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.
In April 2023, we greet in our portfolio the company Extreme Vital, one of a largest specialized bike shop in Slovenia
In 2022, GrECo boosted revenues despite a very challenging trading environment.
We are excited to announce the release of the 2nd Horizon Risk Thought » Fast Forward publication!
We celebrate the International Women’s Day 2023 with the start of our series GrECo Women´s Voices. We invited our colleagues to share their thoughts, challenges and aspirations.
Danijela Jurcic joins GrECo Health & Benefits in Croatia, further reinforcing the wider group strategy to become the employer of choice across the Central, Eastern and Southeastern Europe (CESEE) region.
The Czech insurance broker and risk management advisor announced changes in the personal composition of the Board of Management. The board division Sales & Service Delivery has been taken over by Radovan Škultéty. Petr Poděbradský will continue to head the second board department for Finance & Administration.
Preslava Gencheva joins Adam Riley to further build the Health & Benefits business across the Central, Eastern and Southeastern Europe (CESEE) region.
GrECo Specialty has appointed a new Group Practice Leader for its Transportation and Logistics Specialty.
Georg Winter offers some insights into his vision for GrECo. Interview was originally published in Lockton Global Partners Magazine.
Petra Steininger
Head of Group Communications
T +43 5 04 04 – 175