Europe

Industry heavyweights join Russia exodus

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Shared by Alex Hodges from insurancenews.com.au

Broker WTW will withdraw from all of its businesses in Russia, taking similar action as Marsh McLennan in responding to Moscow’s invasion of Ukraine, while major insurers have also responded to the escalating crisis.

WTW CEO Carl Hess says the broker intends to transfer ownership of its Russian businesses to local management who will operate independently in the market.

“While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues,” Mr Hess said. “We continue to be dismayed by the crisis in Ukraine.

“We wholeheartedly wish for a peaceful solution.”

Swiss Re says currently and until further notice, it is not accepting new business with Russian and Belarusian clients regardless of whether sanctioned or non-sanctioned. The reinsurer is also not renewing existing business with Russian clients.

“Swiss Re complies with all applicable sanctions,” the business says in a statement to insuranceNEWS.com.au. “Swiss Re is reviewing current in-force business relationships in Russia and Belarus.”

Munich Re says it will not renew existing contracts in Russia and Belarus, and new business has been suspended. It will also do the same with its investments in the region.

“Munich Re will only make exceptions to this rule – sanctions regulations permitting – if the suspension of business negatively affects persons or companies in need of protection,” the business said.

German insurer Allianz says as a company, it is not conducting new business in Russia.

“No new investment has been made in Russia or Belarus on behalf of policyholders since before the invasion, and our insurance businesses are decisively reducing exposure,” Allianz says in a statement to insuranceNEWS.com.au.

“Instead, we are seeing how to leverage our business capabilities to help people affected by the invasion, in Ukraine as well as in neighbouring countries.”

A spokesman for Zurich says the business has decided to suspend underwriting domestic customers as well as to halt renewing of local policies in Russia.

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