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Insurers cannot be expected to cover war cost, says insurance chief

Posted On: Apr. 10, 2023 10:02 AM CST

War risk

David Howden, chief executive at Howden Group Holdings Ltd. said that insurers cannot be expected to cover the cost of war, in the middle of a heated argument over Russia’s seizure of 500 commercial aircraft owned by overseas lending firms, reported. Aircraft owners, mainly domiciled in Ireland, are suing Lloyd’s of London insurers for their refusal to pay out up to $10 billion in claims. Mr. Howden added that insurers will go bust if they are forced to cover the cost of Russia’s war in Ukraine.