Lloyd’s moves to cancel insurance cover of Russian firms hit by sanctions


Sourced from The Guardian - read article here

Action comes as Lloyd’s of London returns to profit but warns Ukraine war will present ‘major claim’ 

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.

Announcing a swing back to an annual profit as it recovers from the pandemic, the world’s biggest insurance market warned that the war will present a “major claim” for the insurance market this year, but said it was “manageable”.

It said aviation, marine, trade credit and political risk were the lines of business most affected. 

Bruce Carnegie-Brown, the Lloyd’s chairman, said unrecoverable planes were likely to cause the biggest insurance losses. Moscow has passed laws to impound $10bn (£7.6bn) of jets leased to Aeroflot and other Russian airlines by western organisations.

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