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Hannover Re halts underwriting in Russia, Belarus amid war

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War risk

 

German reinsurer Hannover Re SE has suspended all underwriting business in Russia and Belarus as the war in Ukraine continues, S&P Global reported. Although Hannover Re's reinsurance premium volume in Russia and Ukraine is very small and relatively insignificant, the actual claims exposure from the war could not be estimated yet as the sanctions placed on the aggressor could on the one hand create loss situations and on the other hand prevent the reinsurer from paying out, Sven Althoff, Hannover Re’s board member, explained.

 

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