Industry Insights
Our Industry Specialists offer market insights and analyses about new developments in the insurance industry.
EU sanctions prohibit any direct or indirect economic interactions (prohibition of payment and provision of services) with listed persons, as well as with all companies in which a listed legal entity or natural person has an ownership interest of 50% or more.
Since Ukraine has declared to be in war and air space has been closed in Russia and Ukraine, the risk exists that evacuations and return flights to the home country for medical reasons cannot take place.
In addition to this general exclusion referring to damage occurred, there exists clause LSW617 that restricts the validity of cover itself: there is generally no cover for various named high-risk and existing crisis and war zones.
In view of the current developments in Ukraine and the unforeseeable consequences, the private credit insurers are not providing any new or additional cover on Russian and Ukrainian buyers for the time being.
It is a principle of insurance that due to the potential accumulation of claims there is a general exclusion of damage caused to a risk (buildings, factories, their technical equipment, installations, stocks and other contents) in connection with war and civil war.
Differences between the Eastern European countries and the rest of Europe are also disappearing in insurance.
Forestry insurance is still undervalued but can be a really good tool to reduce losses in the wood-processing supply chain.
Neobanks are trying to bridge the gap between the offerings of traditional banks and the expectations of customers in this digital era.
An overview of taxes, levies and other charges for policyholders in CEE countries.
Company News
Read about new developments, initiatives and business decisions in the GrECo Group.
The market leader in risk and insurance management in Austria and Eastern Europe is preparing a reorganisation in the Executive Board and Supervisory Board of GrECo International Holding AG.
GrECo, the leading insurance broker and risk management provider in Central and Eastern Europe, has announced to transfer its operation in Russia to the local management.
The conflict between Russia and Ukraine and the threat of heavy sanctions to be imposed by the Western world as consequence of Russian military action, have brought the topic of financial sanctions and the position of insurance again into the focus of consideration.
Specialist insurance broker GrECo acquires 100% of MAI CEE Ltd., a major risk, insurance and employee benefits consultant in CEE.
Pawel Kowalewski, renowned expert in the energy sector, will develop power & renewables solutions.
GrECo Ukraine, together with insurance partner ARX Ukraine have launched the pilot project for the Affinity parametric insurance solution for Corteva Agriscience customers.
Maksym Shylov, long-standing expert in agricultural insurance, established as Group Practice Leader.
Alma Ribanović, leading expert for affinity solutions takes over development of the division in Austria and Eastern Europe.
GrECo Group, the leading risk and insurance consultant in CEE, acquires 80 % of UADBB Sagauta, no. 2 insurance broker in Lithuania.
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175