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.
“Despite the growth of the company, the focus on the customer has never been lost and is still the center of attention” – interview with Paul Spittau, our new Head of Group Carrier Relations & Insurance Mediation.
In the beginning of July 2023, we greet in our portfolio the company Hervis Slovenija and Croatia, one of a largest sports shop in Slovenia
GrECo’s sustainability strategy comprises a holistic and systematic approach, focusing on involving all stakeholders and raising awareness among employees.
The Annual report focuses on different aspects of our company and highlights our risk-based approach.
Our ESG strategy is an essential part of our corporate strategy. It reflects our vision, mission and values. Moreover, it highlights the importance of taking a forward-thinking sustainable approach.
“The acquisition of MAI is a strategic investment into a joint future.” An interview with our COO Ante Banovac
In the latest edition of GrECo’s Food & Agri client magazine, FOODprint, we place our focus on a key challenge faced by this industry: the impacts of climate change
In our recent webinar “Climate Risks in Food & Agriculture: Compliance With New European Regulations, Risk Assessment, Mitigation and Alternative Risk Transfer” we shared information about the new EU regulations and requirements in the area.
Bessé, leading French insurance consulting firm, and GrECo, largest independent risk and insurance management advisor in Eastern Europe, announce the signature of an exclusive partnership agreement to extend the distribution of the parametric solution “Rapeseed Germination.”
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175