Written by Georg Winter and Andreas Krebs showed in their lecture at the GVNW the newest details on the economic consequences of the war and the cut-off of local insurance markets in Russia, Ukraine and Belarus
Following a very successful webinar held by GrECo Holding in April this year, GrECo was again invited by GVNW – the leading association of insurance buyers in Germany – to give insight and information on the war situation in Ukraine and its implications for local and international insurance coverage. After pausing for two years due to Covid, the conference was organized as an in-person event with a participation of about 800 persons, all insurance specialists from big industrial clients, insurers, brokers and other annexe professions. The main topic of this German-speaking event was the perspectives in connection with the oncoming contract renewals and how to tackle problems like disruptions of supply chains, inflation, the war in Europe, climate change and ESG, to mention the most important issues.
Georg Winter and Andreas Krebs showed in their lecture to a breakout group of about 100 participants the newest details on the economic consequences of the war and the cut-off of local insurance markets in Russia, Ukraine and Belarus. They relied on reports received from GrECo and MAI colleagues in the countries concerned, which made this report more direct in its vivid description of how the markets work with the focus on maintaining insurance services despite the setbacks and difficulties caused by war operations, sanctions and disruption of international insurance.
In their conclusion, both GrECo speakers pointed out that a general exclusion of the territories of Russia, Ukraine and Belarus from coverage, as is suggested by some international insurers, is hard to understand and, in most cases, not justified. There can be no doubt that insurance is not possible for activities and goods that are underly sanctions as well as for risk locations in war zones, but most businesses are not immediately affected by the military conflict.
There has been a lot of positive feedback from the audience during and after the lecture. This incentivizes us to continue its permanent observation of those markets and provide clients and partners with substantial and original information.
Ukraine war – effects on your corporate risks
In view of the rapid developments in the war between Russia and Ukraine, GrECo Holding has set up a Task Force responsible for gathering all information on the current crisis and for reactions in all fields of our activities.
We will provide information on all topics and developments linked with the situation on our website for the information of clients and partners.
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Petra Steininger
Head of Group Communications
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