ANALYSIS – From the start of the war, major players in the sector, such as Axa and Allianz, announced that they had stopped underwriting “new business” in Russia.
This is one more headache for French companies that have remained in Russia. Since the start of the invasion of Ukraine on February 24, insurers in Western Europe and beyond have decided to exclude Russia from their contracts. This means in concrete terms that they do not renew the damage insurance coverage (operating losses, physical damage, etc.) of the companies still present in the country. And that they do not accept new contracts. From the start of the war, major players in the sector, such as Axa and Allianz, thus announced that they had stopped underwriting “new business” in Russia. “European brokers who help companies negotiate their policies have also cut ties with Russia”, underlines Olivier Perraut, director of underwriting of the specialty insurance branch at Scor. Insurance groups fear being caught out in the application of Western sanctions against Russia.
“They fear being put in…