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Home / Insurance / S&P says Russia-Ukraine insurance losses could reach $ 35 billion

S&P says Russia-Ukraine insurance losses could reach $ 35 billion



(Reuters) – S&P Global sees losses in the special insurance market of 16 to 35 billion dollars from the conflict between Russia and Ukraine, the credit rating agency said on Thursday.

This includes possible aviation insurance losses totaling $ 6 to $ 15 billion, S&P said in a report.

Other areas that are likely to be affected by the conflict include cyber, political risk and naval insurance, S&P said.

The aviation market sees years of legal strife between charterers and insurance companies over aircraft trapped in Russia due to its invasion of Ukraine and subsequent Western sanctions.

The world’s leading aircraft rental company AerCap has filed a $ 3.5 billion insurance claim for more than 1

00 jets stranded in Russia.

“We believe it could take many years to settle the final losses incurred by aircraft leasing companies, insurance companies and reinsurers,” said S&P.

The 21 leading global reinsurance companies rated by S&P are likely to suffer about half of the total losses, it says.

This would affect most results, while for “some extreme values” it could also affect their capital positions, as they are also facing major natural disaster losses already this year.


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