Lloyd’s warns Ukraine war will be ‘major claim’ for market in 2022

Insurance and reinsurance marketplace  Lloyd’s of London has warned that the ongoing conflict in Ukraine will represent a “major claim” to the market in 2022.

The corporation said Thursday (March 24) that it is in “close dialogue” with market partners to understand exposures to the Russia-Ukraine crisis.

Business underwritten by the Lloyd’s market in Ukraine, Russia and Belarus currently represents less than 1% of Lloyd’s global footprint, Lloyd’s said in a statement announcing its FY2021 results.

Direct and indirect claims are expected to fall within “manageable tolerances” and will not create solvency challenges, it noted.

Lloyd’s asserted that it will continue to work in lockstep with governments and regulators around the world to support and implement a complex series of sanctions on the Russian State.

“As we announce these results today, our thoughts are first and foremost with the people of Ukraine. In a world buffeted by increasingly complex and connected risks – from the pandemic to a geopolitical conflict – the Lloyd’s market is standing by its customers and supporting their recovery when things go wrong,” Lloyd’s chief executive John Neal said.

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