قالب وردپرس درنا توس
Home / Insurance / Property losses / accident from Ukraine-Russia conflict could reach $ 15 billion: Willis

Property losses / accident from Ukraine-Russia conflict could reach $ 15 billion: Willis



Property / accident insurance companies could see close to $ 15 billion in losses from the conflict between Ukraine and Russia, according to a report published on Thursday by Willis Towers Watson PLC.

But the industry is “more than capable” of resisting the effects of the crisis, Willis said in his report for Insurance Marketplace Realities 2022 Spring Update.

“With several key measures, the insurance industry is in a better position than ever. Policyholders’ surpluses have exceeded a rather astonishing one trillion dollars. Net income is at unmatched levels “, wrote Jon Drummond, broker manager, North America, in the report.

The return on equity for insurance companies is also up significantly, said Mr. Drummond.

At the same time, commercial insurers can expect continued price increases, with prices going up in most lines, even as the tough market gradually loses its grip, Willis said.

Cyber ​​speeds continue to rise and will see increases of 1

00% to 200%, up from the 50% to 150% increases Willis predicted last fall.

In addition to cyber, conditions are slowly improving for commercial insurance buyers in North America, with a fairly large number seeing flat or single-digit increases, Willis said.

In total, buyers are forecast to face increases of 26 out of 33 coverage lines, although eight of these lines set the lowest part of their price forecast at unchanged increases. And on half of the 26 lines, interest rate hikes are expected to be smaller than they were in the autumn edition of the report.


Source link