Lloyd’s of London has said it is working with the UK government to execute sanctions forced over the conflict in Ukraine as quick as possible, including dropping Russian firms’ insurance cover.
Announcing a swing back to a yearly profit as it recovers from the pandemic, the world’s greatest insurance market cautioned that the conflict will introduce a “major claim” for the insurance market this year, however said it was “manageable”.
It said aviation, marine, trade credit and political risk were the lines of business generally impacted.
Bruce Carnegie-Brown, the Lloyd’s chairman, said unrecoverable were probably going to cause the greatest insurance losses. Moscow has passed laws to impound $10bn (£7.6bn) of jets leased to Aeroflot and other Russian carriers by western associations.