Ukraine-Russia war to hit insurers, reinsurers in different ways
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U.S.-based Kroll Bond Rating Agency Inc. warned that the war between Russia and Ukraine and the resulting sanctions on Russia are likely to have “material negative consequences” on insurers and reinsurers worldwide, Reinsurance News reported. KBRA expects that certain exclusions including claims involving violations of economic sanctions and acts of war could limit insurers and reinsurers’ exposure in some lines such as energy and marine, but not across trade credit and political risk policies.
