Ukraine war to lead to changes in war reinsurance programs

According to U.S.-based brokerage firm Arthur J. Gallagher & Co., substantial changes in war reinsurance programs are possible in 2023 after the ongoing war in Ukraine and the sizable losses it has caused insurers and reinsurers, Reinsurance News reported. Hundred vessels, valued between $800 million to $1 billion, have been trapped in ports and up rivers since the war started.