MNI BRIEF: Dissent To June ECB Cut Highlights Inflation Risks - Accounts

MNI INTERVIEW2: New UK Govt's Growth Boost Little Help For OBR Projections

MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Reinsurance Firms To Distant Themselves From Ukraine, Russia Trade

OIL

Some of the biggest companies in ship reinsurance are planning to cease to cover key war-related risks for vessels going to Russia and Ukraine by the end of the year, which could add to supply chain chaos, according to Bloomberg sources.

  • Hannover Re and Munich Re are among reinsurers who have warned that they will cease to underwrite any kind of risks, or even indirect ones, related to the conflict in Ukraine from the start of next year, sources told Bloomberg.
  • “The major German reinsurers and others are looking to exclude losses emanating from or linked to Russia and Ukraine war,” said Chris McGill, class underwriter for cargo at Ascot Group.
  • “This is the first time we’ve ever had to contemplate a material change to our reinsurance program”, he added.
  • Owners and their first-tier insurers might have to take on a bigger slice of risk for ships sailing to the two countries, if no solution is found.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.