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According to Lloyd’s of London, Russia and Belarus account for less than 1% of the business

FILE PHOTO: A man leaves the Lloyd's of London headquarters in the City of London
FILE PHOTO: A man leaves the headquarters of Lloyd’s of London in the City of London, Britain July 31, 2018. REUTERS/Simon Dawson

March 15, 2022

LONDON (Reuters) – Russia and Belarus account for less than 1% of Lloyd’s of London’s business, the commercial insurance market said, adding that it will seek to limit Russian exposure to several of its specialty insurance classes.

London-based insurers and reinsurers have already stopped covering Russian airlines following sanctions over the Russian invasion of Ukraine.

“We will continue to use our expertise, resources and networks – covering critical areas such as cyber, space and political risk – to contribute to an effective sanctions regime against Russian assets,” Lloyd’s said in a statement on its March 14 website.

While Russian companies typically use local insurers for commercial insurance policies, these are often reinsured through Lloyd’s, industry sources say.

Businesses take out cyber insurance against cyber attacks, while space insurance covers damage to satellites and rockets.

Political risk insurance is typically a supplement to commercial property insurance and can be triggered in the event of issues such as war or nationalization.

Lloyd’s said it would “continue the frequent discussions we have had with UK and international regulators since the conflict began” to ensure the sanctions have maximum impact.

Lloyd’s, which is made up of around 100 syndicate members, reported gross written premiums totaling £35.5 billion (US$46.37 billion) in 2020. Full-year 2021 results are due March 24.

($1 = 0.7656 pounds)

(Reporting by Carolyn Cohn, Editing by Louise Heavens)

https://www.oann.com/lloyds-of-london-says-russia-belarus-represents-less-than-1-of-business/?utm_source=rss&utm_medium=rss&utm_campaign=lloyds-of-london-says-russia-belarus-represents-less-than-1-of-business According to Lloyd’s of London, Russia and Belarus account for less than 1% of the business

DUSTIN JONES

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