Reinsurance premiums see an uptrend amid Russia-Ukraine conflict; marine, aviation sectors worst sufferers

Russia-Ukraine war has put a lot of pressure on Re-insurance business. The companies have started increasing premium rates in their portfolios said Anurag Shah, Business Journalist at Zee Business. Aviation and marine insurance firms, he claimed, are under the pressure the most.

He said so while speaking with Zee Business Managing Editor and Market Guru Anil Singhvi on a Tv show where he share his view on the impact of the Russia-Ukraine war on insurance premiums.

The rates in marine insurance have been increased to 0.05% while this could seem small but is actually significant, Shah said. While the premium for aviation is rising as there has been a substantial increase in no flying zones or war zones, Shah said. Many re-insurance firms have cancelled their contracts as a result of this, he said, because their contracts contain numerous war-related conditions.

Shah also informed that no contract has been cancelled by GIC RE, a re-insurance company of India, so far but the pressure is too strong. This will have an influence on both re-insurance companies as well as general insurance companies. Because when a reinsurance firm raises its premium, general insurance companies must raise their premiums as well.

Business Journalist predict that the effect will increase in the coming days because the contracts come up for renewal in April, but notices have already begun to be sent out about how much the rate is increasing.

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मरीन इंश्योरेंस में 0.05% तक की दर ज्यादा लगेगी

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— Zee Business (@ZeeBusiness) March 4, 2022