January 2023 renewal: reinsurers to limit their exposure to the war in Ukraine

Reinsurance companies are planning to exclude coverage for aircraft and ships in Ukraine, Belarus and Russia as of 1 January 2023. This would be their first opportunity to reduce their exposure to war risk, after having incurred significant losses in 2022.

This decision would inevitably have an influence on insurance companies, which could now refuse to cover high-risk regions.

Currently preoccupied with claims relating to aircraft seized by Russia, reinsurers are becoming increasingly wary of the war risk.