Industry Insights
Our Industry Specialists offer market insights and analyses about new developments in the insurance industry.
The dangers of war and strike are excluded in the “all risks” coverage, but they are usually included in the individual policies with additional clauses.
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.
Company News
Read about new developments, initiatives and business decisions in the GrECo Group.
The new marine entity will operate as a Marine Specialty Branch under GrECo Specialty GmbH.
For many years we have been refraining from giving Christmas presents to our clients and partners and instead are supporting projects within our GrECo Foundation.
We’re happy to introduce the GrECo Risk & Insurance Navigator; our new report for navigating today’s complex risk landscape.
Strategic acquisition strengthens GrECo’s position in Slovenia and enhances service capabilities in key industries
Iute Macedonia – part of the Estonian Iute group, launched the first fully digital insurance brokerage service in cooperation with Uniqa Life, Allianz Partners and GrECo Macedonia
GrECo is proud to present the latest edition of our client publication, FORWARD Magazine—now live and ready to explore.
On the occasion of its 100th anniversary, GrECo is implementing numerous internal events and initiatives, including the sponsorship of the Mount Kenya three-horned chameleons at Schönbrunn Zoo.
In 2024 we continued to concentrate on our market position, risk-based advisory & specialty focus, GrECo culture, and technological leadership.
We sit down with Radovan Škultéty and Lubor Kunc to discuss the pressing economic challenges and the technological advances shaping the Czech Republic today.
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175