Industry Insights
Our Industry Specialists offer market insights and analyses about new developments in the insurance industry.
Even if the “passive war risk” is covered: the crucial question is whether insurance claims can be made locally in an area touched by war and which service can be provided by the insurer.
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.
Company News
Read about new developments, initiatives and business decisions in the GrECo Group.
GrECo Specialty Affinity Management is excited to announce a new strategic co-operation with IUTE Group.
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 are excited to announce the release of the 4th Horizon Risk Thought » Fast Forward publication!
We spoke to Faris Fazlibegović who will be heading the operations in Bosnia and Herzegovina, and Ibrahimpasic-Hadzic Irma, our Group Market Developer, about their goals and vision for our presence in BiH
Iva Rogovic-Lekic joins the management board and Josip Malenica will lead the reinsurance placements
We are delighted to announce that GrECo’s Estonian subsidiary, IIZI Group has recently started a new cooperation with Estonian financial technology service provider, HOOVI Rntal OÜ.
The impacts, risks, and opportunities we’ve identified are presented without considering the positive or mitigating effects of actions that GrECo has already implemented.
The insurance guarantees Bregenzer Festspiele’s customers a full refund for the ticket price should they be unable to attend the event.
Germinas Dauksa, our Group Practice Leader Transport and Logistics, caught up with Kiril Petrov who leads Transport and Logistics insurance in GrECo Bulgaria.
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175