Lloyd’s of London is bracing for a £1.25bn hit from the grounded planes, stranded cargoes and bad debts caused by Russia’s war in Ukraine, as the specialist insurance market starts to feel the losses caused by the conflict.
John Neal, Lloyd’s chief executive, said there was still significant uncertainty over the level of insurance claims from Ukraine, but the market had a good idea of the exposed areas so far and had calculated a “very firm financial reserve”.
“Our view has always been — get your arms around what you think the loss could be and reserve it,” Neal told the Financial Times, pointing out that only 4 per cent of expected claims had been received.
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