Major Insurers Exit Russia in Mass

The Russian invasion of Ukraine has the business world reeling. It has hit a world economy already reeling from COVID. With the economic impacts of the invasion, and the sanctions imposed by the West and by countries all over the world, businesses are exiting the country in droves.

That includes the world’s largest insurers.

Marsh & McLennan said last week that it is going to leave the insurance market in Russia. Aon has also suspended business activities. So has Willis Towers Watson.

There are several insurance companies working in Russia. They include AIG, Allianz, Chubb, Zurich and others. Though they aren’t leaving, many are looking at options and are restricting business operations.

By the time this story is published, many of those listed may be exiting the country as well.

Marsh & McLennan CEO Dan Glaser said it is going to “transfer ownership of our Russian businesses to local management who will operate independently in the Russian market.”

Aon has totally suspended operations and placed its staff on paid leave.

Allianz has over 1,200 employees in Russia and says it is “prepared for all operational and financial outcomes, including market reactions, business continuity and adaptability, and readiness to comply with emerging sanctions and regulations. The situation and its implications are changing rapidly, and we continue to monitor them.”

Zurich condemned the invasion and — while not stopping operations — said it is “fully complying with applicable sanctions and has stopped renewing contracts or underwriting new business with domestic customers in Russia.”

Source link: Business Insurance — https://bit.ly/3tcULSk

Source link: Business Insurance — https://bit.ly/3MP1GsZ