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Lloyd's faces over $7 billion in claims over seized aircraft in Russia

Posted On: Mar. 6, 2023 9:59 AM CST

Dozens of claimants have filed a £6 billion ($7.22 billion) claim against Lloyd's of London and insurers including American International Group Inc. after Russia seized over 400 western jets worth £8 billion since its invasion of Ukraine, MSN reported. Russia is out of the reach of London's high court, so the aircraft owners and lessors including U.A.E.-based Dubai Aerospace Enterprise Ltd. are targeting insurers for losses. However, the insurers claim they are not liable because the planes have not been damaged or lost.