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.
With the new embedded insurance solution, all Viena saskaita customers are now insured with Payment Protection Insurance.
“While sales and acquisitions are inherently exciting, they require a clear strategy and methodology, coupled with patience due to potentially long buying cycles. The challenge lies in maintaining patience throughout the process.” – interview with Preslava Gencheva, new Strategic Sales Manager at GrECo Specialty.
“After five years of working in our Group, I would say that our people and our culture make GrECo a unique place to work. One is surrounded by experts and the best talent in the risk and insurance industry gives everybody the feeling that nothing is impossible.” – interview with Markus Neubrand, our new Head of Mergers & Acquisitions.
“We see the enormous growth potential of Health & Benefits in our region, and we aim to strengthen our value proposition in that area. ” – interview with Ewelina Jaworska-Bien, our new Health & Benefits Group Practice Leader.
With our client survey on the various environmental, social and governance topics, we wanted to find out where companies currently stand on ESG.
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.
“My motivation is to find and develop new talents, create excellent teams and implement new ways of doing things, being the trendsetter in risk management and consultancy to help the customers protect and mitigate business risk and continuity. ” – interview with Vladimír John, our new Head of strategic partnership & business development in Czech Republic.
” Effective market development often requires a deep understanding of the region’s specific dynamics and the ability to tailor strategies accordingly ” – interview with Irma Ibrahimpasic-Hadzic, our new Group Market Developer.
Today, GrECo Bulgaria is one of the fastest-growing risk advisors and insurance brokers in the country and enjoys a strong presence in the market.
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175