All eyes are on the 1 January reinsurance treaty renewals to see if some of the major players will introduce war risk-related exclusion clauses for Russian and Black Sea business.
Reinsurers have previously built in such inclusion clauses related to Covid-19 and cyber-related risks in response to the threat of losses.
The concern is that they may now act to limit future Russian losses after facing claims running between $6bn and $8bn related to the Russian aviation business.
