March 2022   Lloyd’s may face exposure in its credit, aviation, marine, cyber, and war/political risk books, warns S&P.
Insurance
31 March 2022   Losses stemming from specialty lines will ‘exacerbate earnings volatility’ for global reinsurers, warns S&P.